Son of If You Can Draw a Straight Line . . .

[niko]

One thing to note is the strong rejection at the close yesterday, like the intraday holders were not really that confident in the FT.

At the moment we are rising slowly again towards 56.

If buyers break above it then buyers have a free road to climb ever higher without previous trades to clear on their way. But they will be at the mercy of the "bigger fool" confidence.

If sellers hold buyers below 56 then 45 will be the place to look for demand.

From the 1 min perspective, we started an uptrend at 8:34 and we are still in it within the context of a valid DL.

 

[dbphoenix]

Quote from niko:

Although it is recognizable now that the long was the way to go, it was harder to find good entries, as opposed to a few weeks ago when we were able to "feel" buyers interest.

Actually the entry was part of the drill, as I pointed out in Game's thread. But taking it took a certain amount of confidence, and it's understandable why one would let it go.

 

[Gringo]

0932: Ret?
0933: nope. Ret to the upside is there now.
0934: Going wild again. Failure to go up perhaps? Got to watch more to figure out what's happening.

 

[niko]

Quote from dbphoenix:

Actually the entry was part of the drill, as I pointed out in Game's thread. But taking it took a certain amount of confidence, and it's understandable why one would let it go.

Just read Game´s thread. I am looking forward to include those V REVs at S/R as part of the repertoire.

9:32 Rejection at 55, but sellers found buyers at 51
9:34 Sellers pushed again at 58-56

 

[dbphoenix]

I don't suppose anyone took 54 at 0900. Note also that this downdraft reached the midpoint of the premkt TR.

 

[niko]

Quote from dbphoenix:

I don't suppose anyone took 54 at 0900. Note also that this downdraft reached the midpoint of the premkt TR.

Hehehe, put the order in my experimental trades account. Still in.

 

[Hooti]

Quote from dbphoenix:

I don't suppose anyone took 54 at 0900. Note also that this downdraft reached the midpoint of the premkt TR.

I did, but got out

 

[niko]

Quote from niko:

Hehehe, put the order in my experimental trades account. Still in.

9:38 Starting to look like chop, no LL
9:40 Yep hinge like chop
9:41 Buyers taking control. Avoided the entry at 57.25

 

[dbphoenix]

Quote from niko:

Just read Game´s thread. I am looking forward to include those V REVs at S/R as part of the repertoire.

The S/R is there only in hindsight. What matter more are the nature of the move, the break of the SL and the first ret.

 

[Gringo]

Another early chop day? Those scared of chop are going to get their chop phobia cured in a few days if it continues and they continue to stay calm.

0942: Was that a long at 56 with Ret. I posted a few seconds late, but what the heck. I know there are going to be questions why there was a long when it was supposedly a chop. It will be a nice discussion.