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

Same straight lines, two and a half hours later ... an oversold rally. I have no idea whether this bounce will be merely a bounce or a reversal from down to up. A lot is riding on what traders do back here between 3195 - 3200. I cannot predict. I can only hold on for the ride and jump off if the train looks like it is going to go into reverse. I can't really do this posting thing and trade well at the same time, so I'll see you all later.

 

I thought you might be. But don't worry about the "real time" thing.

 

That was a pretty steep rally, and the demand line broke but the 50% wasn't even skimmed. So now I'm waiting to see if there is a higher high which would fan that demand line out to what might be a more sustainable angle. Of coure, there is always the possibility that any higher high is a double top ... decisions decisions. Ok, price is moving up, so I really have to stop this.

Good luck to you and everyone today!

 

Yeah, I was just going to point out that price found support at the halfway point of that rally, hindsight if one hasn't read the thread, foresight if one has.

 

Ok, last one, I'm serious this time ... but just so everyone can see how easy this is ... if you can draw a straight line, that is

 

And if price breaks the fanned line after testing resistance?

Let's not see the same hands all the time.

 

With foresight, while this is not mechanical, it almost feels that way at times.

 

But...but..my moving average has been pointing upwards all along. Why would you bother thinking so much about price when the MA is so clearly indicating up is the direction. Isn't looking at the MA infinitely easier than thinking for oneself? I want more proof that you're not making this up. There are a lot of charlatans out there you know.

Gringo

 

I just wait for either 50% test/break/puke or re-fan the higher high ... Hey, I'm just along for the ride

 

Not mechanical, but definitely routine.

If one has done the work . . .