How do you reckon it's a free pass? Not really. I specifically said that for Monday I'm expecting continuation or consolidation and not a reversal. I also specifically said that the 4K level is where I'll be monitoring for either continuation or a reversal. Having too strong a bias or conviction either way is a sure way to get smoked in this market, so it's wiser than ever to map out various scenarios, but of course okay to have a main scenario to lean on. What's your take, then?
I know i'm just busting your chops. I don't enter trades at nose bleed levels if we are talking about higher time frames, so I need to wait for some sort of consolidation or pullback. Once I see how it behaves, Ill make my decision. Prediction wise, i'm fully expecting it to either continue up or consolidate for a few days. Low news release weeks that had a bullish week preceeding it usually continue on in the trend. I dont have stats to back it up, its just been my observation through the years
I'm afraid I don't follow your reasoning based on that picture. 4400 is 10 % higher from Friday's Close. Sure, it can happen, but I don't see how it's a "free pass". From my POV, we can still see a failure around this 4K area for a new drop lower.
I don't follow. Post a chart. Anyway, the point is when you're drawing a line, you should be able to line up as many dots as possible, at least 3 places. In my chart, 3 highs line up (where the arrows are drawn). It doesn't line up using the body, as you suggest.