The chArt of Deception

Quote from ymtrader:

Well, i wouldn't be too surprised. I see that at the very right side of that chart, price got above the last couple of retests of the high, so after one or two tests and failures, if price then extends beyond the high, then it will probably keep going. This is where I've been struggling. I think that I see what I want to see and not what I should be seeing, if that makes sense! :) Maybe I'm seeing what the pro's are leading me to believe.
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So do you want to change your mind, as it is not too late yet?
 
The chart, the chart, Oh what an art
I look and see, it is but me
But if its me, and I do lose
What does that say, about my clues

If it is there, for me to see
Why not I can, for it is me
Perhaps I think, I know it all
And that is why, I always fall

Down I go, just one more show
This time I know, it will be so
Right for me, as right can be
For chart is naught, but buzzie bee:D
 
MC. Never sell a stock that's going up.
I will go with the obvious. That's all a simple visually oriented person like me can do.
 
Quote from ymtrader:

MrCharts; I suppose I have picked up some knowledge along my circuitous route thus far in my trading career. Yet I still consider myself a newb! :) I am constantly trying to learn and distill information.

It is true that price will do what it wants to do and we as traders must base our decisions on what it is currently doing. Support/resistance leaves clues as to what the price MAY do at certain levels, but in no way is it written in stone what it WILL do as it has done in the past, as you well know.

Now as a trader, we know the price can either test those levels or break those levels, I suppose it is an exercise in $$ management as to how one attempts to trade these levels.

It is surely possible that what you state is true...it which case it is the management of ones trades and ones mental acuity that may separate the men from the boys.
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That "circuitous" word is a very big word YM.

Are you sure you did not mean no.2 :)

* Main Entry: cir·cu·i·tous
* Pronunciation: \(ˌ)sər-ˈkyü-ə-təs\
* Function: adjective
* Etymology: perhaps from Medieval Latin circuitosus, from Latin circuitus
* Date: 1664

1 : having a circular or winding course <a circuitous route>
2 : not being forthright or direct in language or action <a circuitous explanation>
 
Quote from heypa:

MC. Never sell a stock that's going up.
I will go with the obvious. That's all a simple visually oriented person like me can do.
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That answer does not constitute a graded reply - you will have to be more specific heypa:)
 
I do not like changing my mind as it shows my indecision that hurts any trader; but after I posted my original thoughts on the chart, I started thinking about it further, and that is what I described above, since this is a learning exercise, i will change my mind. The two attempts to push the market lower have both failed and now price as taken out the retest at the high, so I do believe that price will continue on it's upward trend.
 
Quote from ymtrader:

I do not like changing my mind as it shows my indecision that hurts any trader; but after I posted my original thoughts on the chart, I started thinking about it further, and that is what I described above, since this is a learning exercise, i will change my mind. The two attempts to push the market lower have both failed and now price as taken out the retest at the high, so I do believe that price will continue on it's upward trend.
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Are you sure that is the best decision - your next answer is the final one!

BTW, I don't see any attempts to push the market lower?

BTWW, we are only talking about the next box, remember!
 
This is just like trading! :)

My only concern is that the push thru the high is the pros running the stops that the shorts would put in to protect themselves, thus grabbing liquidity to force the market back down. But I will stay with my current position and ride the market high for at least a few points.
 
Quote from ymtrader:

This is just like trading! :)

My only concern is that the push thru the high is the pros running the stops that the shorts would put in to protect themselves, thus grabbing liquidity to force the market back down. But I will stay with my current position and ride the market high for at least a few points.
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OK - you have given your answer, you will now either win or lose?

Now we must wait for a few more to give their answers, at least 2 more traders, as three is a nice number to work with, for it rhymes with buzzie bee :D
 
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