wasps WOT part 2

same drill whilst Jon's away.......

dailies again

as you said in your other thread, strictly speaking, this shouldnt be about prediction, ie, wot actually happened next.
more, it should be about where price needs to go for it to become interesting.
what line in the sand does price need to cross for you to consider a change in trend and to assess ones reaction to it.

not quite sure what those horiz-bars are. I suppose they are Market Profile type stuff?
I am treating them as areas of heavy action. if so, price should shoot through the light-vol gap.

seems obvious, no?...a touch of db...a dash of wasp...and do the opposite of whatever fw posts...:cheesy:

Hmmm ???

No empty space above the current price action and none below ?

You're getting better at this Wasp



Do I know what happened next ?

Nope!

Do I know what I'm gonna do ?

Yup!


dd

Assuming the sideways bars are something to do with volume @ price, them the last low co-incided with a "value area support" type level. Either way, it reversed but didn't set a new high. We made a Double top in a period of consolidation during a downtrend, ad have just broken through a "soft" trendline.

Looking to re-test the low shown in either of the ways shown here.

Perspective changes if we break the highs of the double top, then all my levels shown in blue, and I would probably ad a Fib in there too.

divergence has occured, GU chart is just example and can look for other long signal.

Hmm, I'll probably get laughed at for this but oh well, its only a bit of fun!

Looks bearish on long term. There seems to be a small double top there showing resistance, I'd say initially price rises towards this resistance but finds it below the double top - at where I have drawn my trend line. It bounces off this towards the downside, finds support at the major low, and starts a new trend towards the upside, breaking through all previous support and resistance. It then finds a new level of resitance whish it will test twice and then break on the third attemp.

Now anyone wanting to get this right - draw exactly the opposite of what I just have!!!

Sam.

Ever the optimist...this is my take.
Follow the purple line...
Buy at blue and take profit at red...

Well, with no cat ears to speak of I'm 100% in the dark!

SO I closed my eyes and drew some lines. The lady on the psychic hot line told me it would turn out ok, and that I would meet that special someone!:clap:
Any way, I'm going to say a double bottom and then a brighter future.

You know wasp this would be so much easier if you at least left the symbol of what's being charted!

:edit
Um, I'm not complaining, as I do enjoy these games, BUT when you leave the volume at the bottom it becomes obvious that the market does not move past that point. Not that I think I would do any better. If I had to do it I would just leave one candle on the chart and cover the rest with some risque photos:cheesy: (um, not of me)

rainman2 said:

seems obvious, no?...a touch of db...a dash of wasp...and do the opposite of whatever fw posts...:cheesy:

Click to expand...

is that the best you can come up with? surely the experience "on the road" has taught you better? :cheesy:

no idea, so i'd bracket recent congestion with a Buy Stop and a Sell Stop and wait for a breakout/breakdown

Future forecasting by firewalker

Since everything can be foretold, here's one thing I predict:

There won't be an equally accurate forecast for this chart, as was the case for the first WOT thread by wasp. :smart:

rainman2 said:

seems obvious, no?...a touch of db...a dash of wasp...and do the opposite of whatever fw posts...:cheesy:

Click to expand...

rainman2 (and kenobi), if you can't do it, there's no reason to be embarrassed or bitter, just keep watching the threads and practising... you'll get there...

A triangle?

I had someone send me this chart, all ready as is, so this is my view... I do not know where it goes...

FYI: I will post the 2nd part of the chart on Friday afternoon.

See how I do this time...

firewalker99 said:

Since everything can be foretold, here's one thing I predict:

There won't be an equally accurate forecast for this chart, as was the case for the first WOT thread by wasp. :smart:

Click to expand...

.....dont be shy mate....just ask if i do a "calls" service......in the meantime may your trendlines bring you all the prosperity and happiness you wish for....with love as always ...mark j.

Now, now children, lets not spoil it for those enjoying and learning a thing or two...

Education for the newbies, however it is done, as it certainly beats indicators (or call services!) so post your thoughts and teach or learn...

ok, it's nice to be on the other side of the wot table thanks to young waspy, so I'll give this one a go.

It's totally beyond me to predict where it's going, but I'm going to prepare to go long since I'm making the assumption that the action over the last few weeks (red-lined) is a process of accumulation by the big-guns preparatory to taking the price back up when overall market conditions are favourable. Should it break south I won't be taking a short since my assumption would require it to be seen as a shake out to pick up the last chunk of stock from nervous holders. If it kept on going south, then so what - I'll just be noting that my assumption was not valid.

So why my assumption:

1. The fall in price seems to be sufficient for it to be worthwhile to take the price back to the upper range.

2. As the big-guns build their positions by buying what becomes available, then selling some to keep the price within their buying range and so on I would expect volume to be relatively low, down bars generally closing well off their lows and decent rises counter-acted pretty rapidly. All featured here to my eye.

So that's it - but then I thought Skill's 747 would remain motionless on the runway, too

good trading

jon