I'm glad that you're continuing with this rather than making it just a one- or two-shot. But if you want to keep it together in a form that will enable people to follow what you're doing, I suggest you open up a journal as others have done.
Looks like we're going to hit 30 after all. If so, I see no reason right now not to go back to the previous estimate of 60, or even the original estimate of 80. But the answer to the question of "who's in charge?" is pretty clear.
db, the lower high and poke down through the channel not a cause for concern at this stage, at least on the hourly?
Remember that the line is in your head. Even though it's drawn to track the D/S balance, precision is not the order of the day. If you entered late, then, yes, I'd exit or scratch. Otherwise, I'd wait until the NY open to see what buyers do. According to AMT, you can expect a test of the upper limit of the trend channel. OTOH, there has to be a reversal at some point. It all depends on when sellers run out of buyers.
Thanks, interesting. Hypothetically of course, if price did head south from here, the high around 3626 would then be considered the test?
Incidentally, you may have noticed how extremely short the hourly bars have become (or how tight the "waves" inside those bars have become). This makes the price risk of exiting and re-entering almost trivial.
IMPORTANT NOTICE FOR CHAT MEMBERS. Given that the chat was opened to discuss the Straight Line Approach, and in order to avoid confusion to some lurkers, as of tomorrow we will be opening a new chatroom. This one will have 4 prerequisites in order to be invited: 1. You MUST be interested in the SLA approach, if you wanna trade indicators or other kind of method, this is just not for you so don't waste your time. 2. You MUST be interested in doing the homework, this is not about fetching a bone from senior traders and trying to find shortcuts, If you wanna become a trader you have to be interested in putting in the work. That means starting with opening a journal. 3. You have to read at least the 10 first posts in the SLA threads, we will know you have given on what you post in your journals and what you ask in the chat. So please do. 4. If at the end you decide that SLA is not for you that is OK, but if you wanna be in the chatroom you have to talk SLA in the Chat and your journal must be SLA, or else what is the point. Only 4 rules, and that is it. If you are interested, open your journal and explain what YOU understand of SLA and how do you plan to apply it, I will PM you the link. Those who only want to lurk will be considered on a case by case basis, I don't wanna encourage passive learning, as I don't think that is the way to go. But if you just wanna watch PM me.
I get questions about hinges, and I've made tons of posts on hinges, but who wants to read tons of posts? So I've attached a pdf below of something I wrote several years ago on hinges. It may be helpful. Or not. Below is a chart of what is not a hinge. It is not a hinge because of the volume. This may be puzzling, but will be clear once the pdf is read. I bring this chart up today because it's today's chart and because it illustrates the sort of hinge that is not likely to work as expected. Note that this looks like a hinge, but the volume is all wrong.