Bquat's Account Talk

[Bquat]

Ok I had nothing better to do so I redrew this a better way. If the purple line holds as resistance the 50 day will be tested and the reward/risk is accurate to be less than a 50/50 chance for the 50 day to hold. Do you feel I have too much negative bias? Surprisingly the 5 day is showing the rounded top:

 

[Bquat]

I'm considering holding my 25% S position until the 50 Day test and save my last IFT for that decision point.

I'm holding.

 

[Mcqlives]

The bulls were trying a little in futures but the bears had no part of it shortly after the open. The double top increases the downside potential.:worried: My isometric triangle may break in the direction of the short term trend. A break out at the 3/4 point sometimes can be a head fake.

Agreed...even though I am in the G I am watching. So far today we have had a 14pt swing which is pretty large considering we are simply meandering. I am putting the triangle point a little lower than you, right around 1830. I am guessing that we will close right around there as well unless other news comes out to drive the markets in a single direction.

 

[Bquat]

I know they don't do as well while declining but I have to do it. Ladder (Hammer) time. dun dun da dun:

 

[Bquat]

Ok guys chart fever done for today have fun.

 

[Bquat]

Lower high is set. Need to retake the red line to get back in the trading channel.:worried:Changed the color of the ladder because the 20 day is now resistance.

 

[Bquat]

Subdued lines for cleaner chart:

 

[Bquat]

I was out of pocket this morning

 

[Bquat]

Quick look , back in trading range and testing 11 day. So I wait for confirmation tomorrow.

 

[Bquat]

Things looking better than expected and glad I still had so in the game. Tomorrow I may add 25 to 50% with confirmation. 50%maybe because It's my second IFT. I always can fluff some back to G at any time.

 

[Bquat]

Computer died and I'm on laptop so chart may look different.

 

[Bquat]

Out of pocket again this morning. New channel still holding. Not quite a confirmed uptrend just yet. May maintain current level.

 

[Bquat]

Ok, today's action can be interpreted two ways. Multi-chart:Bulls are buying dips in the little trading range but not getting anywhere: New yellow channel not developing yet. Two things showing weakness.:worried: In the past year this has been a QE ascending triangle and not a double top. So sideways consolidation:

 

[DreamboatAnnie]

Great charts Bquat! Thanks for the information. Always gain insight reviewing them!

 

[Bquat]

Possible false breakout. Back into sideways consolidation. Not committed to a channel yet. Recent high is still considered as lower high to last peak until gray channel is developed.:worried:

 

[Bquat]

I think we're coiling for bigger move once market picks direction.

 

[Mcqlives]

I think we're coiling for bigger move once market picks direction.

Yes...but with the markets acting this way with the good news coming out I am not a believer in the bulls. If they were still running we should have seen a 12 to 15 point climb this morning.

 

[Bquat]

Yes...but with the markets acting this way with the good news coming out I am not a believer in the bulls. If they were still running we should have seen a 12 to 15 point climb this morning.

Yes it may be back to good news is bad news while in QE taper.

 

[Bquat]

Just a little more down and I could define a channel where the bottom angle is parallel to the top angle. That's if we don't pass it.:worried:

 

[Bquat]

Staying 25%S and here's a chart to help you. I hope.
Remember lines are reward to risk.