Oh I guess all the greedy longs that are well into the money are crying the 213 bandwagon.
Well when the smart money starts cashing in, she is going to bump down a bit. Then the greedy will sell, sell, sell in fear of losing their profits. Then she will finally take a nose dive. She has been at 210 too long to surge past.
I took profit, so I guess Iâm exempted from tardhood. For once.
Seriously, lots of profit taking, but an equal amount of bullish sentiment - weâre not the only oneâs who simultaneously see both a ceiling setting up a retracement and price ratcheting up to 210.67-82.
Go back to the descending triangle that formed just before the breakout from 202.60. Which way does a descending triangle typically break? And which way did that break occur. Thatâs the bottom we bounced off of to get here. So, I count neither scenario out; weâre consolidating here rather than soaring, so a move lower may not be necessary to fill in any flimsy up candles. My inclination is bullish here, but Iâm keeping the bias reflected in my acct. flatlined until the market says otherwise.
Jeb over at the G-Y technical analysis thread says she needs to break 211.27 to confirm bullish direction & negate the downside scenario. For me that means break it with passion and preferably retrace to test it from the upside ⌠then I would go long at this level.
But otherwise, I am going to be out fishing with Mike this week
Worst case I will learn by observing, but keep capital intact
In the demo acct I will continue to go long every weensy little dip.
This area (212.80-213.50) might be where we see some pullback - resistance here is going be formidable. But, if she swims through it like a hot swordfish through a puddle of butter (or something), thereâs not much between here and 216-217.
Try and knock her down she will keep getting back up
In spite of what you or anyone thinks or believes she does HAVE a mind of her own! And her mind insists that she go up. I told you before she does NOT like to go down and can only be forced down temporairily.
Wow, didnât get a chance to look at her last night. Woke up this morning and after 2 days of her practically sitting still, she makes a big ole jump and I miss it!!! Good thing sheâs gonna keep going âUP UP UPâ!
Sheâs working on taking out the 200 ema daily, there is a 200 ema weekly at 214.04 which is also the weekly R2, and the monthly R2 at 215.71 which is also the 50 ema weekly.
If she slices through all of them like a swordfish through butter (to use andrewâs rather interesting metaphor) then she probably wonât stop until about 3000 or so
BTD! (buy the dips)
Looking at her price action so far today, you could put up a 5â candle chart and a keltner channel ⌠everytime price hits the lower channel line, buy some more
Check out Tymenâs candlestick forum under Newbie Island for more detailed info on keltner channels, he uses them on the 5â very effectively. They are sort of like bollinger bands.
YW LOL ⌠yeah it is a lot to plough through but it is actually very informative and I find it is a perfect complement to trading our little guppy friend, especially on days like today
She will leave you in the motel room in Wyoming wondering how you are going to get home while wondering how could she just leave you behind like this just because you wouldnât get up.
She will be back down some but not much. I am expecting the up move to continue into 213, obviously 213.50 is going to be a big hurdle to jump and stay above, and once she breaks that pretty much like Andrew already said she may be off to the races looking for the 215âs or 216âs.
She keeps getting more and more expensive and she is getting to be such high maintenance compared to the cuter, slower moving, higher paying, less spending kinda gal, NJ.
I am buying into 209.29, but highly doubt that order will be getting filled any time soon. All my GJâs hit TP. And I expect to maybe get in lower at,
212.00.
My uncle has his bollinger bandwidth reduced to one number for his spreadsheet, and uses it as a leading indicator to a price breakout.
Ketler channels are more effective in rangy markets, on a breakout downward,
it sorts of blows your channel out. The BB almost expands exponetially related to the strenth of the breakout.
Currently it is riding the bottom of the channel touching the line on every 5M bar and stoch. seems to be coming up and going into asia could bing some new players and movement.