I posted a similar chart earlier but I guess I'll post it again with a very minor tweak to the top trend line.
It's still going down the tubes, I think. Just a lot more gradually than I previously anticipated.
Watch your asset allocation and make informed trading decisions. :-)
As oil headed down, drew these S&R lines from around '08 levels.
This bounce was too clean, so I had to post. We'll see how price moves going forward.
I think it will either head back up from here or bounce around.
If I'm wrong and it doesn't, then down to 20.93 we go. And if things get even worse 18.48
Seems to be bouncing off my support line. Maybe we'll see it rise to 193 before a continuing fall?
Or maybe it will cross it and keep rising towards the top trendline, pass the 200 level, and reach around 205?
I'm not a fortune teller. But I'll post this for reference. Personally, I've had long positions since the 183 level so I'm temporarily long till at least...
This chart is just to post a theory. I do not know if I am right, and I do not know if I am wrong. I actually hope I am wrong. The top trend line was designed to meet the long term bottom trend line at a point close to or at a support and resistance line in order to anticipate when the market might officially tank.
Again, this is simply a theory. I designed it to...
Throughout the past year as the market swung up and down due to various news that supposedly influenced the decisions of traders, one thing that proved consistent was technical analysis. I use this method as my sole method of trading decisions because if you truly believe that machines and HFT is now prominent in the trading, then you have to believe that they...
Just publishing this for later reference. I wanted to make use of the play button to validate my areas of support and resistance (red lines).
At the moment I entered a short around 1.1292 and plan to take profit at 1.12. If it drops lower fine. I've made good money at that point. If it doesn't, then it's excellent validation like I planned to see.