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TRYING TO BOTTOM


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#1 mss

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Posted 06 June 2011 - 12:33 PM

:lol: It updates.

http://stockcharts.com/c-sc/sc?s=$SPX&p=60&yr=0&mn=0&dy=10&i=p84698075235&a=175274150&r=7651.png
WOMEN & CATS WILL DO AS THEY PLEASE, AND MEN & DOGS SHOULD GET USED TO THE IDEA.
A DOG ALWAYS OFFERS UNCONDITIONAL LOVE. CATS HAVE TO THINK ABOUT IT!!

#2 arbman

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Posted 06 June 2011 - 01:40 PM

The negative breadth suggests today one more shoot lower tomorrow for a turn... This is too negative to turn this way, but the shorts are piling up, perhaps gap up sell down and then rally into the close tomorrow...

#3 mss

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Posted 06 June 2011 - 02:38 PM

:o We may have a failure !
WOMEN & CATS WILL DO AS THEY PLEASE, AND MEN & DOGS SHOULD GET USED TO THE IDEA.
A DOG ALWAYS OFFERS UNCONDITIONAL LOVE. CATS HAVE TO THINK ABOUT IT!!

#4 totterdell91

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Posted 06 June 2011 - 05:31 PM

:o
We may have a failure !


a current 60 min chart
Posted Image

best

T91

#5 totterdell91

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Posted 06 June 2011 - 06:02 PM

With the DJI I have drawn in the pivot box, to estimate when price must reach the red median, or retrace

Posted Image


Posted Image

#6 arbman

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Posted 07 June 2011 - 12:28 AM

What is that dotted red horizontal line on every chart? Is it today's close only or there is another divine purpose I am all missing? If there is no miracle about that red line, nasdaq looks awful.

#7 totterdell91

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Posted 07 June 2011 - 12:43 AM

What is that dotted red horizontal line on every chart? Is it today's close only or there is another divine purpose I am all missing? If there is no miracle about that red line, nasdaq looks awful.


It is the last price at the time of the screen shot. It cannot be turned off in the package

The timestamp of the screen shot is in the graphic title (Australian Eastern Standard Time)

#8 chartist

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Posted 07 June 2011 - 05:49 AM

:o
We may have a failure !


a current 60 min chart
Posted Image

best

T91



brendan as you know im a follower of laws of multiple time frames , how does this fit in the scheme of things , ima PF total amatuer fwiw , wouldnt know how to do it properly and ive likely broken every rule there ................... is


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#9 totterdell91

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Posted 07 June 2011 - 07:18 AM

Pete, On scales of this magnitude I would not worry too much about bending a few rules and going back to the guidelines around action/reaction lines, which is where the whole thing started. Essentially your centre line is a pretty good multi pivot line with a couple of equally spaced boundaries on either side. Most of the time price has been rattling round in the low energy channel, every now and then testing if it still has support. Support has not been tested for a while, whereas the boundary to the upside has, and it demonstrated resistance. It seems reasonable that the question over support needs to be resolved. If support fails and you see price reacting to that failure by pivoting around the lower line, and/or back testing, you can be confident that someone else (of consequence in the market) saw that line also, and trade according to how price reacts to the line. If there is no visible influence, there are no clues to be obtained, so we assume we got it wrong and look elsewhere. I dont think you have got it too wrong. Brendan

#10 totterdell91

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Posted 07 June 2011 - 04:52 PM

Posted Image