24 replies to this topic

[iloli way]

Friday hit the 3rd point on Purple Line, demanding a rest, slow down and even a pullback ST.

On Daily Roadmap - Today it hits the 4th point on Purple Line and down it went to test LT Red TL - so swing between two Purple Lines, until this Purple Wedge breaks - the downward Red TL tested today and price closed right on, not below it; and futures tonight bouncing off the 15-min Green baseline, although the local formation is still bearish.

Edited by iloliway, 09 November 2015 - 10:45 PM.

[iloli way]

Friday hit the 3rd point on Purple Line, demanding a rest, slow down and even a pullback ST.

On Daily Roadmap - Today it hits the 4th point on Purple Line and down it went to test LT Red TL - so swing between two Purple Lines, until this Purple Wedge breaks - the downward Red TL tested today and price closed right on, not below it; and futures tonight bouncing off the 15-min Green baseline, although the local formation is still bearish.

Following three charts were taken at the same time, within 1 minute of each other, so the price relation to each own next line is very clearly demonstrated:

Now the Purple Wege is broken. Next is Yellow Line in Daily AND in 30min chart. Setup is to bounce from there 1167.30 - the tough old flat line resistance that held up for weeks.




If no bounce from there and keeps going down, bull trend's REALLY in trouble. In tandem moves S&P will then break down the 2064, which is also the Blue Neckline of even larger H&S than the previous one I called for inHEADS UP !




I am taking a long sabbatical, so this will be my last post for a while. I feel rewarded not just by my own trades using LOL; but most rewarded is to see more and more people are using this method one way or another. Really is a different TA landscape from few years back when I 'pioneered' in using lines and patterns on 1 minute, 5 mins, ... VST charts. That's why I post publicly.

Good trading!

i iway

[Rogerdodger]

Thanks again for the posts. I've found simple trendline breaks to be very good in all time frames. I try to repeat your detailed work, but it is clear to me that your eye has been trained by experience.

[iloli way]

Yes RD you hit the nail right on head! Good traders and technicians have to develop their own expertise in TA or FA trained by own experience to gain some edges over 90+% of other traders (and bots) in order to win. Just like yourself sir, and SemiBizz, NAV, mss, Mark, zoropb (where's he?) and many great posters here like pdx, dasein(being there - what a great name), punter, ....forgive me not to mention all of you. I have certainly enjoyed all the valuable ideas spotted by your keen eye and presented with humors all these years, keep spoiling me...

Got 'my big bird' ready to brine for 48 hours before TG cooking for all our children. Got some time to post couple of quickies but I believe they are heavy duty enough to carry over into next year: Enjoy the season everyone!

RUT cash Hourly:


...and Monthly: (year mark is off by one)




posted 3.5 hours before Monday's open

Edited by iloliway, 23 November 2015 - 06:10 AM.

[SemiBizz]

Well, I will just chime in here with the RUT situation as I see it... Today's RUT:

Happy Thanksgiving...

So what we have here on the RUT is a gap at 1202.98 from the August Gap down in RUT, that never was filled. Now the SPX and Nasdaq have filled those gaps as well as many others. Back in September we peaked coming off the gap down at 1193.99 on 9/17. We recently tested that level, closed over it once on 11/7 near the 1199.96 high of the day, broke down the next day and we saw a retracement to 1140.76 and bounced sharply off that low and closed that day - 11/15 near the high, 1156.22 and this has trended higher on acceptably strong enough volume to this point we are on Friday at 1175.15 on the close after a high of 1178.74, on stronger volume on both the day to day current measurement with a higher high, but also on the benchmark comparison from 11/12. So basically this is still set up for more rally going into Monday - we think the market this next week can be volatile as we are expecting holiday levels of light volume, so volatility cannot be ignored, and we still have one signal for a pullback in proximity. Looking ahead now ... the obvious targets are 1178, 1194, 1203 which would test those high volume reference candle highs. We also have another area just overhead (old highs) from 1208-1213 that can be tested -- and we don't rule that out. OK, that sets the upside landscape and from the downside, we have the lower lows at 1140 that can be retested, and a trading range that extends to 1127, but that all failed the last attempt - so there's a lot to prove here until those levels are retested and broken.

Edited by SemiBizz, 23 November 2015 - 09:19 AM.