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Bquat's Account Talk
- Thread starter Bquat
- Start date
Bquat
TSP Talk Royalty
- Reaction score
- 603
Called the move. Now we're getting lower highs and lower lows. We are Bull flagging now. Now to get to my switch line.
Bquat
TSP Talk Royalty
- Reaction score
- 603
So far, another test of 5 day from below fails to break it. About 3 days for my 20 day to come up to my switch line and maybe a buy in. Some saying 1776 annual high. Testing 5 day again for a win. I don't think so. Changed 5 day to pink so maybe we'll sink. This is a high base developing into a low base. Market may capitulate (take profits) soon. All we need is a lower low. Anybody believe me?:notrust:
Bquat
TSP Talk Royalty
- Reaction score
- 603
There you have it, the lower low. So do we accelerate into profit taking like I predicted?:blink: First test of 11 day held.
Bquat
TSP Talk Royalty
- Reaction score
- 603
Good to here you still lurking. I don't know about the 1740 now. Market strength this afternoon surprises me. We got back to the top of the channel. At least the 5 day held again. Through strength, we might see weakness. Quick chart for you. I may re-chart tomorrow.:worried: This or back down to 1740 could happen. I hope the H&S first because it could happen after hitting 1740 also. This way I'm out for it's projected low.
Bquat
TSP Talk Royalty
- Reaction score
- 603
Monday's action may be interesting. Ok silly me, I redrew. The H&S pattern is from the old me jumping to conclusions. I almost forgot that I chanced to charting with a little less of my influence and maybe a little less bias. Just got enthused with how good my guesses were lately. I am looking at the 1740 that I have preselected for entry. With the dip buy being so strong and early has me wondering if the bull flag is done. As always I'm borrowing some of JTH's stuff.:embarrest: I've noticed him using three lines for channels instead of two. So what if I used a third line. Where would I put it. I decided below to go better with my proposed entry. It did line up. So I may have two options. If it moves up on Monday the top two lines are the channel and if it breaks down Monday, delay my entry to bottom channel line. Anybody can weigh in here. We may be coiling for a bigger move between the isometric triangle between the top green and the light grey line. If the light grey line isn't broken we should pop up. Maybe too much of an explanation. Just wanted you to have a look into the genius mind of mine.
Bquat
TSP Talk Royalty
- Reaction score
- 603
Looking better? I do see a one percent price range but don't really think we're doing better. What surprises me is that both buyers and sellers have the 5 day as a check point. It's weird how price action is hugging it with no significant movement above or below it. There I go again over commenting. Here's what I got: You decide.
My 20 day is still on it's way.
My 20 day is still on it's way.
Bquat
TSP Talk Royalty
- Reaction score
- 603
Market may have finally giving up on trying to hold the 5 day. Is selling pressure increasing? Sellers are selling more and we'll have to see if the buyers will buy more. So the 5 day is still the battle line.:blink: At least my center line is drawn right but I don't trust it enough to make it a switch line. Do you.
Bquat
TSP Talk Royalty
- Reaction score
- 603
You may be asking yourselves, why did I changed my descending channel to light grey? It's because I don't consider it a bull flag anymore. This is looking more like a sideways consolidation preparing for a downward trend. I could be wrong but a pop down has a 45/55 chance happening with an established lower high. I'm watching the top grey line and the center line. For this theory to work we must lose the battle on the next test of the 5 day.:notrust:
Bquat
TSP Talk Royalty
- Reaction score
- 603
The center line is showing more strength than I expected. Buyers bought back up over the 5 day and the sellers sold it. This is sideways consolidation that's holding it's own. I still don't trust it. We're right back where we started but in the upper channel and below the 5 day.:notrust:
Bquat
TSP Talk Royalty
- Reaction score
- 603
Yes I see it and an ascending triangle too. I was expecting a higher pop because of the futures and wanted to get the larger pattern in.
