Discussion in 'Technical Analysis' started by Rickshaw Man, Aug 23, 2005.
IMO intraday is noise, the close is what matters. Some may disagree but thats what makes a market.
For the record I remember posting a similar trendline break in March of this year and got similar responses.
Again, it depends on how you draw your lines. There were also breaks in October and January of lines that aren't drawn.
Yes, there is also a line, undrawn, underneath the August and September lows. Therefore, October is a break.
What matters, of course, is not so much finding a break somewhere, but of deciding what to do about it, if anything.
Perfect read on price target . . . not much confusion from where I sit.
The ole Dow is hanging tough, as it has not risen off its spring lows as much as NQ or ES. And last year 2004 the ole Dow was up only like 3%. It just might weaken right along with the other indexes, guess we will see soon enough.
I'm on Rickshaw'a ignore list so if you don't see a response from him you'll know why.
Notice Rickshaw has omitted the bars from 05/13/05 & 07/07/05 to draw his Trendline. He drew over the top of the May 13th bar and either omitted the July 7th bar altogether or skewed it to fit his needs. The low on July 7th was 1170.75 and those trades weren't broken.
This is a perfect reason why trendlines are totally subjective . . . their placement is based on the placers judgement and in his case he wants you to SEE his opinion not what price accurately represents.
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