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

[niko]

Quote from dbphoenix:

The only level that's been tested is 3420, though price did find R for a while at 3435. And though price could break its SL and rally, there's really nothing below 80 if it doesn't.

Another Aha moment over here...

 

[dbphoenix]

Quote from Hooti:

I'm not sure what that hard part is for those of us who have been doing other approaches prior to this. Ego. Just our minds full of "weeds" that seemed to not be weeds in other systems, and actually worked to various degrees in other approaches. One persons treasured plant can be a weed to another person.

The advantage to trading price, though, is that it's perennial rather than annual.

 

[dbphoenix]

0828 Drift. No reason to stay in short if taken.

 

[Hooti]

Quote from dbphoenix:

The advantage to trading price, though, is that it's perennial rather than annual.

One of many advantages.

There is something about this approach that seems to me head's off some of the common pitfalls most traders go through. Or would have prevented problems I have had.

A trading garden with less weeds. Amazing. The routine is worth working my way through just for that.

 

[timokrates]

Quote from dbphoenix:

The only level that's been tested is 3420, though price did find R for a while at 3435. And though price could break its SL and rally, there's really nothing below 80 if it doesn't.

Do you mean that there was no real correction back to a previous TR except of the test at 3420?

This could mean that the chances are good that the higher ones - which are tiny - are "ripe" to be tested at least?

 

[slugar]

If we test 3420 the next level on the 5hr chart would be around 3396

 

[dbphoenix]

Quote from timokrates:

Do you mean that there was no real correction back to a previous TR except of the test at 3420?

Yes.

This could mean that the chances are good that the higher ones - which are tiny - are "ripe" to be tested at least?

Don't know. I'm focused on the downward movement right now.

 

[dbphoenix]

0856 Lower low, but no aggressive move down.

 

[timokrates]

Thanks DB.

Me too.

We are in a downward channel on the 60M.

My levels to the upside are 83 and 89 (Midpoints)

To the downside I see nothing untill 66 & then 50.

But still try to focus on the lines first...and on the price behaviour in general - specially when we are ranging like right now...between 50% and yesterdays low...

 

[dbphoenix]

0905 Tests of both upper and lower limits. MP 78

0924 Poss BO failure

0926 Test of UL

0927 Poss long but 50% is 81.5. This also coincides with the 0200 SL