Charts shown on the blog last week sugested that the $SPX broke
down from a rising trend channel. But if one can redraw it as shown
on this post the trendline is still intact. Not saying this is so
but just to keep an open mind. And the 89 & 60 STO is still
above 80% which is a possitive.
Posted by frtaylor on 26th of Sep 2010 at 08:04 pm
wouldn't we need to see more touches of the upper trend line of
your channel before we could say that is in fact the upper trend
line? You've only got one point touching that upper line so far.
Not saying it couldn't come to pass but it's premature at this
point, no?
I am looking more at the bottem trendline and just use the upper
trendline as a guideline(parallel to the bottem line). Price move
in channels most of the time. I also put my stop a bit wider under
the trendline to give it room to move and only short if you get a
decisive breake of the trendline because what could happen now is
that it could form another channel supported by a lower
trendline.
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$SPX30min
Posted by kobie on 26th of Sep 2010 at 06:51 pm
Charts shown on the blog last week sugested that the $SPX broke down from a rising trend channel. But if one can redraw it as shown on this post the trendline is still intact. Not saying this is so but just to keep an open mind. And the 89 & 60 STO is still above 80% which is a possitive.
wouldn't we need to see
Posted by frtaylor on 26th of Sep 2010 at 08:04 pm
wouldn't we need to see more touches of the upper trend line of your channel before we could say that is in fact the upper trend line? You've only got one point touching that upper line so far. Not saying it couldn't come to pass but it's premature at this point, no?
I am looking more at
Posted by kobie on 27th of Sep 2010 at 08:10 am
I am looking more at the bottem trendline and just use the upper trendline as a guideline(parallel to the bottem line). Price move in channels most of the time. I also put my stop a bit wider under the trendline to give it room to move and only short if you get a decisive breake of the trendline because what could happen now is that it could form another channel supported by a lower trendline.