Gold, Silver, and Indexes Using Price Action
- Thread starter Gringo
- Start date
NQ 4580-4600 is the upper limit of the TC. QQQ shows the channel to be a bit lower due to not having the overnight data. I suspect price to stay strong till the end of this month at least. In other words the likelihood of a short if it develops is greater in May than it is now.
Price hasn't visited the lower TC after two trips to the median. The last brief sojourn was in October 2014. Demand seems to be getting stronger even though the bull market has been going on since early 2009. That's about six years of a bull market. It doesn't mean much other than that the market could continue to go up until demand whittles. So far it hasn't.
I'll be looking for shorts if/when price goes a bit higher. Q's are already touching the upper TC but NQ isn't. Until the ducks line up all I can do is stay inactive. Inactivity is a major part of my plan.
Looking at the Q's we can see that price has reached the upper TC. Today could be categorized as demand giving up around the TC. That may be the case, but now I am paying more attention to the NQ and the abomination that takes place under the cover of the dark night.
RULE #7 Regard patience as a central pillar of your game and strategy... Don't assign it a secondary or lesser role.
Although the cheetah is the fastest animal in the world and can catch any animal on the plains, it will wait until it is absolutely sure it can catch its prey. It may hide in the bush for a week waiting for just the right moment. It will wait for a baby antelope, and not just any baby antelope, but preferably one that is also sick or lame. Only then, when there is no chance it can lose its prey, does it attack. That, to me, is the epitome of professional trading. (Mark Weinstein)
Zen and the Art of Poker
Gringo
Price hasn't visited the lower TC after two trips to the median. The last brief sojourn was in October 2014. Demand seems to be getting stronger even though the bull market has been going on since early 2009. That's about six years of a bull market. It doesn't mean much other than that the market could continue to go up until demand whittles. So far it hasn't.
I'll be looking for shorts if/when price goes a bit higher. Q's are already touching the upper TC but NQ isn't. Until the ducks line up all I can do is stay inactive. Inactivity is a major part of my plan.
Looking at the Q's we can see that price has reached the upper TC. Today could be categorized as demand giving up around the TC. That may be the case, but now I am paying more attention to the NQ and the abomination that takes place under the cover of the dark night.
RULE #7 Regard patience as a central pillar of your game and strategy... Don't assign it a secondary or lesser role.
Although the cheetah is the fastest animal in the world and can catch any animal on the plains, it will wait until it is absolutely sure it can catch its prey. It may hide in the bush for a week waiting for just the right moment. It will wait for a baby antelope, and not just any baby antelope, but preferably one that is also sick or lame. Only then, when there is no chance it can lose its prey, does it attack. That, to me, is the epitome of professional trading. (Mark Weinstein)
Zen and the Art of Poker
Gringo
