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Hi Guys, I'm back from a jaunt across the country. A little rusty this morning but trying to get in a groove.
I'm long from 1.2552 might be a little early, might be totally wrong but looking for another shot at the Sell Number at 1.2572 and a continuation to an old POC at 1.2592
Got a SELL signal @ 9am but didn't like the location, I think rotation and quick moves between '48 and '63 is a safe bet.
My stops are deep on this one for now, '40 thru '30, hopefully it will get me thru the open.
Shuffled my targets around and started taking profits when the 80's put up a fight, left two on 90 & 92. Got filled on the 90 but not the 92, I dumped it at 86. You know I'm the "Dick for a Tick," poster boy. Another saying I try to live by is, "A grand in the hand is worth one thousand dollars."
Uptrend channel this week. Getting some divergence and signs of weakness, so will take a failure out of this channel short. Longs at bottom of channel look good with small risk as well.
I'm not much of a trendline guy, I think of drawing trendlines like making meatloaf, everyone has their own recipe. Here's a chart with a bunch of lines on it, I thought it would be interesting to see if any become significant levels during the Friday session. I used a 10000 tick chart to match up with BM's but as I said we all seem to have our own recipe for drawing a line, I like to use the candle bodies, not the tails. I added the Buy, Sell, Pivot, 2 POCs, Fibs and 50s and evens, something for everyone.
Just a quickie follow-up post of the chart posted above. I misrepresented this chart, I called it a 10,000 tick chart (sorry Mike) ... in fact it is a volume chart. You may notice I made one change and one tweak to the chart. The Buy Number was moved (the tweak) 1 tick to the south (down) to 1.2533, my mistake. I also added (the change) a second Buy Number (Resistance 2) it's simply a multiple of the distance between the Pivot and and the Buy Number, in this case 30 ticks.
Prices "sure enough" stuck their heads out under that trendline and started looking for support. The volume chart makes the move look so clean and orderly but when I realized those first three bars coming out from under that trendline took 10 hours to build my perspective changed. As a comparison I'm adding a peek at a five minute chart, it's a little cramped but it's just a comparison.
Peter, what are the diagonals sloping down from left to right? They don't look like any trend I can see on that chart. Which one is the mid-trend? Yellow? Or is it a channel?
You can discover what your enemy fears most by observing the means he uses to frighten you.