I wish all Americans ( that includes me ) happy and healthy thanksgiving day. Enjoy it. Just remember greed has no limits. Stick with me. We can fight the greedy to keep what is rightfully ours. Good Trading
Actually 44.70 is exact trendline TOP......perfect spot for SHORT pricewise......I also see that APEX of VIX falling wedge is complete this week as well. I think we are setting up for sell-off which will be as difficult to catch as the uptrend was to catch.
Me again.........for that matter, what has support / resistance really meant this year ? I don't see that it has met much of anything on the downside or upside to be frank. Noncommerical in COT report is very bearish this past week, thats what matters.
Hi Jameslipton, I do use trendlines, but they are not my main tool. In fact, I believe they are designed/watched by professionals to catch individuals of guard. I do not mean at all that 44.7 can/will not be the top. I just say that according to where I see GOOG/FXI and other rally leaders standing we have around 2-4% left in QQQQ. Thanks for the heads up on the trendline. I am sure we all have shorter term methods to verify the top formation beyond the levels we discuss. According to our concensus of the top being near, we shell use them soon. Good discussions with everybody!
Hi James again. I am sure you have seen, but I will quickly remind that what I mean by support/resistance is, truely a more like an attraction point. That means that the price would like to get there. Does not mean it should stop there, but get there. The way I approach the event is to start using more short term indicators to see if the attraction point turns out to be a support or a resistece line. The name sticks, because if the attraction point is approached from below, it is natural to call it resistance and visa-versa. Regards,
James Lipton had a right idea yesterday about the top trendline. Nice sale it would have been. Well, in our business train comes everyday, so the missed trains will be a rule not an exception.
7 comments:
45 is upper trendline resistance using 1/23/04 and 12/3/04 tops. Where / how do you come up with 46-47 ?
Happy bird day to you as well !!
Actually 44.70 is exact trendline TOP......perfect spot for SHORT pricewise......I also see that APEX of VIX falling wedge is complete this week as well. I think we are setting up for sell-off which will be as difficult to catch as the uptrend was to catch.
Regards.
Me again.........for that matter, what has support / resistance really meant this year ? I don't see that it has met much of anything on the downside or upside to be frank. Noncommerical in COT report is very bearish this past week, thats what matters.
Hi Jameslipton,
I do use trendlines, but they
are not my main tool. In fact,
I believe they are designed/watched
by professionals to catch individuals of guard.
I do not mean at all that 44.7 can/will not be the top.
I just say that according to where
I see GOOG/FXI and other rally leaders standing we have around 2-4% left in QQQQ.
Thanks for the heads up on the trendline. I am sure we all have
shorter term methods to verify the
top formation beyond the levels we discuss. According to our concensus of the top being near, we shell use them soon. Good discussions with everybody!
Happy trading to all
Regeards,
Hi James again.
I am sure you have seen, but I will
quickly remind that what I mean by
support/resistance is, truely a more like an attraction point.
That means that the price would like to get there.
Does not mean it should stop there, but get there.
The way I approach the event is to
start using more short term indicators to see if the attraction point turns out to be
a support or a resistece line.
The name sticks, because if the attraction point is approached from below, it is natural to call it resistance and visa-versa.
Regards,
Ah....a healthy conversation is getting me ready for Tofurkey day (vegetarian style turkey) !!
James Lipton had a right idea
yesterday about the top trendline.
Nice sale it would have been.
Well, in our business train comes
everyday, so the missed trains will be a rule not an exception.
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