So here we are. Again. Only a few points from a new (30-day) high. Gurubabble would most likely say that price could go either way, which, technically, is true. However, we've been up here since midnight, in an extremely tight range. Though we could fall, it seems to me that if we were going to fall, we would have, or at least tested the downside. This isn't to say I'd go long right here, but neither would I be surprised by a breakout to the upside. If we do, that implies a try for the upper limit of this trend channel, at around 3400, and we have three weeks to get there.
Last Friday High and Low: 3149 3130 Recent Range: 3145 3142 (Mid) 3140 Today Low: 3136 Is there any important level I'd missed out? I'm still unable to tell what can I do at certain price level like if we surpass 3145 I'm not sure what can I do as the price is so near to the top 3149. P/s : Perhaps the best long entry already appeared at 8:56?
Yes, it's NQ Friday September 6, 2013 for EST. The chart displays my time zone which should be 12 hours different from EST so it's midnight for me and it's September 7 midnight. And thanks for the post above, it helps me to refresh my mind again.
Hi DB, Thanks for this thread. I've got a question with regard to price bouncing around at a support or resistance level for an extended period of time. In the past you have said price was trying to penetrate a resistance level for 18 hours, if it was going to push through it would have done so by now so a short is likely the LOLR. However this morning price pushed up after a long time at that resistance level. Is there a characteristic in this behavior that give some clues as to which way it might move ? Thanks
This is what I found to be useful while surfing TL thread "Trading in Foresight"． And guess what, interestingly the price today moved quite alike to the chart attached. Btw, what is WTF?
wtf=what the f'k. It's when price out of the blue just drops dramatically. There is a pause in drop usually for a few seconds to a minute where the trader goes WTF just happened. The plunge then resumes dramatically again. Those with experience and alertness have known to take advantage of this phenomenon. It is not easy and it is not for the faint of heart. It has been referred to at times as the deep breath before the plunge however the acronym started causing confusion with Db's name and was vetoed. Gringo