Son of If You Can Draw a Straight Line . . .
- Thread starter dbphoenix
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Popping back in. I hope that those who were here this morning will print out today's chart and note that there are several opportunities depending on one's risk tolerance, his goals, his "view".
For example, is one going to buy the V reversal or wait for a BO and a RET? Short that first double top or wait for a break of the demand line and a retracement? Is he then going to exit his short, if taken, at the break of the supply line or wait to see what sort of rally buyers can mount? If he exited a short, is he going to re-enter at the triple test of 97? Or has he drawn a more "macro" line to keep himself in despite the fluctuations? In other words, is he more attuned to the lower highs and lower lows or does he prefer to ride each upswing and downswing?
This is why I avoid calling this a "method". It accommodates a variety of traders with differing risk tolerances, goals, timeframes, and "time", i.e., the amount of time they have to futz with it. It clearly is not mechanical. Which is why I try to point out things to note or pay attention to rather than tell people what to do.
For example, is one going to buy the V reversal or wait for a BO and a RET? Short that first double top or wait for a break of the demand line and a retracement? Is he then going to exit his short, if taken, at the break of the supply line or wait to see what sort of rally buyers can mount? If he exited a short, is he going to re-enter at the triple test of 97? Or has he drawn a more "macro" line to keep himself in despite the fluctuations? In other words, is he more attuned to the lower highs and lower lows or does he prefer to ride each upswing and downswing?
This is why I avoid calling this a "method". It accommodates a variety of traders with differing risk tolerances, goals, timeframes, and "time", i.e., the amount of time they have to futz with it. It clearly is not mechanical. Which is why I try to point out things to note or pay attention to rather than tell people what to do.
One man's opinion does not break a market. Therefore, something else is going on to drive the NQ down. What it is doesn't matter. I'm a bit surprised that there's no further test of the upper limit of the trend channel, but hey.
So 3400 proved to act as resistance one more time. We then settled into a hinge whose apex was just below 80 (good 'ol 80), where we've been bumping up against 80 from the underside all night.
If price lets go from here (very disappointed in buyers), 40 and even 20 are possibilities, but there is first the bottom of the 60-80 TR to get through.
It may be a trying morning.
So 3400 proved to act as resistance one more time. We then settled into a hinge whose apex was just below 80 (good 'ol 80), where we've been bumping up against 80 from the underside all night.
If price lets go from here (very disappointed in buyers), 40 and even 20 are possibilities, but there is first the bottom of the 60-80 TR to get through.
It may be a trying morning.
One man's opinion does not break a market. Therefore, something else is going on to drive the NQ down. What it is doesn't matter. I'm a bit surprised that there's no further test of the upper limit of the trend channel, but hey.
So 3400 proved to act as resistance one more time. We then settled into a hinge whose apex was just below 80 (good 'ol 80), where we've been bumping up against 80 from the underside all night.
If price lets go from here (very disappointed in buyers), 40 and even 20 are possibilities, but there is first the bottom of the 60-80 TR to get through.
It may be a trying morning.
So 3400 proved to act as resistance one more time. We then settled into a hinge whose apex was just below 80 (good 'ol 80), where we've been bumping up against 80 from the underside all night.
If price lets go from here (very disappointed in buyers), 40 and even 20 are possibilities, but there is first the bottom of the 60-80 TR to get through.
It may be a trying morning.
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