Sector Analysis Using Pure Price Action

Quote from Gringo:

A few years ago there was a conversation I had with a six or seven year old. We're at a lake and the boat is coming in to take him for 'tubing'.

While we're waiting, I tell him to watch out for the sharks.

The kid turns around with a confused look and says: "I thought sharks were a salt water fish; why would they be in this lake?".

I had a mental freeze for a second or two from the shock of this reply. As I recovered my composure, I looked straight in his eyes and said without flinching: "......exactly......your tube's here....".

Gringo
More...

Tell this little brat that traders are always right.....

Freshwater Sharks : Discovery Channel
dsc.discovery.com/tv-shows/shark-week/bios/freshwater-sharks.htm‎
Learn more about the habitat of freshwater sharks,
 
well had some time on my hands and did a lil research on XLU
i compared some stocks from that sector aginst XLU and ended
up with the strongest and weakest stock ive found.

some observations...

it appears that both are on a springboard , if so will a resolve of the pot. springboard situation propell XLU out of the hinge? what do you guys think?

Comparison XLU Vs. OEG/EE
TWta48R.png


XLU H1
yYhaQXe.png


Strongest
OEG D
H0oT0jI.png

OEG H1
tsaAqrO.png


Weakest
EE D
isqRYiO.png

EE H1
h1SJwZH.png
 
And the daily:

Some entries activated on friday.

XLE: LONG BIAS
XLU: DO NOTHING UNTIL HINGE IS EXITED.
XLF: LONG BIAS
XLB: LONG BIAS
XLP: DO NOTHING UNTIL 39 IS REACHED
XLY: WAIT FOR LONG ABOVE 61,20
XLI: DO NOTHING UNTIL SL IS BROKEN
XLK: DO NOTHING UNTIL SL IS BROKEN
XLV: LONG BIAS
 

Attachments

Quote from Gringo:

Oil is still within the hinge. There isn't much to do until the price leaves it.
More...

Why not, trading inside of it is one of the most certain easiest trading out there.
 
Quote from Trader.Fighter:

Why not, trading inside of it is one of the most certain easiest trading out there.
More...

Trade.Fighter,

You are right. If one has a plan to trade within the the hinge then who am I to object.

Gringo
 
Quote from Gringo:

Oil is still within the hinge. There isn't much to do until the price leaves it.

attachment.php



Gringo
More...

Oil lives in the hinge, is in its nature. Nice chart!
 
Technology, although in an uptrend is showing some signs of reduced demand. Price has been hovering around the mean (grey dotted line) for some time and mostly on the lower side of it. Now price is falling below the previous swing high. It's not a sign to go into panic mode but something to keep an eye on. A lot of other indexes are seemingly transitioning from purely uptrend to perhaps rest mode. We'll need more evidence before we're clear whether demand or supply holds the upper hand.

Price for now is finding it difficult to stay above 32.

attachment.php


Gringo
 

Attachments

Google is in a trading range. It's coming down to test the lower end of this range. It's interesting to note that price wasn't able to reach the up end of this range before turning down. It's a sign of a bit of weakness in my opinion. Whether the bottom of this TR is breached is another matter altogether.

Above we had the technology index slowing down. Here we have one of the tech leaders range bound. Until the range is exited I would leave this stock aside.

attachment.php


Gringo
 

Attachments

You must log in or register to reply here.
Back
Top