a closer look at that pattern when it failed same box size changed reversal to 2 and hilo plot...same time input the chart is wider so we have gone in for a closer look we can see the rs/purple and then we get the break of that consolidation so..we are always looking for failed signals ..either to close trades or open new ones
5 min data has given us the best veiw of the price action in that downtrend that started on 17 march the signals to go short are very well defined $3 box size by reversal/close plot purple horizontal is this mornings trade
Dax cash index into next week 60 min data for the month of March showing 2 trends the uptrend that began on 14 march is coming up against horizontal res/purple these are at 9600 and 9670 area main supp area starts at breakout point/yellow horizontal at 9486 area trend support/green in 9450 area the second phase of the uptrend is green so..now we have a fix on where supp and res might lie
so..we have mapped out the important areas from the 60 min data in order to daytrade we want to take a closer look the uptrend from 14 March had 2 moves with a wide consolidation.On any chart,if there is a wide consolidation,it is important to keep each trend separate.Especially with p/f as you will be 'curve fitting ' the box size and reversal to incorporate 2 separate trends which both have different volatility so we look at the latest push upwards..as it is of short duration at this point we go down to 15 minute data..that trend started on 24 march from this chart we can see trend supp..horizontal supp and of course we have those big horizontal res on the 60 min depending on the news..price could break above those horiz res or possibly better is a bounce off and test supp...then we need to see the reaction/signals in supp We dont want to waste our money on trading coaches/mentors,we just want to get in from 1/5 min signals and trade
moving around box/reversal size,we can see where the trendline cluster/big supp should be if that uptrend gets tested approx 948 area so now we have the horizontal res and the bigger supp area marked looks to need to stay above 9500 to remain bullish
a quick look at spx futures into the open looks a bit negative 30 min data t trend and horizontal supps shown
adding to the confusion... dow in a reasonably strong supp area 4 hour data dow futures 16170 area the range is coiling
going into NFP tomorrow now..spot gold seems to be basing so...from this chart there is a res area that tests the trend in 1305 area..note that there is a prev supp at 1310 area bad nfp and we go to the safe haven...gold..stock index move down lets see how good the numbers are bearing in mind that the polar vortex is over
Nas 100..just about to activate a downside vertical count trend and horizontal supp..yellow and green in 3425 area.activation of count is 3525/red horizontal trend res at 3625 area earnings next week daily data 25points by 3 reversal..hilo plot..shows the uptrend that started in november 2012..not 2011 as seen in the chart