Ghost of If You Can Draw A Straight Line
- Thread starter dbphoenix
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Well, well, well, seems like we have chat now. ET is providing a cool app at the bottom of the screen. I already opened the Group SLA so you dont get lost. It has a password that will be communicated to the members via STINTO on monday or emailed to you (if I have your emails).
Take care and have a nice WE.
Take care and have a nice WE.
No need to repost all yesterday's charts. We're pretty much in the same place we were yesterday, only higher (again, the endpoints of the lines increase day by day since they are diagonal). We bounced off the lower limit of the channel, then recoiled off the mean. Afterward, price revisited the lower limit and rallied back to the mean again. And here we are. Being at the mean, we can drop back to the lower limit again, break through it and plunge hundreds of points, we can break through the mean and work our way towards the upper limit (we've traded between the lower limit and the mean for a week), or we can sit. The next 2.5 hours should give us a clue.
Today was another good day due to the run off the mean down to the lower limit of the trend channel and a reversal, like yesterday. After that, price rallied back but didn't quite make the mean (6pts to go).
After the session, price dropped all the way back to the lower limit of the TC and below. At this time, however, it has rallied back to that limit. If it climbs back into the channel, the movement can be considered a failure to find enough selling interest to take price back to the mean of the larger TC at 3600 (second chart). On the other hand, if it doesn't, then a voyage to 3600 has to be considered. On the third hand, there's sixteen hours of activity to take place between now and then, so we'll just have to see what we have in the morning.
After the session, price dropped all the way back to the lower limit of the TC and below. At this time, however, it has rallied back to that limit. If it climbs back into the channel, the movement can be considered a failure to find enough selling interest to take price back to the mean of the larger TC at 3600 (second chart). On the other hand, if it doesn't, then a voyage to 3600 has to be considered. On the third hand, there's sixteen hours of activity to take place between now and then, so we'll just have to see what we have in the morning.
Also note, that this (temporary?) return back to the lower TC limit was initiated from last week's midpoint. Again.
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