Son of If You Can Draw a Straight Line . . .

So now we will need a BO and a RET to act once again.

 

You mean after the break down at 10:31, which failed, it came back and broke the apex, which indicates more sideways movement?

 

Yep.

 

This is all hindsight now. If price hasn't exited by the time it's 2/3 of the way toward the apex, it will most likely become a trading range.

 

attached.. Red short.. Yellow long.. Exit white..

Thanks Db.. really good stuff here..

 

10:45 buyers never managed to take prices above the 50% level of the downmove from the open. And now sellers are attempting a BO, still within the TR, lets see how this develops.

:46 first BO attempt failed.

 

Thanks - hindsight or not, this is really interesting...

 

10:48 I am seeing this TR turning into somewhat of a slow channel, not that it will serve some useful trading purpose, but we are making LHs and LLs.
10:51 Upside BO in the making. Rejection at 16...
10:54 RET visible in the 1 min.

 

Close to 1100. Db, the birds are waiting.

 

10:56 Long at 17,25