Ghost of If You Can Draw A Straight Line

[niko]

I think I misinterpreted your post, I guess you were talikin about the short being closed because the downtrend was over while I was thinking that the first short (taken last week) was a scratch. Did not look at the real time chart until now.

Nice couple of trades though.

 

[niko]

BTW buyers failed to take prices higher above 08, seems like we are in the middle of the RET after the DL break. So.....

Did you take the long Around 80.?

 

[dbphoenix]

BTW buyers failed to take prices higher above 08, seems like we are in the middle of the RET after the DL break. So.....

Did you take the long Around 80.?

90. Given the level of interest in these hourly charts, I may just post a weekly summary of trades. If the trolls want to go on about hindsight, I can just point them to the rules, which they won't read, and they can see for themselves that it doesn't matter.

 

[tobbe]

90. Given the level of interest in these hourly charts, I may just post a weekly summary of trades.

Please do .

 

[niko]

While I get my head straight regarding what to do in the 1 min, I will participate here in the Ghost thread.

Our DL is broken and sellers pushed price below 50% of the upmove from 574, weakness is in the air. But still no entry, as we need a RET.

 

[niko]

So, if we can't make it above 610, that would constitute a RET.

 

[dbphoenix]

So, if we can't make it above 610, that would constitute a RET.

Yes and no. As I demonstrated in the Bride thread, one can use this to trade chop if he chooses to do so. I do not choose to do so. For one thing, I don't have the time. Therefore, if we're in the range, I'm not interested. This means, for one, no reversals. If one wanted to take a reversal here, it would most likely be off the bottom of the bar that's forming now.

But when the swings are wider than the range itself, such as it is, trading an hourly chart is problematic.

 

[niko]

As usual you were correct, so much for a rev. Looks like we are either on the RET that follows the BO or going back inside the TR. For now, lets see if sellers fail or succed in taking prices lower.

OTOH, I guess that given the acceleration in price to the upside and the fact that there is a LH, it could have been used as a reason to take the short if one was awake., around 3:00. But that would have been risky given the trend and the TR below , ohh and is HS so....

 

[dbphoenix]

As usual you were correct, so much for a rev. Looks like we are either on the RET that follows the BO or going back inside the TR. For now, lets see if sellers fail or succed in taking prices lower.

OTOH, I guess that given the acceleration in price to the upside and the fact that there is a LH, it could have been used as a reason to take the short if one was awake., around 3:00. But that would have been risky given the trend and the TR below , ohh and is HS so....

I said yesterday morning that it would be a good day for a short, but that had to do with AMT, not demand/supply lines, or at least these demand/supply lines. And it was. The only problem was that price hung for twenty minutes before buyers gave up at 1010 and it fell. If the trader had been willing to wait and use a possible higher high to exit, he'd've been in a good position. If not, he'd have to re-enter. This has partly to do with his ability to assess the situation and partly with his tolerance for a certain kind of risk. If he didn't understand AMT and was risk-averse, he'd most likely exit thinking that he'd got it wrong again. When I'm in a group, I'll provide the options rather than tell people what I think they ought to do.

Today we're in much the same position, except that the BO has already failed, so that's one criterion that one doesn't have to wait for.

 

[niko]

I said yesterday morning that it would be a good day for a short, but that had to do with AMT, not demand/supply lines, or at least these demand/supply lines. And it was. The only problem was that price hung for twenty minutes before buyers gave up at 1010 and it fell. If the trader had been willing to wait and use a possible higher high to exit, he'd've been in a good position. If not, he'd have to re-enter. This has partly to do with his ability to assess the situation and partly with his tolerance for a certain kind of risk. If he didn't understand AMT and was risk-averse, he'd most likely exit thinking that he'd got it wrong again. When I'm in a group, I'll provide the options rather than tell people what I think they ought to do.

Today we're in much the same position, except that the BO has already failed, so that's one criterion that one doesn't have to wait for.

So far sellers are showing that they are holding the ball, even though they found some buyers at 06, buyers gave up at 12 that was not only 50% of the downmove but yesterday´s high.

At this moment buyers are pushing upwards but unless they manage to take out 12 my interpretation of this PA is that we are in the middle of a RET in the context of a downmove, therefore looking for a short.