It is true that once the TC or TR extremes are not availed there isn't much to do. What scraps are available are less optimal and riskier. Faster entry and exit are needed to not get caught in the turbulent currents of the median.
Talk about a rock and a hard place. Price just will not stay below the lower limit of that trend channel. A return to 4550? Or a drop to who knows where? An hourly trader who sold the failure to make a new daily high would still be in, though.
Beginning to deploy shorts. Price is around a danger level and demand is a bit lazy, the way it's jerking up but not with conviction and stooping .... and may be about to give up .... and there is weakness. NQ 4539. 10:07: Recovery is quite strong. I am out. 10:35: I hope traders are paying attention. This is a very interesting situation. I am still looking down. 10:57: TR & focus in waning. I'll back off and enjoy the view until something substantial happens. This updating business isn't fun. Back to the cocoon. Gringo
NQ weekly is showing price getting closer to lower end of the TC. I'll be looking for some kind of a mini-climax and signs of demand after the price enters the area of interest. Gringo
Price is approaching the 4450/5 area again. This time around the price never made it to the lower TC. Demand is pushing the price yet again to an important level. Considering we're in a horizontal range a potential short might await us around the top. I haven't taken a position in some time. The siren call of pleasant weather is too hard to resist. Gringo
Price is not showing relenting in demand. Unless price shows weakness by falling towards or into the TR there's isn't much I am planning to do towards the downside. This is the place where it's prudent to stay alert as a failure could happen after pulling in the longs. That's how things play out. Price is into new high ground for now. Is it going to sustain here? That's what we're waiting to find out. Gringo
I wanted to point out the dashed line that has in the past lead to demand giving up around it. It's something to keep an eye on in case price decides to turn south from here. It is not as solid a place as the proper TC upper level but price is dynamic and we must likewise remain fluid. Overall the price did break into NH and it's been quite a strong move upwards. Gringo
Price has rebounded to about the 50% level of around 4295 of the drop. We keep an eye on price here to see if any weakness develops. Notice also the potential R from 4335 area. There's lots of activity here so it can get dicey. The major point is to follow price. For now I am anticipating the potential that price might go down again for a test of the recent lows or thereabouts. If that's the case there might be room to squeeze something out of the move in case the weakness manifests. Price so far is heading up (see hourly) and the DL is intact. There's nothing much to do unless one's an intra-day trader. Once the DL is broken and there's weakness evident it is only then the prospect of a short opens up. Gringo
Price did not continue down today. The picture has become a bit muddled in my head. Perhaps a bit more up move before drop but could also be test taking place so high compared to previous climax low. I am not sure but the LOLR seems on daily to be still down. The weakness was quite great yesterday and the rebound up isn't as strong so far. Gringo