Technically, this belongs in the Ghost thread, but given the subject of the conversation here, I'm posting it here instead. This is mostly something to think about. I was doodling this morning trying to place the action in context, and I found that if I treated that one bar last October as an outlier, then the channel became nice and tidy. If I included it, everything shifted downward, and the channel didn't even follow the trend any longer. I wondered if this might be a rationalization, but then price bounced right off this line this morning, so it appears that this was the correct thing to do. FWIW:
Hi DbPhoenix, I did not hold through the pullback. I posted that trade as I was getting stopped out - I bought 63.50 around 9:37/38 and sold at 78.25 around 9:48/9. I am not at my trading computer (I bought myself a fancy computer that is just for trading - call me spoiled), so I can't check for sure, but I do not think we saw 57 trade during the pullback from 84, did we?
DB: I didnot buy the reversal but BO. 9:47:54 @83 and hold the deep PB (one time adverse move), then exit 8:15:05 @ 83.25. Very stressful to hold through deep PB. Only pain, no gain.
And here we are at the midpoint of the upmove from 3460 to 3495. It's tempting to ascribe all of this to geometry since it's so regular. One can then draw all sorts of lines and patterns and dodecahedrons and bunnies and so forth. But it makes more sense to ascribe it to AMT and mean reversion. This is the level that we keep coming back to, after all. And I changed the 57 to 67.
Third time's the charm. Watch for a reversal op as we approach the day's low. If that doesn't hold, hang on.