That's not quite what I was looking at, but it's one route to take. By the time price reached that level, the target was actually 60.
Right, I wasn't looking at the channel high, or anything else, but just making the observation of what seems to me an interesting fact. We may yet go above 4461, somewhat nullifying my observation, but I tend to believe in relationships more than coincidences. Ged
I observe that the mean between today's high, 4461, and the present low of day, 4429.25, is 4445, and that 4445 is also the mean of the overnight market. Ged
May Soybeans again. The dotted green channel "came into existence" yesterday. I am not sure it is needed to supplant the original channel in solid blue as price did exactly what one would have anticipated based on how overbought it was relative to that channel, and today's bounce commenced from the mean of the original channel. As this is all part of the observation process, I will keep both for now, and will monitor further price activity.
40D This is my reading of today's story. Starting with the daily, then hourly. Look anything like your trading?
"The end result of all this is that one begins to realize that it is buyers who are in charge throughout. It is they who decide whether or not they're going to buy and how much they're going to pay. If there are no buyers, there are no trades, and everything comes to a screeching halt. No sellers? There are always sellers, if the price is right. This is incidentally a lesson which a great many economists have not learned, much less business and government leaders." DbPhoenix This has really captured my attention. This is what I am working on now. I have some ideas as to how I might want to explore this further using price/volume on stocks. I'd like to keep this journal focused on SLA/AMT and day trading the NQ and possibly some futures swing trading over a somewhat larger time frame (using hourly/4 hour bar intervals for trades lasting for sever days). So I may, if I think I can get somewhere with this, start a separate journal for the above idea relating it to individual stock issues so this journal doesn't get too cluttered and too long and too off-topic too quickly. Dang it, DbPhoenix, if you didn't start me off to thinking thoughts and such enough to make my head spin (in a good way, though)