I'm not sure about the 3446 level. 3437 is where the March TC down level trend line is drawn on my chart. Next stall level I'd presume would be at the area of 3424 as it's where price stalled on the 11th and 14th.
Price fails to advance or decline because traders can't make trades. Whatever lines one might draw are not pertinent. Traders were unable to find trades below 3446 yesterday morning. They all know this. They tried again yesterday afternoon but were able to find only a few. This level was shortly rejected. Again, they all know this, so it's understandable that there would be some hesitation here. And traders can't find trades above 61, so that leaves two choices: sideways or down. After making a series of LHs and LLs, price plunges again. As to 3737, traders couldn't find trades below this level yesterday afternoon. Would they be able to today? Who knows? Hence the hesitation, but this is only momentary before price continues to 29. Why does it stop there? Because they can't find trades. Why can't they find trades?
True. It's been a day now and another session has passed. Returning to this feels a bit like nailing jell-o to a tree but I did go back and ponder the chart a bit. Price is continuous so on a 30s we have this: I'd still exit but most likely on the steepened SL. This would have freed my mind for a reentry later. On the 1m the best I can do is this. The gray dots are my initial stops (yes, I use stops): My original question was actually quite simple ("is this the right way to do basic SLA"). My reason for asking was that what in hindsight looks like a pretty easy day would be a down day. I guess I was trying to make the point that my extra filters are justified. The response from Db was ... well... don't use Spandex. As seen from the second chart, it's net positive but still kind of tight. Maybe it's fear but I would not be able to hold a position that goes +8 points or so and then comes back to the entry point. So even in my original chart (the net negative one) one could say that shit happens and this is nothing to fret about. Just walk on. If you exit and there is still selling pressure - enter again. Eventually I'll get there .
Trip what is your actual entry trigger? Are you marking the bar that would setup your entry? I ask because it appears your entries are inside the bar somewhere. [We'll assume we all understand price is continuous, but there is a happy medium we all have to find between theoretical understanding and practical application.]
Why does it stop there? Because they can't find trades. Why can't they find trades? Because they couldn't find trades at this level PM yesterday either.
In my own backtesting I've used the break of the bar that makes the crest/through. In the last post above (with the 2 charts) I used 1 point from the (in real time anticipated) crest as per Db's plan. I still have to learn to be that nimble myself. It makes for a much better entry, of course. Edit: of course entering on the break of the signal bar is so ingrained I made mistakes annotating the charts. Never mind, you get the point I guess.
Well, I stopped watching at 11:00 but looking at the market at this moment, there is no reason to quit so far, the trend is still good (as measured by the SL from the open.) Now we are at the bottom of the daily TC so according to AMT stalling should be something to consider around these levels. (20). But the trend could just go its merry way we have to watch and see what price throws at us.