Will do that then. Have a nice WE.
Ghost of If You Can Draw A Straight Line
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Will do that then. Have a nice WE.
Thanks DBP,
I will start a journal this weekend. I'm curious if you would ever amend your hourly chart in the way I show below (to include the blue channel)?
I discovered your thread on the other site after I first started reading Wyckoff's original course. Most everything I do is some perversion of what was written there and it has helped me immensely.
I will start a journal this weekend. I'm curious if you would ever amend your hourly chart in the way I show below (to include the blue channel)?
I discovered your thread on the other site after I first started reading Wyckoff's original course. Most everything I do is some perversion of what was written there and it has helped me immensely.
After today, sure. However, there are problems with getting too into lines and channels. One can start focusing on the lines instead of price. At some point, we have to reverse, but traders don't seem to be ready to do that yet. But at least the "lines" have been drawn: either we make another attempt at a higher high, or we return to the bottom of this trading range.
I really have no idea what NQ traders want. I know the ES is behind, and it isn't likely that the NQ will reverse before the ES reaches the upper limit of its TC. But markets do reverse before reaching what some would consider to be a "target". It isn't that the market is trying to put anything over on anybody; there just aren't any buyers left.
It's a little early to be concerned about reversals, but you never know. May and June are the usual months for pullbacks. But May is two months away. It's going to be an interesting Spring.
It isn't that the market is trying to put anything over on anybody; there just aren't any buyers left.
Why do you say there aren´t any buyers left?
It's a little early to be concerned about reversals, but you never know. May and June are the usual months for pullbacks. But May is two months away. It's going to be an interesting Spring.
Why do you say its a little early to be concerned about reversals?
On thursday you seemed to suggest the opposite?
given that we came as close to the upper limit as price was overbought in December, and given that the ES came within a couple of points of its upper limit on Monday, I'm going to "hypothesize" that we're done here, and that we are packing our bags and loading up the car to visit the bottom of the larger trend channel from June. It's only 160pts away, so it's not like we're talking crash here, and there's always the possibility that traders may try for a new high. But given the lateral nature of these movements, I'm looking at a slightly higher probability of down.
Why do you say there aren´t any buyers left?
It's a little early to be concerned about reversals, but you never know. May and June are the usual months for pullbacks. But May is two months away. It's going to be an interesting Spring.
Why do you say its a little early to be concerned about reversals?
On thursday you seemed to suggest the opposite?
given that we came as close to the upper limit as price was overbought in December, and given that the ES came within a couple of points of its upper limit on Monday, I'm going to "hypothesize" that we're done here, and that we are packing our bags and loading up the car to visit the bottom of the larger trend channel from June. It's only 160pts away, so it's not like we're talking crash here, and there's always the possibility that traders may try for a new high. But given the lateral nature of these movements, I'm looking at a slightly higher probability of down.
Thanks again for helping us with a view of the forest.
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