Bride of If You Can Draw A Straight Line

Discussion in 'Journals' started by dbphoenix, Oct 28, 2013.

Thread Status:
Not open for further replies.
  1. Gringo

    Gringo

    Don't worry about it. I miss these kinds of moves as well. What's important is to learn from it. What Db pointed out today needs to be printed and put on a clay tablet. This is the difference between reading price and following a mechanical system. The hint was given by price when the break of SL took place. The fact that 68 was rejected violently missed your attention. Nothing major. This doesn't happen as often but is a wonderful example of paying attention to price behaviour and realizing that the rest of the lines are there only a guide.

    Even after missing the long, there was this short. There was more than one chance to go short and those who did still made 10-12 points within minutes. How many can do that with only using lines as their guide?

    Gringo
     
    #81     Oct 31, 2013
  2. dbphoenix

    dbphoenix

    If you started your supply line at 0830, you can see the opening effort to break through as a failure and the next move up as another attempt after regrouping. In a general sense, that's a retracement.
     
    #82     Oct 31, 2013
  3. dbphoenix

    dbphoenix

    Another countermove.

    1009 And a break of the supply line.
     
    #83     Oct 31, 2013
  4. niko

    niko

    I was out at 10:05, now I am long at 65.50
     
    #84     Oct 31, 2013
  5. dbphoenix

    dbphoenix

    Why long now?
     
    #85     Oct 31, 2013
  6. dbphoenix

    dbphoenix

    Here's your retracement and long entry.
     
    #86     Oct 31, 2013
  7. niko

    niko

    Rejection at 60 and SL broken, is this not the same thing that happened at 9:39?

    [​IMG]
     
    #87     Oct 31, 2013
  8. dbphoenix

    dbphoenix

    Demand line broken.
     
    #88     Oct 31, 2013
  9. dbphoenix

    dbphoenix

    Not quite. Since price made a lower low, the supply line can be fanned. Therefore it's not yet broken when you take your long. Plus you had a trend channel as a factor at the open, which I don't wnat to get into here, but you know what a trend channel is.
     
    #89     Oct 31, 2013
  10. dbphoenix

    dbphoenix

    Retracement for a short here unless one anticipates chop.
     
    #90     Oct 31, 2013
Thread Status:
Not open for further replies.