Pull back to the 50% so far which is good . . . it's a Monday and Monday's are often slow to settle in although PRICE can quite happily skirt with the 62% and still be valid. My working charts are a fraction different on the MAs because they kick in at 6pm yesterday rather than 9pm with these charts. PRICE can bounce between the 100 and 200SMA (blue /green) until everything settles for the day and they remain valid SUPPORT and RESISTANCE levels until a break of one or the other. PRICE is also at the mid point of the original channel (red), so it wouldn't surprise me for PRICE to bounce between that and the original top channel (next line up in black) and back again before the world has hit their desks proper for the new week. Is this a break up as I write ? . . . best to be forewarned of all the options and markers for the day :)
5 Day AvDaRa is 140 today and that takes PRICE to just above the previous H in the red circle . . . good but not quite enough to confirm the breakout . . . it's the leg up after that that counts.
I note that everyone is up in arms about Trump's executive orders but as any tactician will tell you, he is more than likely trying to flush out the strengths and weaknesses of the opposition and adapt/amend his strategy accordingly. A little chess game to start his administration . . . sacrifice a pawn etc. I'm non political so don't go bashing me for an observation.
Again, please note that my ARROW is merely an indication of potential direction overall . . . it is NOT a PRICE or TIME line and there could well be zig-zags throughout intraday trading time frames.
All the days markers are there on the chart and GL to everyone.
5 Day AvDaRa is 140 today and that takes PRICE to just above the previous H in the red circle . . . good but not quite enough to confirm the breakout . . . it's the leg up after that that counts.
I note that everyone is up in arms about Trump's executive orders but as any tactician will tell you, he is more than likely trying to flush out the strengths and weaknesses of the opposition and adapt/amend his strategy accordingly. A little chess game to start his administration . . . sacrifice a pawn etc. I'm non political so don't go bashing me for an observation.
Again, please note that my ARROW is merely an indication of potential direction overall . . . it is NOT a PRICE or TIME line and there could well be zig-zags throughout intraday trading time frames.
All the days markers are there on the chart and GL to everyone.
Comment:
A little disappointing if you're BULL and PRICE is now at critical levels - month end flow I don't know but I'm not in the business of making excuses for price action. DYSWIS - PRICE hitting the bottom channel and everyone can see this so BULLS will at least try and hold this area as best they can for as long as they can . . . Lower DaRa boundary just below so it's all hands to the deck to defend.
Comment:
Jan 31st '17 - For whatever reason Tradingview have stopped me from putting up a chart with any indicators on, so that's about it from me . . . no point in posting a chart with incomplete information as it wouldn't be of any use.
Have fun out there - all the best DYSWIS
Have fun out there - all the best DYSWIS
The downside 5 Day AvDaRa (red) was in the wrong place and have adjusted accordingly on the attached chart. Naturally it moves during the day but have placed it from the current HIGH for the day.