Ghost of If You Can Draw A Straight Line

[Builder17]

great quote!

 

[dbphoenix]

Price formed a double top at the mean of the Nov TC a couple of hours ago (I'll assume nobody was up; Europe?). This may set the mood for the morning (the lower limit is around 3550).

 

[niko]

SLA entry in the hourly above 43 (Long)

 

[green.green]

We are at 50% pullback of the move down from Thursday's high.

 

[niko]

SLA entry in the hourly above 43 (Long)

 

[dbphoenix]

Yeah yeah yeah

 

[dbphoenix]

For the time being. If price reaches the lower limit, then the channel is still in play and you may be trading a market top in real time. We'll see what happens if and when it bounces off the lower limit and makes its way back up to at least the previous high. Since we're sitting dead on the mean, we'll just have to wait for the market to show its hand, maybe by tomorrow morning.

 

[gears]

For the time being. If price reaches the lower limit, then the channel is still in play and you may be trading a market top in real time. We'll see what happens if and when it bounces off the lower limit and makes its way back up to at least the previous high. Since we're sitting dead on the mean, we'll just have to wait for the market to show its hand, maybe by tomorrow morning.

Beginner here, but I have a few questions about what you posted, db:
a) What is a market top?
b) Is the mean the same as the midpoint or 50% level?
c) I've attached a chart trying to replicate what you posted and my lines don't match up - even though I think I'm drawing them correctly (swing low to swing low). Any ideas on how mine can be so different from yours?

As always, your time and patience are appreciated.

 

[Tonkadad]

Gears, look at your pic the low is 2700 (approx), where Db's is 2800 (approx), the next touch of the lower channel around 10/10/2013 is 3000 for you and 3100 for DB?

I am not that familiar with NQ, so I will leave it to others.

 

[niko]

Beginner here, but I have a few questions about what you posted, db:
a) What is a market top?
b) Is the mean the same as the midpoint or 50% level?
c) I've attached a chart trying to replicate what you posted and my lines don't match up - even though I think I'm drawing them correctly (swing low to swing low). Any ideas on how mine can be so different from yours?

As always, your time and patience are appreciated.

a. The end of an uptrend
b. If you read through the SLA threads you will find this answer
c. Remember these are futures, therefore the charting software uses adjustment factors to take into account rollovers, your adjustment factors might be different from the ones on investing.com