If You Can Draw A Straight Line . . .

[bmwhendrix]

that 86 was last nights high.

 

[wegotnthtodo]

Quote from bmwhendrix:

that 86 was last nights high.

Hmm, yeah. Somewhere around there with a 1 point difference.

P/s: Suddenly notice that we should be posting more on the straight line matter? Considering the "title" of this "journal".

 

[bmwhendrix]

This is what I see. Last nights high and the bugle.

 

[dbphoenix]

Quote from wegotnthtodo:

P/s: Suddenly notice that we should be posting more on the straight line matter? Considering the "title" of this "journal".

That would be nice

Most of you are trying to surf, and you're getting more and more muddled. There's not much I can do for you since this isn't a scalping thread, but if you're determined to trade when conditions are so unfavorable, there's not much I can do to stop you either.

Therefore, at the risk of appearing rude, I'll answer questions that have to do with the subject of the thread, but the rest will be, shall we say, unattended.

 

[redbox]

Quote from dbphoenix:

I don't see the hinge you're referring to, but you've found as a result of your observation a support/resistance level at 80, first by noting the resistance above your "springboard" then by noting the support provided at the same level during the next hour. Once price recovers from its trip to 70, it again finds support at this level before rallying to 86. When this occurs, you can either play it without regard to the whys and wherefores or you can if you must look for a reason.

In this case, price has been repeatedly finding support at or near 70, which is the midpoint of the hinge formed on Monday. All that should have expired by now, but sellers keep hitting it. And the difference between that and the high is 80. Again, why this is occurring I have no idea. But this "range" from 70 to 90 is clearly important to somebody. Whether or not it's tradeable considering how price is bouncing around within it is another matter. But there does appear to be a method to this madness.

This is a trading range of sorts, even though we have yet to make a return trip to the high and the "support" level is extremely sloppy. But 80 does appear to be the midpoint of all this activity. If anyone wants to try to trade this, knock yourselves out. I'd rather wait until everybody settles down and either creates a balance trading range or starts trending again.

Thanks Db, I see that range now you have defined it. I will try and include ranges that I think are in play in the pre market observations.

Just eyeing the chart now, do you think this is part of the bigger range back down to 60-62, with 74 as a midpoint ? Is this on the cards ?

 

[dbphoenix]

Quote from redbox:

Thanks Db, I see that range now you have defined it. I will try and include ranges that I think are in play in the pre market observations.

Just eyeing the chart now, do you think this is part of the bigger range back down to 60-62, with 74 as a midpoint ? Is this on the cards ?

No idea what's in the cards, but, for now, we're in a range from 86 to 74 with a midpoint of 80.

 

[redbox]

Quote from dbphoenix:



But this "range" from 70 to 90 is clearly important to somebody. Whether or not it's tradeable considering how price is bouncing around within it is another matter. But there does appear to be a method to this madness.

This is a trading range of sorts, even though we have yet to make a return trip to the high and the "support" level is extremely sloppy. But 80 does appear to be the midpoint of all this activity. If anyone wants to try to trade this, knock yourselves out. I'd rather wait until everybody settles down and either creates a balance trading range or starts trending again.

I see what you mean about this being a small range, especially when comparing it to the range between 3145 and 3060. Many more opportunities.

I must pay closer attention to the ranges as well as the behaviour of buyers and sellers.

Thanks

 

[redbox]

Something else I only noticed or discovered recently if you like.

The importance of drawing the range from the previous day.

After drawing that range, then looking back at previous days. Low and behold we can be in a multi day range.

This is a simple and primary way of discovering what might e in play.

Thanks

 

[dbphoenix]

Quote from redbox:

Something else I only noticed or discovered recently if you like.

The importance of drawing the range from the previous day.

After drawing that range, then looking back at previous days. Low and behold we can be in a multi day range.

This is a simple and primary way of discovering what might e in play.

Thanks

Always start with the daily. See post #1.

 

[dbphoenix]

From Zen and the Art of Poker:

FOLDING: Don't get irritated or angered by a long session of folding.

If you've been folding a lot for a long time in the game and you're starting to think that maybe it's time you got in and played a few hands again -- that's not a good enough reason. Keep folding.

Don't feel like a martyr when folding. Don't start feeling self-righteous about all this folding you are doing . . . as if now it owes you (because you've been so good, so disciplined, so patient . . .). This is a trap . . .. As you keep folding, you must feel neutral about it.

Sometimes others get to play and you don't . . .. But the most important thing is this: you must be comfortable with this -- welcome it. Make peace with this idea. Cross your arms and sit back.

Regard patience as a central pillar of your game and strategy . . .. Don't assign it a secondary or lesser role.