is it just a retracement or what?
- #74,482
- Mar 12, 2009 4:09am Mar 12, 2009 4:09am
But why were you not expecting price to touch the lower trendline instead?
I think you're making a massive contribution to the thread, and love your charts.
I just don't understand some factors to it.
I think you're making a massive contribution to the thread, and love your charts.
I just don't understand some factors to it.
buy 1.2740, TP 1.2980
- #74,484
- Mar 12, 2009 4:19am Mar 12, 2009 4:19am
But why were you not expecting price to touch the lower trendline instead?
I think you're making a massive contribution to the thread, and love your charts.
I just don't understand some factors to it.
{Promotion Removed}
- #74,485
- Mar 12, 2009 4:20am Mar 12, 2009 4:20am
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
Sorry, I think I just got what your question was after
It's the quality of the formation I am most concerned with.
How do I explain...
A narrow, clean trading range/channel is what I look for. Zoom out a timeframe or two and the good ones look like one bar channels or close to it anyway.
Here's an example of a bear flag on the 15 minute, expanded out to the hourly.
Notice there's is not really a strong "sharp" move down prior to it.
Attachment
Attachment
But why were you not expecting price to touch the lower trendline instead?
I think you're making a massive contribution to the thread, and love your charts.
I just don't understand some factors to it.
Derek, you have made some truly amazing predictions.
So why do you think it will bounce off 2740 instead of 2660-70? And why you think it will break the upper wall of the channel?
Riding the Dragon....
- #74,488
- Mar 12, 2009 4:36am Mar 12, 2009 4:36am
- | Membership Revoked | Joined May 2008 | 1,027 Posts
- #74,494
- Mar 12, 2009 4:58am Mar 12, 2009 4:58am
I think Derek has been fantastic with his analysis so far.
I've been looking through his chart, and trying to figure out his wave count, and tried to plot the support/resistance lines from past data myself for the past half hour.
I guess I've learnt something new today.
I usually trade off the shorter timeframes so I usually base my trades on price action, but it's amazing to see how price reacts in the longer timeframes based on past support and resistance levels.
I've been looking through his chart, and trying to figure out his wave count, and tried to plot the support/resistance lines from past data myself for the past half hour.
I guess I've learnt something new today.
I usually trade off the shorter timeframes so I usually base my trades on price action, but it's amazing to see how price reacts in the longer timeframes based on past support and resistance levels.
- #74,495
- Mar 12, 2009 5:04am Mar 12, 2009 5:04am
- Joined Apr 2007 | Status: Trader | 3,055 Posts
The best thing that can happen to you is to find out where you're wrong.
- #74,497
- Mar 12, 2009 5:17am Mar 12, 2009 5:17am
- Joined Apr 2007 | Status: Trader | 3,055 Posts
The best thing that can happen to you is to find out where you're wrong.
Collecting pips
