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

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1043 Possible double top, but way to early to tell

Time for me to go do some away from the computer chores...


great trading day tho. If I had only stayed in my long! Or re-entered.
 
Wish I could join in the fun but having computer problems so I can only post from my phone so no charts today but Niko missed the best trading day in 2 weeks. Pretty straight forward if you follow your rules and only buy or sell after a lower high double or triple top which was the case today . The short off of 3492 was an easy 9 points
 
Quote from dbphoenix:

Price broke the 11/21 macro demand line yesterday afternoon and retraced yesterday evening. This is treated the same as any other break and retracement. Given the time of year, I would not expect a correction, but then I would not have expected a continuing rise throughout September and October. One's best friend, then, is the drill.

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.
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I suppose I ought to save this for the trolls.

Supply and demand.
 
Good morning everyone!

I was reading yesterday´s action. And I am glad, so many people joined the party in my absence.

As for hindsight analysis, here are the entries I spotted following the drill.


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The first entry is still a tricky one for me. But it was a failure of sellers to hold prices below PDL, so the drill is not that different from what we have seen in the past few weeks. From there the trader could hold on the trade for the whole day, or if one gets scared at the test of 75 and takes the short, one could reenter at the break of the SL and the RET at the 50% level of the initial upswing. If one was scared and thought to be in the chop, then waiting for the break of 75 would have allowed a RET+BO entry as well.

From there, no reason to doubt the long until the congestion around 11:00.
 

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I am having issues trying to come up with important levels for the open, yesterday session is telling me that we are in a range just not sure about the extremes.

So far look for selling at 90 and buyers around 80
 
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