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Bull City Baby! Buying Opportunities

  • #421
  • Dec 10, 2014 7:35am Dec 10, 2014 7:35am
Looking to break out of this consolidation range. Need to clear 120! Bears win if we break 118.67
Good luck and may the odds be ever in your favor!
  • #422
  • Dec 10, 2014 7:39am Dec 10, 2014 7:39am
Looking as if the 4 hour support line at 118.86 has held again.
Once the 4 hour can show some bullish indication, should be clear once again to make some pips.
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  • #423
  • Dec 10, 2014 7:46am Dec 10, 2014 7:46am
I can't wait to get my stop to break even once again. I thought we were in the clear earlier and I bought in heavily. Unfortunately I need this next rise (the real one) in order to make back my account from yesterday.
  • #424
  • Dec 10, 2014 7:51am Dec 10, 2014 7:51am
One thing is for sure is that the bears are still around. It's frustrating to see that 15 minutes of bull action gets wiped out by one bear candle. Not cool
Good luck and may the odds be ever in your favor!
  • #425
  • Dec 10, 2014 8:00am Dec 10, 2014 8:00am
Quoting dbutton1990
One thing is for sure is that the bears are still around. It's frustrating to see that 15 minutes of bull action gets wiped out by one bear candle. Not cool
Yeah is pretty frustrating considering everyone has banked everything on this going long ha.

I am still in long from last night at 119.29. Hasn't hit my stop yet.. Hope we can move upwards from this. Is finding some tasty support though so that is a positive. Price keeps getting rejected at the lower levels so possibly a bit more consolidation before up up and away!
  • #426
  • Dec 10, 2014 8:23am Dec 10, 2014 8:23am
Can see that so far this is a standard retrace on a daily chart. Take it easy on the leverage guys. No need to blow an account on a trade that is going to work.

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Soar on my wings, you'll touch the hand of God, he'll make you King.
  • #427
  • Dec 10, 2014 8:28am Dec 10, 2014 8:28am
Quoting whatever007
Can see that so far this is a standard retrace on a daily chart. Take it easy on the leverage guys. No need to blow an account on a trade that is going to work. {image}
  • #428
  • Dec 10, 2014 8:31am Dec 10, 2014 8:31am
We are at a very key area right now. Blue area is some strong horizontal S/R level boundaries.

But nothing has really changed from when I posted last night. The ascending "triangle like" consolidation I suspected might form, has held it's boundaries. Still bullish looking unless bottom trend line is broken. If bears were so strong, they'd have broken the bottom trend line, but so far, bulls control it.

I'm also still long from last night with SL at BE. (Also have a buy stop near yesterdays low.) I may TP at top of triangle or if breaks below the blue area, wait for another touch down on bottom trend. Or might just hold through it. Will see how it looks...
Attached Image (click to enlarge)
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  • #429
  • Edited 8:45am Dec 10, 2014 8:34am | Edited 8:45am
Also, probably goes without saying, but if/when price gets above that blue area in this consolidation, I doubt very much it falls back below it, as it will line up with the confluence of the bottom trend...

Edit: Just a clarification from prior post. A lot has changed from last night in terms of the consolidation boundaries, in that they have widened a bit, but are becoming more clear. But it is still in consolidation and looks bullish, so that hasn't changed
  • #430
  • Dec 10, 2014 8:55am Dec 10, 2014 8:55am
Quoting monarch
Looking as if the 4 hour support line at 118.86 has held again. Once the 4 hour can show some bullish indication, should be clear once again to make some pips. {image}
Thanks for the chart. Interesting.

Do you have an algorithm to calculate your swing highs and lows or do you just draw them on by eye?

S
  • #431
  • Dec 10, 2014 9:01am Dec 10, 2014 9:01am
Quoting Sunsilk
{quote} Thanks for the chart. Interesting. Do you have an algorithm to calculate your swing highs and lows or do you just draw them on by eye? S
draw them
  • #432
  • Dec 10, 2014 9:03am Dec 10, 2014 9:03am
H1 lose below the trend. Bulls need to get it back up there quickly or they'll be fighting at 118.67...
  • #433
  • Dec 10, 2014 9:07am Dec 10, 2014 9:07am
Quoting benaiah
H1 lose below the trend. Bulls need to get it back up there quickly or they'll be fighting at 118.67...
Yep not good!
  • #434
  • Dec 10, 2014 9:19am Dec 10, 2014 9:19am
Price respecting 20ema on daily so far. Loss of this and could be bad news for the bulls.

Stopped out on my position for 0.5% loss.
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  • #435
  • Dec 10, 2014 9:20am Dec 10, 2014 9:20am
The bottom trend line has changed to the other scenario I posted last night. Of course if this one breaks, then bears attack the prior low. As long as it holds, when price touches it, will be a buying opportunity. I bought in again when it got close...
Attached Image (click to enlarge)
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  • #436
  • Dec 10, 2014 9:22am Dec 10, 2014 9:22am
Quoting benaiah
The bottom trend line has changed to the other scenario I posted last night. Of course if this one breaks, then bears attack the prior low. As long as it holds, when price touches it, will be a buying opportunity. I bought in again when it got close... {image}
Same as me
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  • #437
  • Dec 10, 2014 9:23am Dec 10, 2014 9:23am
Quoting Sunsilk
Price respecting 20ema on daily so far. Loss of this and could be bad news for the bulls. Stopped out on my position for 0.5% loss. {image}
Thanks for posting, always good to keep an eye on the daily. But I don't think this is a NY close chart is it? On NY close, I'm showing the 20 ema around 118...
  • #438
  • Dec 10, 2014 9:28am Dec 10, 2014 9:28am
Quoting benaiah
{quote} Thanks for posting, always good to keep an eye on the daily. But I don't think this is a NY close chart is it? On NY close, I'm showing the 20 ema around 118...
No GMT I think.

Didn't even realise that there were different charts!?
  • #439
  • Dec 10, 2014 9:30am Dec 10, 2014 9:30am
This is serious dejapoo
  • #440
  • Dec 10, 2014 9:34am Dec 10, 2014 9:34am
Quoting Sunsilk
{quote} No GMT I think. Didn't even realise that there were different charts!?
No problem. I used to use GMT, but use NY close now. I think most posters on FF use NY close, though, but neither chart time is better in my opinion, just different signals. But good to be aware when you see other charts here, they'll look different on H4 time frame and above. Below H4 time, should look similar...
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