The latter. I had hoped (there's that word again) for more than an hour's sideways nothing. Makes one want to trade chop.
My replay is broken, so it took me far more time to do this exercise. I have not seen what happened today just yet so I am in the equivalent of 9:05 this morning. Daily The uptrend was looking as if in danger as a LH had formed between thursday and friday. Looked like 96 could be of importance. Hourly After failing to reach R at 30 by friday´s close sellers defined the new value for the market at the open on sunday and from there managed to take prices all the way to S at 98. At the time of the chart (9:05) looked like we were in the middle of a downside BO, SL was holding. In case price reverses looks like 200 has taken prevalence as the area of interest premarket. 5 min After a choppy morning following the weekend gap, prices finally BO around 7:00, a failed attempt to break in at 7:30 finally showed that sellers were in charge. At the time of the chart (9:05) sellers were still in control and it looked as if we were in the middle of a RET. Next important level of S on the downtrend 180.
I have to admit that the last thing I thought about was a Trend day to the upside, but then again you have to play the hand you are dealt. 1. 180 proved to be consistent R at the open, then after the strong push to the Upside the long at the HL was the way to go. 2. Then things got complicated around 198 where sellers pushed below the SL and then managed to form a LH, so the long was closed and a short was initiated. 3. The SL was broken on a strong upswing and then a HL gave the indication to ride the bull wave. Long again, but here the DL was way to close and got stopped out really soon. Given the fact that the LSL was holding, a second contract would have saved a lot or trouble from here on. 4. New RET so new long, but then SL couldn't hold sellers. (LSH still intact) 5. New RET, SL here was held intact until the close of the trade around 10:53, where a HL formed around R at the MP of the TR from last week. 6. There I took the opposite position but was stopped out after sellers failed to take S on increasing volume. Perhaps I should have exited there. How easier looks to buy at 88 after the rejection of 180, keep something open after the RET at 9:42 failed to reach the 50% mark of the opening rally and then close at S at 16. But then again that would be life in a perfect world, one where I understand this stuff as I should.
Better, but you're still using lines. Eliminate all of them. You'll still see some in your head anyway, but that's better than plotting them. And as long as you're limiting yourself to observation, plot a line chart. If your software allows it, plot a 1p SMA of the average between each "bar's" high and low as a line chart based on the high or low or close is often misleading.
Ok, will do that. Something came up and I have to be somewhere else, will be back on thursday, with no lines at all.
Nope, all hindsight, I am really in something else right now but couldn't help it. See you on thursday.