Already testing the demand line. If we do in fact test the bottom of the trend channel before the "open", be prepared to enter a reversal trade.
Note that we do NOT have to make a lower low in order to reach the bottom of the trend channel.
Ghost of If You Can Draw A Straight Line
- Thread starter dbphoenix
- Start date
- Status
Already testing the demand line. If we do in fact test the bottom of the trend channel before the "open", be prepared to enter a reversal trade.
Note that we do NOT have to make a lower low in order to reach the bottom of the trend channel.
So far seems like the trend is holding. The last downwave almost hit 450, perhaps the initial channel was just fine 
.
Lets see where it goes from here, will it act according to hourly AMT and sellers will push lower, or buyers will finally break the SL and take control to the upside.
Will log in tomorrow morning to find out.
.Lets see where it goes from here, will it act according to hourly AMT and sellers will push lower, or buyers will finally break the SL and take control to the upside.
Will log in tomorrow morning to find out.
Attachments
So far seems like the trend is holding. The last downwave almost hit 450, perhaps the initial channel was just fine
Lets see where it goes from here, will it act according to hourly AMT and sellers will push lower, or buyers will finally break the SL and take control to the upside.
Will log in tomorrow morning to find out.
FWIW, the mean of this channel as posted above is around 3570. Tomorrow should be tons of fun.
I posted this yesterday to Trading but it wound up in Educational Resources where no one is likely to read it. So, I'm posting it here in pdf form.
This is a guide to evaluating trading rooms, though it serves equally well as a guide to chat rooms, the distinction being primarily that a trading room has a moderator and involves a fee. So if any of you are ever tempted to join a trading room, or just to evaluate one, this will be helpful.
This is a guide to evaluating trading rooms, though it serves equally well as a guide to chat rooms, the distinction being primarily that a trading room has a moderator and involves a fee. So if any of you are ever tempted to join a trading room, or just to evaluate one, this will be helpful.
I'm a little concerned that price has settled so low here, but, given the drama of the past week, maybe it needs to rest up.
Those who trade the hourly using the SLA will note that the SL was broken day before yesterday in the morning. But there was no long entry due to price making a lower low before such an entry could be triggered. The next SL, drawn from 3528, was broken yesterday afternoon and a long entry came up last night off the ret following the SL break. Since then, though, we've gone nowhere, and anyone taking that long and then going to bed is to be admired.
While we have ascending lows, the upper limit of this "congestion" is about 90. Since NY opens in a couple of hours, those who like to trade breakouts may want to think about this.
Those who trade the hourly using the SLA will note that the SL was broken day before yesterday in the morning. But there was no long entry due to price making a lower low before such an entry could be triggered. The next SL, drawn from 3528, was broken yesterday afternoon and a long entry came up last night off the ret following the SL break. Since then, though, we've gone nowhere, and anyone taking that long and then going to bed is to be admired.
While we have ascending lows, the upper limit of this "congestion" is about 90. Since NY opens in a couple of hours, those who like to trade breakouts may want to think about this.
On the hourly, no. That was completed hours ago. On the 5m, maybe. But what matters more is the barrier presented for some reason by 90. And given the level of activity, or lack of it, it's unlikely to be breached decisively.
OTOH, you never know. If one wants to play the breach and be ready to scratch if it doesn't go, I'm certainly not going to tell him not to. It would be a great beginning to the day if it worked.
Incidentally, thanks for trying.
OTOH, you never know. If one wants to play the breach and be ready to scratch if it doesn't go, I'm certainly not going to tell him not to. It would be a great beginning to the day if it worked.
Incidentally, thanks for trying.
- Status