You are right, I will cease trading this subjective method that only works in hindsight. Back to our regular MACD program.... Crazy A
Thanks. You can see what followed from the time that chart was posted, and you can try to figure the next three legged sequences.
There was no date nor timeline on the chart which makes it difficult to decipher the direction.... sorry. Perhaps, you could do much better.... what is the s and r when market reopens on Tuesday pls? and what do you expect the entry and exit points to be for Tues pls? Do not wish to put you on the spot though. You really do not need to do it, if you are squeezed for time really, OK?
It sure didn't care for it in your market - so what does that tell you? Meanwhile it sure didn't like it on mine - there was a 90 point reversal. What does that tell you? PA breaks or reacts to trend lines. Goodness, if a trend line never broke what a perfect world it would be
That price is random and cannot be predicted Wait, what? Not on the S&P... I'm just taking the piss. Someone in this thread said TLs don't count until price touches them three times... so that one was touched 3 times (thereby becoming a legit TL) and then it failed. Of course, it was a weird gap up hammer so which might be a fake trendline break or something and tomorrow it might be down like crazy thus actually respecting the trendline and then all the TL followers will be like "SEEEE DOOD I TOLD YOU SO!!!!" Anyway, I'm up on my long position so I'm happy
Another possibility of drawing those trend lines. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=3198317>
To me price doesn't seem random. You don't have to predict it; try to trade what you see (where the market is: long or short), and let the market carry you wherever it goes. Suggestion: if you want to make it in this or any other field stop clowning around, and start doing the work.