Dow 2008

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free4440273 said:
FW: could i just ask for my information: the useful chart in your post: it is a five minute chart over which time frame (presumably this matters?): three month, yearly?? Thanks FW :)
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Oh, that's just from yesterday and the day before. It's more of a close-up... I wouldn't dream of pinpointing levels on a monthly or yearly timeframe within 5 ticks :) The more recent the more relevance I give to potential "important" levels. But over time, these zones where important buying or selling took place usually are remarkably solid. It seems like the chart in itself has a "memory".
 
firewalker99 said:
If you followed my posts of yesterday you will have noticed 12555 a couple of times. If a level seems important to me, it usually remains "important" for sometime.

Now, yesterday the market opened at 12389 and today the high was 12692. The second high was 12690 and after that we went lower. On an intraday timeframe one could consider this to be a double top. Next the difference between those two levels is 303 points, the average price level is 12540. Price likes going back to the midpoint of extremes...

I also pay attention to the average true range of the last 10 bars on a 5-minute timeframe, that is around 15 lately. When price bounces off or from a certain level, the reaction is usually about the average range. This gives us 12540 +/- 15 = 12555 or 12525.

All of this number crunching is just an excuse :LOL:

Seriously, just look at the chart and look where price found support yesterday. Price reacted strongly on the upper line. I wonder if Mr. Marcus would've said everything is known in advance.
Click to expand...

firewalker99 said:
Oh, that's just from yesterday and the day before. It's more of a close-up... I wouldn't dream of pinpointing levels on a monthly or yearly timeframe within 5 ticks :) The more recent the more relevance I give to potential "important" levels. But over time, these zones where important buying or selling took place usually are remarkably solid. It seems like the chart in itself has a "memory".
Click to expand...

Thanks FW:)
 
Jon Snow on the Channel4 News last night stating that the American economy 'is contracting' when Bernanke only mentioned that contraction 'is possible'.It's just that kind of slip-shod reporting that causes uneccessary worry.
 
Price is now reacting to the lower line of the chart I posted yesterday.
 

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I hope I don't have to tell anybody where and why I went long today ;)

taking half out at 12600 for +50
 
firewalker99 said:
long 12555... here we have that number again ;)
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And a little reaction off 12550. I'm amazed at the amount of order in the markets. :-0 I don't mean to say that we will make a complete U-turn at 12550, but there's a reaction.

Anybody still thinks the markets are random?
 
firewalker99 said:
lady luck must have been on my side... it ticked 536 and then jumped up
Click to expand...

Love it! Good at trading and lucky, surely you can't be as handsome as me though!:cheesy:

Been out this afternoon, bud, see you're still raking in the pips. May join you after 6pm, good trading.:cool:
 
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