A trend is when you get new highs every 5-bars.
A trend is weak when you are not making a new high after 5-bars.
An uptrend is weak when you are below the most frequent price.
In this case, FB hasn't made a new high in 8 days.
FB is below the "most frequent price" since it peaked 9 days ago.
FB disconnected from the most frequent price last Thursday, and the most frequent price had 6 days of trading.
FB can decline for 6-days. Day1 was Thursday.
Measure the price range around the "most frequent price" and use that for targeting. See 64 area (red arrow).
TIm 9:46AM EST 3/24/2014
~ Ralph Waldo Emerson
Hi Tim. I love stealing your charts. LOL That NEM chart you put up was a good one.
I know you know lots of people in the trading business etc. Did you ever know anyone that actually worked on a trade desk at an exchange? Not on the floor like we used to see on TV all the time. Someone that actually worked at a desk facilitating real orders. I ask because i wonder how they did business. Did they use all these "tools" etc like we do etc. I would really be interested to know.