Thanks junkie. So that supply zone Steve mentioned earlier,
4130-4186, is resistance in this case I guess. That makes sense, I
just hadn't had that as part of my plan (drawn on a chart), so I
wasn't considering it. Also I guess price tagged the recent high of
4148, but I'm not sure how much weight to give that.
I sure do appreciate the tolerance here for Trading 101 type
questions.
regarding last night what we saw was 3 clear waves down, which
was either an ABC and price would then start some sort of wave 3
up, or under the bearish view we were in the middle of wave 3 and
we'd get a gap and go. When you are in a situation when the
analysis tells you about a wave 3, and even if you don't know which
way it will go but will be up or down - those are the
scenario's when you know the move will be big and to get aggressive
and have your triggers ready to jump on the way it breaks and
confirms
wave Bs and 2s are waves to not be aggressive and sit out
My cycle-based indicator was close to a buy on 4-hour charts
yesterday. With a strong move after hours and into the opening
today, obvious was that a wave 2 or 4 bottom was put in place. Wave
2 & 4 bottoms reverse abruptly and produce a gap. They are easy
to spot to a trained eye.
Several counts were pointing lower, and with a jobs report ahead
I did not want to be long with a tight stop. I tried to fade a move
into 4110, but was proven wrong, so I stepped aside.
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Thanks junkie. So that supply
Logical Short?After the fact, some will point to a chart ...
Posted by zaphod on 5th of May 2023 at 03:57 pm
Thanks junkie. So that supply zone Steve mentioned earlier, 4130-4186, is resistance in this case I guess. That makes sense, I just hadn't had that as part of my plan (drawn on a chart), so I wasn't considering it. Also I guess price tagged the recent high of 4148, but I'm not sure how much weight to give that.
I sure do appreciate the tolerance here for Trading 101 type questions.
Anytime :-) We all have
Posted by junkie on 5th of May 2023 at 03:59 pm
Anytime :-) We all have learned somewhere sometime from somebody.
I do my supply zone analysis on the fly. Steve probably does it ahead of time, so his numbers are more systematic. I am only an intern here :-)
regarding last night what we
Posted by matt on 5th of May 2023 at 04:07 pm
regarding last night what we saw was 3 clear waves down, which was either an ABC and price would then start some sort of wave 3 up, or under the bearish view we were in the middle of wave 3 and we'd get a gap and go. When you are in a situation when the analysis tells you about a wave 3, and even if you don't know which way it will go but will be up or down - those are the scenario's when you know the move will be big and to get aggressive and have your triggers ready to jump on the way it breaks and confirms
wave Bs and 2s are waves to not be aggressive and sit out
Thanks Matt! (and thanks again
Posted by zaphod on 5th of May 2023 at 04:21 pm
Thanks Matt! (and thanks again junkie) This really helps. My notebook has now gotten too thick; it needs a re-org.
Happy Cinco de Mayo indeed!
My cycle-based indicator was close
Posted by junkie on 5th of May 2023 at 04:13 pm
My cycle-based indicator was close to a buy on 4-hour charts yesterday. With a strong move after hours and into the opening today, obvious was that a wave 2 or 4 bottom was put in place. Wave 2 & 4 bottoms reverse abruptly and produce a gap. They are easy to spot to a trained eye.
Several counts were pointing lower, and with a jobs report ahead I did not want to be long with a tight stop. I tried to fade a move into 4110, but was proven wrong, so I stepped aside.