I didn't notice that but you are right. Thanks... I have been trying not to look at my charts too munch so I won't be tempted.
On side note - my TICK data blew out this morning! Let's see, a trader without data ... hm, not good They (DTN - IQ Feed) came recommend by Medved Quotracker, anyone else know of any good data providers for retail accounts? Thanx, Jimmy
I don't like getting into "whys" since (a) there's really no point, (b) you never really know, and (c) what difference does it make anyway? But, having said that, the energy of the pullback this morning may be due more to the excess of yesterday and of this morning's reaction to the jobs report. Nobody's really nervous, they're just trading. And the picture I provided last week regarding down volume and so on hasn't changed. So if there were to be another serious breach to the downside, it would have to be as a result of something beyond just the usual trading activity. In other words, take it if it meets your requirements to a T, not just because you are down (not intending to sound like Daddy, but you know what I mean).
I have shut down my trading platform. Since it is too much trouble to double click on it and bring it back up. I am done for the day. I will be checking the thread today and this weekend so if anybody has any questions maybe I can be more in depth on my answers. 4re
Dude, I think you're a hell'uva good trader (better than me, I can only go by "pure technicals" - (means the ducks have to line-up, or else I can't "pull the trigger"). But how is that info translatable for the average trader trying to get together a working methodology of how to trade this system? Whether it is better or not remains to be seen, but I think it is more consistent for the average trader to look at the previous afternoon session's highest close up vs lowest close down on the 15min candlesticks to determnie potential S/R levels. Best, Jimmy
Revisiting your short idea. Given that we're consolidating right here at the PDC, you may have something there after all. Don't want to be enabling here, but this was tested earlier as well, around 0943/0944 EST. PS Just saw your note about being done. Maybe I should stick to my guns as well and just leave it the hell alone.
Jimmy, Profits are made consistently by the over average traders. what I am trying to show is that the farther left you look the more you see. Those needle bottoms had never been taken out from the previous down move 2 weeks ago. Therefore they remain valid for resistance. If you will remember, 2 weeks ago I was going all the way back to January to find support. So going 2 weeks is not far out for resistance. I just try to seek out what the instituyion guys are finding and join in with them. All part of the process. I look back as far as I need to. If I don't find the levels that suit me on one chart I keep looking back until I do find it. 4re