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

[dbphoenix]

Quote from niko:

Chop

 

[redbox]

Quote from niko:

Quote from redbox:

And now

Are you participating in the exercise from friday morning?

Well sort of, I know I shouldn't be trading at the same time, but I'm trying to gauge Supply and Demand and asking what to do next.

Thanks

 

[dbphoenix]

Quote from redbox:

Sorry... 60 minutes

I can't tell where it's coming from, but it's not likely to be of any importance given that we're only 100pts away from the long-term channel.

 

[llIHeroic]

Quote from niko:

Next moment of decision comes at 10:32 when the DL is pierced, will it go back up or will it reverse direction, a fail to reach or break LSH will be the RET we are expecting. It comes just a minute after so we place a Stop Limit Sell at 11:25. It is triggered, then at 10:40, price makes a LL and the SL is fanned in, the line is broken just a minute later. Here is where exit rules will vary, some will exit here some will wait as LSH still intact.

I have a doubt though, at 10:42 price barely manages to go 1 tick below LSL, I usually think of this more as a DB than a LL, and that changes everything for me, if it is a DB then the SL is not fanned (Fuchsia one) and therefore broken, making me look for a RET which comes right away, if is a LL (Blue one) then the line is fanned out and the movement at 10:44 is just another RET within a downtrend. All opinions are welcomed.

Hmm, you've lost me a little here. We are still in the midst of a strong up-move that hasn't shown any real weakness which would indicate a down-move of any serious kind, at least at this time.

Also, the section of the chart you've posted shows no clear direction of buying or selling dominance, at least to me. I suppose you can try to slip in and out to scalp a point or two if that's what your goal is here, but that doesn't seem to be what this approach is geared toward. I don't see any trades I'm liking in here.

Edit: Didn't see the subsequent discussion as I was writing this. Looks like the topic has already been covered.

 

[redbox]

Quote from dbphoenix:

I can't tell where it's coming from, but it's not likely to be of any importance given that we're only 100pts away from the long-term channel.

OK I see, this one ?. (Weekly)

So this will act as more of a magnet to the larger time frame traders?

 

[dbphoenix]

Quote from redbox:

OK I see, this one ?. (Weekly)

So this will act as more of a magnet to the larger time frame traders?

I'm referring to the one beginning in '09. Since I don't know how you're drawing your line, I'm unable to comment on it other than to say it doesn't seem to be drawn properly.

Whether it will act as a magnet or not remains to be seen, but 3450's where the upper channel lies, if we get there soon. Otherwise, 3500.

 

[redbox]

Worthy of an entry ?

 

[niko]

Quote from redbox:

Worthy of an entry ?

What does your plan say?

 

[redbox]

Quote from dbphoenix:

I'm referring to the one beginning in '09. Since I don't know how you're drawing your line, I'm unable to comment on it other than to say it doesn't seem to be drawn properly.

Whether it will act as a magnet or not remains to be seen, but 3450's where the upper channel lies, if we get there soon. Otherwise, 3500.

Thanks Db, I'll try and be more precise in future.

 

[redbox]

Quote from niko:

What does your plan say?

My plan says yes.

A bounce at the midpoint through the SL and a retrace, so yes I would enter here.