I should also point out that there is a great difference between trading chop and riding it out. Given the importance of 60, it was important to stay in regardless of what might happen with "lines". We've been futzing around between 60 and 3400 for 10 days, long enough for even the weekly people to see what's going on. Therefore a break of 60 has consequences. This is as good a rationale as I can think of in this circumstance to stay in rather than bump oneself out.
I don't know if anyone remembers but in 2008 or early 2009 there were days when the index would drop 5% in the day and before the close would be up 5% for the day. Comparing today which seemed like a long ride, that would have been so crazy I have trouble imagining. I wasn't trading at that time and was beginning to get into the price behaviour, supply/demand, trading. But I was watching and thinking of buying the drop and shorting the rise because of all the double tops and bottoms showing up one after the other.
Yes, I am still trying to grasp the concept of the forest, I first needed to be able to see the trees, something I was not really achieving before making this exercise.
After yesterdays trendday the borderlines of the forest might be quite close together. But who knows... Yesterdays low was already tested, we have a current top of the range at 33 and another 50% level at 50 to the upside. The next levels to the downside I see are 3300 and 3287. In terms of reversals in trading ranges, you just get in DB and take the risk, you said. This means with just the break of the S or D line, no retracement?
All of this is outside the scope of this thread, which focuses on supply, demand, and retracements. Everything else can be addressed in the Son thread.
9:28 DL broken and RET already occurred, those already in might be surprised or rewarded at the open. Lets see. 9:30 SL broken
9:37 SL traced. Had doubts about the short at 9:37, because of the congestion between 9:10 and the open. 9:45 SL broken, long at 30 9:48 DL broken 9:49 Smell of chop in the air? I am doing it again I guess (trading into the chop), even though the short and the long were closed at a profit if closed at the line break, I think the congestion before the market opened was a good clue to stay out this morning until things cleared out. 9:58 Clearing the chop. Lets wait for the RET 10:03 Back in the chop
10:10 DL fanned, still need to clear 37. 10:20 Got distracted and didnt post, entry at 37.50 DL Fanned