Niko, let me be the first to say your channel was a thing of beauty today! Attaching the hourly with your channel drawn as it stand right now. The low of today matches up beautifully with the lower extreme of your channel.
Thanks Kp, hope you are getting much better in SLA, the trick is not so much to spot the extremes, but to have a clear method for entry and exit without fear. Once you have that up and running the extremes will propel you even further, but you first need to understand the basics of buyers and sellers balance.
Just doing my write up now and yes, I do discuss SLA quite a bit. If anything, just doing SLA would have proven to be better than everything else I'm looking at! LOL
My second delivery on Scratching, I think I will stop when I get to 50. The numbers in the charts correspond to the numbers in the PDF. Any comments are welcome. I already got some regarding giving price at least a point of room even after a line is broken, will follow the advice, as it comes from wisdom . Some other things have to be sorted out, but it will come with time. I have developed some Zen sense regarding this . One of those things is re-entry, I will have to come up with something by scratch 25 .
I didn't see your chart this morning before logging in, but you clearly found something important. The reversal off the higher low at 62 was not out of left field, but, as I said in chat, the big problem is staying in. Even if one were to hang on during the first retrace at 1015, staying in during the break and weakness after 1040 would have meant abandoning the plan. The task, then, becomes following the plan but testing the tactics required to re-enter without having to do a whole lot of scratching. And if one reviews the day segment by segment, left to right, this presents some problems. Perhaps all of you can come up with some criteria for distinguishing between hanging in there and hoping.
Incidentally, this is also a good example of revisiting the territory in order to determine whether or not one needs to redraw his map. This is analogous to finding one's way by using a compass or by spinning a bottle.
This whole venture has been like finding my way using a compass . I guess that is why is fun As for today: At the moment of the post we are forming a hinge in the hourly, it is amazing that the place they chose is "the place they've chosen" . (That is for the lurkers, if any who are not sure this stuff really works). The hinge in forming just outside the down TC from the 7th, if it BO of this hinge then 25 will be the place to look for if 25 is gone then 45, given the parabolic fall, if 45 cant hold either a new H could find some selling at the top of the TC around 60, but that's Nostradamus stuff and I don't wanna get into that. We could also just see sellers give up after testing the upper side of this hinge, or maybe they don't even try and we can see prices falling back into the rante right away, the we will deal with the MP of the longer term TC and once we are in weakness territory I don't see much of a reason why they cant make it all the way to the bottom around 70 or even to 60, but lets not get excited and just watch price. Finally it will tell us what to do
This "hinge" is not the prettiest example I've ever seen, but I think I understand where you're going with it. The danger in a label is that one can begin to expect a certain dynamic, and if this is not a hinge, then the opportunities for surprise begin to multiply. One can also look at this as simply a range from 14 to 21 and see what transpires as we get closer to the open. And speaking of hinges, take a look at the ES.
Today´s trades and scratches. Great day, I read in the zen thread that focus is a depleting asset, today was the proof of that for me . Better focus next time