I was thinking RET, but then I realized this could be the REV, then I read your analysis and I thought that if I kept the DL like the one in your channel the REV argument gains strength. This still puzzles me in RT as I try to get in as soon as I spot the potential REV, but then I end up tangled in a RET or even worst a Chop. Any advice?
Our job is not to skip to an answer.., but rather to enjoy the discovery Trade well today (which includes protecting one's ass) RN
15m till the open, and we're still screwing around with 20. This is a classic rock-and-a-hard-place situation. One can draw a supply line beginning with the swing high at 0645ET, which squeezes price between that and the support being offered in the 18-22 zone, and price doesn't like being squeezed. It'll be interesting to see whether the first impulse is to break that line or break support. Edit: Cleared 22, and we have a hinge on the 1m beginning an hour ago, which is another form of squeeze. Therefore, I'd look to go long on a retracement. If that doesn't pan out, then wait for price either to test the midpoint of the hinge (at 21) or drop below it, in which case I'd look for a short inside the downside retracement. Edit: BO to the upside appears to have been a feint. If so, the probabilities shift to the downside. Edit: Dead center. 0933: Price can't clear this congestion. Unless you love trading chop, just wait. Edit: So it appears to be up after all. One can either buy the BO above 23.5 or wait for a retracement. If you're trading, good luck.
Have not yet been able to clear the last swing high on the hourly at 34. So what's the drill? Exit the long on a break of the demand line, short the first retracement, exit the short if it doesn't pan out and go long on the test of the midpoint (28.5) or wait for the first retracement on the upside. It's sort of like Paint By Number. Or Trading Price For Dummies (no offense). Edit: If we can't clear this last swing high on the 1m, then we've got a lower high and a higher low, which signals chop. If that's the case, stand aside. Edit: If you bought the retracement, you're in. Now we have to clear these swing highs. Focus on behavior, not on bars. Are the buyers jumping on board or not? 1016: No, they're not. So stand aside and wait for the market to tell you what to do. 1020: New high, but don't forget to keep an eye on the roadblocks ahead. 1034: NH attempt failed, but there was no long entry, unless you bought the BO, so no trade. Again, stand aside and wait for the mkt to tell you what to do. 1036: $ finds S at last two swing lows. But that's not good enuf. It has to clear all this crap.
1045: Don't know if anybody is out there, but if you look at the juxtaposition of the upper limits of the daily and hourly trend channels, you'll see why we're having so much trouble getting past 39. I'm often asked what the point is of monitoring the daily and the hourly if I'm trading a 1m chart. This is why.
here! ...and I'm sure not the only one. Taking time to anticipate what you are going to say, to see if I'm "getting the POV" You still surprise me, but that's good... aha's. Thanks
I'm done. Activity is zip. I suggest that those of you who are interested in this try to create charts based on the notes I made earlier. The times have to do with when I posted, not when the event that I mentioned took place, but the times will at least give you some idea of where to look.
Definitely paying attention, I'm subscribed to your thread. I have three subscribed threads in ET, this is one of them.