I'm still not great exiting trades quickly. A lot of this is because I'm not proficient with the software yet. I'm trying to follow the rules its just when I see the line break it seems like I'm losing an extra point before I actually get out of the position. Not a huge deal but something I definitely want to take care of.
Today's price action was interesting. We were in a range since Sunday's open which we finally broke out of at around 5:30. Once the market opened we had a spike bar up and we formed a double-top on the hourly as the 3602 was quickly rejected. However buyers supported the market right around the previous swing low (I labeled the DTDB). Price quickly shot up past the previous swing high but the speed at which this occurred made it suspect.
Sellers we willing to step in around 3610 but price again found some support at the 50% mark of the last swing. Rather than making a new push up however - price formed a little with a couple of lower lows and higher highs. Price made it below the 50% level indicating some weakness but buyers supported the market before a new swing low could be put in.
We had one last push up ibut a smaller range formed a little lower than the previous one. At this point a hinge could be seen with price revolving around the 50% level. Price drifted out of the range, tested the median of the range and slowly cascaded lower before finding minimal support at the lower hinge (demand line) and then busting through.
The victory was short lived however. Buyers supported the market one more time at 3586 before price came back and tested the median of the hinge. Enough people finally got the message, price moved lower, made a lower swing high and fell into the close.
I did take one bad trade in sim in the first range. For some reason I got long before price made a new swing high. Just a brain fart and not me trying to front run a move (at least consciously). You definitely had to be nimble today to keep your scratches/small winners/losers where the should be. Even though I was poor with this I only had a few small losers and the winners made up the difference and then some.
I've also included an hourly chart with an updated picture of where we are. We can see that the most recent supply line has been broken. However, price made it above the previous swing high and even with repeated efforts was not able to hold gains. There is nothing decisive yet on the part of the buyers. We may continue to move back up until we reach the median of the channel or we might accelerate out of the channel all together.
On the daily (not show) its looks more bearish. Price closed right on the level of the trend channel which makes 3 days where buyers have been unconvincing. If buyers can't get above 3602 and hold some gains it looks like we might be moving on from this channel after 9 months.
Today's price action was interesting. We were in a range since Sunday's open which we finally broke out of at around 5:30. Once the market opened we had a spike bar up and we formed a double-top on the hourly as the 3602 was quickly rejected. However buyers supported the market right around the previous swing low (I labeled the DTDB). Price quickly shot up past the previous swing high but the speed at which this occurred made it suspect.
Sellers we willing to step in around 3610 but price again found some support at the 50% mark of the last swing. Rather than making a new push up however - price formed a little with a couple of lower lows and higher highs. Price made it below the 50% level indicating some weakness but buyers supported the market before a new swing low could be put in.
We had one last push up ibut a smaller range formed a little lower than the previous one. At this point a hinge could be seen with price revolving around the 50% level. Price drifted out of the range, tested the median of the range and slowly cascaded lower before finding minimal support at the lower hinge (demand line) and then busting through.
The victory was short lived however. Buyers supported the market one more time at 3586 before price came back and tested the median of the hinge. Enough people finally got the message, price moved lower, made a lower swing high and fell into the close.
I did take one bad trade in sim in the first range. For some reason I got long before price made a new swing high. Just a brain fart and not me trying to front run a move (at least consciously). You definitely had to be nimble today to keep your scratches/small winners/losers where the should be. Even though I was poor with this I only had a few small losers and the winners made up the difference and then some.
I've also included an hourly chart with an updated picture of where we are. We can see that the most recent supply line has been broken. However, price made it above the previous swing high and even with repeated efforts was not able to hold gains. There is nothing decisive yet on the part of the buyers. We may continue to move back up until we reach the median of the channel or we might accelerate out of the channel all together.
On the daily (not show) its looks more bearish. Price closed right on the level of the trend channel which makes 3 days where buyers have been unconvincing. If buyers can't get above 3602 and hold some gains it looks like we might be moving on from this channel after 9 months.
