We've been eyeing this breakout since we started to prove sell-side tapering from our strong selling algo to our more tapered teal. Since then, we've seen healthy movement and if we're looking back to a year ago, we can see a similar pattern that formed prior to a larger breakout.
So here I am going to allow us to come back and retest white if that's what price wants to do - if it does I will add to my swing position there, and once we break out of teal tapered selling, we have some nice room up to our retest and attempted breakout of magenta/red tapered selling.
That will be the real test and for that breakout we will need to see our strongest purple and yellow algorithms be in control to break out of there.
Hope this was helpful - as always, feel free to ask further questions on any of my analysis either in the comments or in a personal message to me.
Thank you for the update, I don't have your charting sophistication so I find your approach interesting. It apparently hit my simple 42.50 chart target this morning, but I wasn't here.. I am now targeting mid 41s to add more; we'll see. Good fortune to you, and thanks for sharing !
TraderDaddyOG
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@cocosdad, Absolutely it's my pleasure and hope it was helpful. Yeah this absolutely gets easier and more accurate with time and effort. Most of my time (as I'm a full-time trader) is spent analyzing charts and telling these stories as opposed to actually trading. This prepares me for trade entries at the appropriate time - and especially trading options you want to only take positions prior to a respectable move and not during consolidation. Keep it up and you'll be seeing these algorithms on your own in no time - but until then, I'm here to help guide you and answer any questions you have! If there is a specific part of the process that you're struggling with let me know and I'd be happy to make a tutorial-like video about it. Cheers!
cocosdad
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@TraderDaddyOG, Thanks for your very generous and kind replies.
TraderDaddyOG
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@cocosdad This one's for you! Hope it was helpful.