I didn't trade it. I've always been good for standing down if I don't feel I'm getting it - and at least this morning so far, I haven't been "getting it." I was actually going to post that a competent scalper would likely have been able to do quite well today between 86 and 76 before I saw your post.
The activity is peculiar, almost as if price is trying to create a new range bottom at 76. But I'm in no hurry. My target is considerably higher.
Question and I know there's no real answer to this but is it wise to play a situation like 86 (in the long run of a trading career) with those other high points above? I don't have stats on this or anything but my gut says there are far better plays and the odds of getting stopped out with other levels overhead is more likely ( again in the long run). I know the answer will be the behavior is what it is so if you want to play it or have to play it based on your strategy so be it but is it wise? Just asking since you both have a great understanding on how price behaves at price levels.
For me, I pegged the upper limit of this range at 88, but price hasn't paid zip attention to it, focusing instead on 86. Okay, fine. As for 76, the jury's still out on that. But we're talking about 10pts here, so it isn't as if our retirement depends on this range. And these don't last for more than three or four days anyway, so I'm content to just wait. Traders need this for some reason, so . . .
For me, the trade will be 90 to 65, or 65 to 90, or 65 to say 45, or 90 to infinity and beyond. Any entry depending upon a higher low, lower high, or retrace after BO. If I miss, I miss.
No. Just the trend channel and the range. The upper limit of the trend channel is around 4450 for now.
Db doesn't use P&F. It was mainly to summarize the info in the past when computer wasn't available. Now we can stretch the chart and data any way we want. Gringo (Db's PR manager)
Of course, there is also this ... so I reserve the right to enter sooner and get whipsawed as necessary
Thank you db. I've read so much of your work, but I couldn't recall just now if you had mentioned using P&F charts. Ged