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IT Term
- Thread starter nwbprop
- Start date
The way the market has been dancing with that right side IT
trend line it looks like it is doing the 'old resistance becomes
new support' thing right before our eyes (look at all the volume
laid on that thing at the end of the day). If we do get a new
pt 3 and a new traversal -- it will be interesting to see if/what it
does when confronted with that TL.
JT
trend line it looks like it is doing the 'old resistance becomes
new support' thing right before our eyes (look at all the volume
laid on that thing at the end of the day). If we do get a new
pt 3 and a new traversal -- it will be interesting to see if/what it
does when confronted with that TL.
JT
looks like the current IT right line held. I think we may break the right TL tomorrow morning and create a second pt 3 and go into ccc for the FOMC. I think we will break the right trend line for a second pt 3 because the FBP failed at the end of the day but you never know.
One of these days i will "get" it. Jack is right that one should not play unless the playbook is easy to read. Otherwise, sidleine for my skill level.
Its a little disheartening when i make less than the IT traverse because i am playing when the sheet music is a little tough to read. I feel better now that i typed it out. Nothing wrong with sidelineing.
One of these days i will "get" it. Jack is right that one should not play unless the playbook is easy to read. Otherwise, sidleine for my skill level.
Its a little disheartening when i make less than the IT traverse because i am playing when the sheet music is a little tough to read. I feel better now that i typed it out. Nothing wrong with sidelineing.
Quote from BA_Trader:
Hmmm.. all I can get out of qcharts is a huge BMP or a really
junky looking jpg... do you know of an online BMP -> gif converter?
JT
No need for snagit or a converter. It is possible to export a chart from qcharts as a jpg, example attached. You may need to select the correct resolution.
Attachments
Quote from nwbprop:
looks like the current IT right line held. I think we may break the right TL tomorrow morning and create a second pt 3 and go into ccc for the FOMC. I think we will break the right trend line for a second pt 3 because the FBP failed at the end of the day but you never know.
Hmmm... that FBP looked like just a normal channel to me with
a failure to traverse followed by a BO.
More importantly to me prices seem to be making 'harmonics'
along that right side IT trend line. It's definitely in play. You
might be looking for a 'whack you over the head' kind of BO
before you decide the line is toast... but it doesn't always work
that way.
Take a look at the chart I attached and maybe you'll see where
I'm coming from... will prices continue to slide down that line
or will they finally depart (one way or the other?) You don't know
I don't know... it's not our job.
JT
Attachments
Looks like we are gaping up at the open to the right trend line. We will see if it breaks it and creates a second pt 3 today.
I also wanted to rephrase something i had said earlier in this thread that i think was not clear. The longer term Accumulation/Distribution depends on the slope of the IT line and which "side" of the IT line you touched last. I think this might be used to indicate the sentiment for the day.
I also wanted to rephrase something i had said earlier in this thread that i think was not clear. The longer term Accumulation/Distribution depends on the slope of the IT line and which "side" of the IT line you touched last. I think this might be used to indicate the sentiment for the day.