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mfbreakout
 

Registered: Aug 2011
Posts: 1522

 

02-02-12 01:30 PM

02-02-2012 pre OPEN. Quote of the day.


I JUST WANT TO MAKE SURE THAT I DO NOT LAND ON SUPPLY.

2012-02-02_0819_pre_open.png
This has been downloaded 56 time(s).

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mfbreakout
 

Registered: Aug 2011
Posts: 1522

 

02-02-12 01:41 PM


Quote from Frank Furter:

That chart and this chart are showing daily, weekly and monthly levels. Any values I calculate using OR I refer to as intra-day values which are not shown on this chart as I tend to only use those as confirmation of a slightly longer time frame.

We came down and hit the weekly of 96.40 almost to the tick. I believe both the weekly and monthly values will be in play today and probably again tomorrow.



Solid yellow lines weekly, red solid lines monthly levels? Which ones are daily ? Glad to see our levels are in the same area.

Weekly and monthly levels are obvious , I just do not like to assume anything.

Thx

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Frank Furter
 

Registered: Jan 2012
Posts: 86

 

02-02-12 02:00 PM


Quote from mfbreakout:

Solid yellow lines weekly, red solid lines monthly levels? Which ones are daily ? Glad to see our levels are in the same area.

Thx



Sorry about that, I should have put a caption on that chart ... but daily is blue, weekly is yellow, monthly is red. I also calculate out quarterly and yearly levels but they are not in play at the current levels.

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shopster
 

Registered: Jul 2011
Posts: 1479

 

02-02-12 02:01 PM


Quote from mfbreakout:

[B I just do not like to assume anything.[/B]



a very good skill to have.

there are no " old and bold traders ....."

only those who " think it might be possible for this or that to happen........"

never call the market direction and use the words " it is obvious......"

you will most certainly live to regret it.

great thread.....

s

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mfbreakout
 

Registered: Aug 2011
Posts: 1522

 

02-02-12 03:09 PM

My response regarding indicators.


Hi you use no indicators?
But support and resistance is an indicator.
Supply and demand, also an indicator.

To say you use no indication at all means you just look at the price and think its going up or down for whatever reason you think.
Or you get an insider tip or something.

Thanks for the thread its interesting to read

R) You are correct. I was trying to imply traditional indicators like macd, moving averages etc.. I know some traders who use some very common indicators and do well. I just could not get my head around them.

I rely heavily on Volume- which is an indicator. My A and C reference points along with 30 days number line are indicators.

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mfbreakout
 

Registered: Aug 2011
Posts: 1522

 

02-02-12 03:19 PM


Quote from mfbreakout:

02-02-2012 pre OPEN. Quote of the day.


I JUST WANT TO MAKE SURE THAT I DO NOT LAND ON SUPPLY.




No direction since 9 am OPEN. Took longs off 96.26 support but scalps. First long 96.42 out 96.82 , next long 96.32 out 96.84. Stop loss was 96.19

Those scalps add up.

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