cvds, Very good post indeed and that's exactly the thing yoohoo warned me too (that it takes time to grasp newly received information)...
My view of large timeframes now is the following: we're in an up 4h channel and also classic box pattern have formed on 1h just above recently broken support. What makes me think it's going to continue up and at least test the upper channel line of 4h channel... Tomorrow we'll see if my view is correct or wrong.
hmm, I'm reading this just a little bit different, I agree on the 4h looking rather bullish, but we went up rather quickly on friday(big movement of 140 pips in three hours), formed a box and broke this on the downside in the final hour, so I personally think we are going to see a (minor ?) pullback first before we go any higher.
Game plan Monday, I estimated that the open will be around the friday high area (25700 level) or higher, and make a run to the top of the Long Term Channel in the early hours of the morning (10:30am, to around 25900 level, marked A), since the previous up move is not finished yet, (the graphs show two friday afternoon boxed in red). After reaching the top of the channel, it will come back down, and start to develop resistance around the agressive trendline or between the Friday's high level and the Friday close level, (between first and sencond vertical grey line, around 11:30, around 25650~700 level, marked B), in the one min time frame, it there will be a PA signal, and my estimate is that it will develop into a triangle, and price will further drop in a slower manner to the friday low area around 12am around the 25500 level (marked C), and a slighty rebounch before lunch close on 12:30, I would expect a close between Friday's close and Low around 25500~600 level. Lunch open should subject to N225 and KOSPI11 (which close at 2pm HK time, 30 minute before HSI open from lunch). If N225 done well, we would open above lunch close, make a run for the top of the channel again, and I would expect a continous signal around 3pm, after the first 30min of trading. If N225 close down, the lunch open will be flat or slightly gap down and another wave of down trust to the bottom of the Long Term Channel, my guess it's it will touch the channel bottom around 3:30 at 25400 level (marked D)and rebounce for a close.
hi YH, (A) Will foucs on 1min, not using 5min to trade, i know I need to go aggressive on the entry, but felt that, in case I missed a K/R in 1min, I would do the 1-2-3 after that, maybe I feel too secure about this? (B) Sorry about asking the question, about starting to develop a feel on the market, asked that, coz it's just so new to me. (C) Game plan as posted above. Dear CV, thanks for the post CV, I know I am pushing myself, but somehow spending this weekend alone, I have time to catch up on works need to understands PA, so decided to knock myself out with it. Yes, every skills need time, practice and experience to develop, will let it flow
willeung, I think you will find out (if you haven't allready) that YH is an excellent motivator to push yourself to a higher level, allthough he sometimes forgets he has got this vast knowledge which takes lesser traders a lot more time to incorporate everything and things that seem perfectly easy for him can sometimes still make me have to look three times at my screen untill I go 'aha, of course, should have seen that one' (that's why it keeps on being a good idea to keep repeating the same 'old' things over and over again, YH, practice makes perfect as they say)
Hey Willl ask whatever you want - sorry if I gave any impression that your questions are not welcome. I am well impressed with the effort you are putting into learning and revising and always glad to answer if I can. It's impossible to put this much effort in and not see the pieces fitting together but it will be 3 steps forward, then you add to your knowledge and when you try to apply it you move two steps back before another surge forward. But you have a good grasp on what's required and the willingness to apply yourself and I think it's great you are applying this to the HSI - looking forward to seeing big returns for you over the coming months.
Thanks a lot YH, that means a lot for me.. But we got to thank "you", willingness to learn is never enough, but having someone willing to show us the path is very important, and again I would like to express our thanks to you, on behalf of everyone on this tread..