Daily, We have found R at 250 and sellers managed to push prices towards S at 190, the Uptrend that started in late august is over and we are in what looks like a trading range in the making. Hourly At the Bottom of the daily TR we found S at 190 yesterday, at the time of the post after forming a hinge buyers are struggling for control. 5 min The uptrend that started around 2 is fading at the time of this post. Things to consider. This last rally was stopped before reaching the MP of the TR around 20. That is a sign of weakness, but still the 200 190 area will provide S. If prices remain in the TR 220 and 250 will be areas of interest during the morning. If prices fall below 190 then 180 and then 155 will be of interest on the down move. Levels to watch 250 235 220 200 190 180
Hehehe, not trading, just watching the naked chart, I have to recognize that it brings a sense of calm an relaxation that I never experienced with the bar chart. At the time of the last post, my reading was that at the execution level (1 min) I was still above the chop and with intentions of going back in, so I would have avoided a short above 12. I thought about it at the Ret at 11. Then I saw how buyers failed to take the 50% level and the short alternative is still the way to go. The notes are real time.
Maybe. But as I was attempting to point out in the Son thread last night, if one were to avoid taking the short because he was concerned about possible support at 06, he would have made nothing, as opposed to taking advantage of the opportunity and managing the trade, which most likely would have yielded around 7pts. Not bad when only the chickens are up.
Here I have a doubt, some days ago you told me I was still taking myself back into the chop, but seeing the REV at 0710 I can´t see how an entry (possibly around 12 at ) would not classify as an entry within the chop.
This isn't chop. It's an exit from a hinge to a test of the midpoint of a range and back down to the apex of the hinge. Price is not bouncing back and forth without direction inside congestion. One can also define chop backwards, i.e., if the trades get stopped out twice, you're most likely in chop. That would not have happened here either up or down.