If You Can Draw A Straight Line . . .

3100 again. Funny how these things work out

 

3 RET so far, anyone get in a long?
It went back where we were struggling yesterday.

Update : Next area , 3115 ~ 3124 ?

 

Hehe, I assume that 40 entered between 92 and 96...

 

SLV is showing serious signs of a fatigued demand. The probability of price going up has become lower, significantly so that I wouldn't want to be in SLV at all on the long side.

The fact that price couldn't even reach the previous swing high around 24 and dropped back like a rock after one apparently strong attempt upwards by the demand shows weakness. "know when to hold'em and when to fold'em".

SLV Daily:


If demand shows up again we'll readjust our outlook. For now SLV is not behaving strong in my opinion.

Gringo

 

Rising in weak move, feeling so insecure.
And now it's stuck. My DL broken, LH.

Update: 10:30 Super mini hinge(range*)?

 

By this point there have been at least eight retracements. I hope no one tried to short this.

 

key observations for me.
1. market opens with an attempt to rise above 3100 and fails
2. price moves lower to 3092 area. Why? well its the midline for the previous morning chop area and also the midline of the entire overnight range.
Price finds support and moves back up to the 3100 area and after a quick little 50% pullback breaks the 3100 as well as the current daily high.
3. pullback to key area of 3100 and misses by a tick. While watching a micro tick chart in a smaller window I could see the battle. Price stopped and resumed upward. If I was trading today, I would be long of a break above this bar. 1303 ish.
4. Bulls had their hands full trying to break above 3107.50 My old habits were screaming to get out and even short, but by sitting back and observing (not cheering for a position) I could see there was no reason to exit yet. DL still in play, near term support holding. Once price broke through this level, The next place to go would be the 1313.25 area.
5. Lots of resistance here and even though price poked its head above this R, the DL was broken and if I were in this trade, I would exit and wait for my next long or short based on the failure of price breaking through R, or the failure of R to hold price.

Comments are more than welcome by all

 

The "chop" was a hinge. See niko's journal.

 

Yes indeed, I see it now.

 

So where is the first entry opportunity after 0936? And the next? And the next? And the next?

Why not exit after price begins to move sideways after 1025? Why not exit at 1048?