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Trading PA Practice - trading the right edge
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Trading PA Practice - trading the right edge

  #51 (permalink)
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Look to me like we going to see 85 first
the reason for that is i see pressure to the upside every time oil is retracing down you see buyers coming in ..

that what i think will happen

ben

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  #52 (permalink)
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Sorry for the delay in posting the update to the puzzle. I though more would participate. I've attached the chart with the results. My question, and I'm asking because I'm not sure, but is the down part with the large wick above actually a bar of strength? My theory is that it is.

David

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  #53 (permalink)
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benbrooke View Post
Look to me like we going to see 85 first
the reason for that is i see pressure to the upside every time oil is retracing down you see buyers coming in ..

that what i think will happen

ben


As much as I like to second guess myself, I'm going to have agree with Ben and say 85 first. I will say that the potential for a pullback first before 85 is there, but not as deep as 75, is my opinion.

David

 
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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"

Good one, tricky. Without overly studying it, my first reaction is to say 75. Why? Simply looking at the slope/momentum of the four legs you've drawn the blue lines through. Second leg up is at less momo than the first leg up. And second leg down is more acute, sharper momo down, than the first leg down. Too, this last leg up just looks more corrective to me compared to the last leg down which looks more impulsive. Am not savvy about the meaning of the ratios 1.128, .886.

 
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I am going with 75. There are no conviction from the buyers when you look at the candles.
Head and shoulders?

 
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Big Mike View Post
Can I play?

If so, here is my chart for today.

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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.

Mike

Looks like 85 Got hit first

Keep on sowing your seed, for you never know which will grow -- perhaps it all will.

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  #57 (permalink)
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benbrooke View Post
Looks like 85 Got hit first

Beat me to it

But actually, day high is only 84.98 so far

edit: Oops can't see, 85.00

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Highest high since October 2008.

Mike

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