What I've always found interesting is that nobody takes these trades anyway. They can't even if they want to. So what's the point?
NQ around 60 is my potential S/R. Until then I wait. The S/R and the more recent downward sloping smaller TC are both converging around 60. Gringo
The Message Profound wisdom distilled down For mere mortals so they won’t drown 'Tis simple, but not easy Drawing line without feeling queasy What's this magical concoction? Explaining markets as an auction! There’re few who see the light; A rupture of pure delight! While others who twist'n turn Burnt ashes in time’s urn Blame not the messenger or the message Fools! 'Tis in Self that lay the passage! Gringo
Price is stuck in a TR between 45 and 62. The propensity of price to not get slapped down is indicating demand to not be backing off. This could mean more upside unless price starts behaving weakly. The DL is broken but not decisively. It's broken more in time than in terms of price movement due to demand withdrawing. The final large up and down movement in the last hour is showing both demand and supply trying their strength with more or less a stalemate. Those mechanically following SLA had an entry but it lasted a brief moment before price ricochet upwards, way faster than I could get an entry. That movement told me to become cautious and not jump head first into a short. Later it become apparent that the TR was holding. In the absence of a clear direction there's nothing for me to do other than watch. Gringo
TR broken to the downside. Might give a short signal. Weakness is manifesting itself. Edit: Added some shorts.
4370 is the mean for the rectangular TR (4280 - 4460). It's also the median for the downward sloping smaller TC. For me it's an important point where the position is lightened. Gringo Edit: Exited a third.