No argument at all. I appreciate all other outlooks. I said below the trendline, but at the same time my meaning was below that swing low for the stop placement. I agree with you about trendline in general. I think if they contact 3 points they have more validity though.
I wanted to point one thing out that I saw on the chart and would like to know what others think about it.
Before the small green up candle there are to red bars. The volume on the second red bar is greater than the volume on the first red bar, but the range of the body of the second red bar is narrower, or not as long as the body on the first red bar. What I was taught that in VSA terms, the only way that this can happen is because there is more buying in that bar. I was taught it is a sign of accumulation. Any other opinions or thoughts?
I hope Ben does not mind me hijacking his thread with a a chart of my own. Since this is a price action thread I hope there is enough info on the chart to make a determination. Based on what is seen on the right edge, what would we anticipate happening next. Or, I guess as Ben would say, would you go long or short and why?
Added a second chart. First is the 5 minute the second is the 15 minute.
Last edited by David_R; March 7th, 2010 at 04:34 PM.
Reason: added 15 minute
The following user says Thank You to David_R for this post:
i will go long with a tight stop below support (see pic) if fails i will reverse
the way i see that is that the market is going side way (15Min) and this kind of market i will buy the low and sell the high with tight stops
thanks for the puzzle
Keep on sowing your seed, for you never know which will grow -- perhaps it all will.
-- Albert Einstein
The following user says Thank You to benbrooke for this post:
I was trading that market, I wouldn't be doing anything at this point. If I have to do something, I'd go short at low of the last bar with a stop just above the high. Profit target would be two times risk.
Failure to make a new high and then a breakdown on high volume looks to me like it is going lower. The last bar attempted to be a rally from a double bottom, but failed on high volume. I'd say it is going lower.
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Do we hit 85 or 75 first from here? Simple question, what is your answer?
Closing price is 81.49 so I've even given you a skewed risk/reward, it could be skewed in your favor depending on your answer.
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