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JA
jarek
Rep: 94
Posts: 3,474
Long term charts leave little doubt about the importance of the current levels:
JI
jimkane
Rep: 3,058
Posts: 33,089
First it wants to struggle with the .447 at the .786 ABCD area and division line.
ER
EricD
Rep: 63
Posts: 692
Looks like a little W4..Jimif it holds the 8850 area do you think they will burst it up..?
JI
jimkane
Rep: 3,058
Posts: 33,089
I think it wants to take a shot at that 92 real bad, so if they can get something to push off of here, yes. But this is a tough area.
JI
jimkane
Rep: 3,058
Posts: 33,089
91.50-92 should cap this, but if it can get over that key area and most important line of the day there, 94 and 96 are the next two spots. It's just a coincidence that they are going up by two each time.
JI
jimkane
Rep: 3,058
Posts: 33,089
Don't underestimate this ABCD here at the key set line upper // here. Although it seems like a W3 and not a CD leg, I'm watching my long side here.
JI
jimkane
Rep: 3,058
Posts: 33,089
Punched just above the line, and isn't selling off. Very interesting. Stopped it dead, though. I can't wait to see how they end the day with this. Meantime, the plan calls for riding the long side until it shows otherwise.
JI
jimkane
Rep: 3,058
Posts: 33,089
Here's a cool little seeming paradox. Let's say I'm long into a nice pattern and area like this. Given the time of day let's say I don't want to open a trade in the other direction. Let's also say I think the setup is technically attractive i.e. it's 'pretty'. I may 'root' for the setup to play out and send it down, even if I were long. I'd be 'rooting' against myself. I'd do this because to 'root' for what I am in instead of what's technical is a slippery slope of hope instead of technical reasoning. I never want to make money for the sake of making money, I want to make it technically, and keep my reasoning and premises technical. If that makes sense...