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One unfill @ 782 and One B/E (from 808), was going for gold, and the entry wasn't good.

Since then the index had taken support around the 755 area (would take out my first entry if filled), about 20 pts down from Fib 50% level.

Da triangle just got bigger :p
 

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we now have an major triangle on the 5min TF, comfirming the downward TL from yesterday's high, 3 touches on the TL already (forgive me broken english :p), with a flat side on the bottom.

Reduce vola on a friday morning, mmm..
 
Quote from Willleung:

about 20 pts down from Fib 50% level.
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We might get into how to play levels sometime in the future so it's a good thing to remember 50% is a common level rather than just a Fib Level. Everyone and his dog has a 50% level.

Gann's use of this level was unique and he divided the market into 8th's and 3rd's. 50% is an 8th level and one of Gann's most powerful levels along with 100%'s. He would take All Time High to All Time Low and take 50% and ATH to Zero and take 50% and use these as critical recession levels (might be ones we need for the S&P!?). This was in addition to the eg's I showed yesterday.

Gann's 3rd's are close to Elliots/Fibs 38.2 & 61.8 levels. Followers of each think their man is best. So Gann sees 25% & 33% and Fib 23.6 & 38.2 % - which is best?

All for another time...
 
Quote from cvds16:

Good morning all.
looks like the HS lived up to it's reputation again with this late rally into the first session.
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Hell yeah, :p

Things only become clear to me after the dust had settled, the 30min TF channel is too agressive (top to top), try a peak to body TL on the 30min TF, CV, you will see it. Shotted thin air coz I jumped on the target :)

I didn't short today, felt that the multiday up channel has more of a dominance on the SIF today, and we are at the bottom of it. Today's Heng Seng is more like Slient of da Lamb (the movie) :D



Quote from yoohoo:

We might get into how to play levels sometime in the future so it's a good thing to remember 50% is a common level rather than just a Fib Level. Everyone and his dog has a 50% level.

Gann's use of this level was unique and he divided the market into 8th's and 3rd's. 50% is an 8th level and one of Gann's most powerful levels along with 100%'s. He would take All Time High to All Time Low and take 50% and ATH to Zero and take 50% and use these as critical recession levels (might be ones we need for the S&P!?). This was in addition to the eg's I showed yesterday.

Gann's 3rd's are close to Elliots/Fibs 38.2 & 61.8 levels. Followers of each think their man is best. So Gann sees 25% & 33% and Fib 23.6 & 38.2 % - which is best?

All for another time...
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Thanks a lot YH, will keep 50% level in mind. Today's market is actually a dance around that. It also remind me that BigHog from chat always tell us to keep in mind the 50% level, if the move broke it, get ready for the other side.

Gonna pop over the border with Lucia later this afternoon, so everyone have a good weekend. Let's gun for more More Chak-Ching (cash register sound :p ) next week :)
 
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