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Monday, 30 March 2015
March 30, 2015
Sorry for the typos on my charts. Just trying to post very fast with as many charts as possible.
Thanks for your calls on wheat. I have been in and out since 480 on the low after you entered, and am currently out. I'm watching a different channel: top rail through the 2 and 23 March peaks, bottom rail through the 6 and 26 March bottoms, and internal resistances at 35% and 83% of the channel height (as measured from the top). It just bounced at the 35% internal resistance level (which stopped advances on 12, 17 and 18 March) on that channel. We shall see if that level turns the advance back down.
I guess you mean this one right? Well spotted thanks Peter. I don't like getting in and out when I have conviction on a trade. It stresses me out and makes me miss out on big moves.
Yes, that's basically what I meant, although your data always looks a little different than mine, and my lines are therefore slightly different (no gap from the bottom line at the recent low - which, ahem, means 3 touches so far on that bottom rail). I also have 3 other internal resistance, with those lines touching the 25 March low, the 29 March high, and the 30 March low. I would be looking for a bounce at one of those lines. If it gets all of the way back to the bottom, it might keep going to a new low.
I use log scale Peter. That may explain the slight difference. And also this is the continuous future contract not the May contract only. Can you post your chart here so that I can see?
Thanks for posting your charts! A rather light volume day for a rally
ReplyDeleteThanks for your calls on wheat. I have been in and out since 480 on the low after you entered, and am currently out. I'm watching a different channel: top rail through the 2 and 23 March peaks, bottom rail through the 6 and 26 March bottoms, and internal resistances at 35% and 83% of the channel height (as measured from the top). It just bounced at the 35% internal resistance level (which stopped advances on 12, 17 and 18 March) on that channel. We shall see if that level turns the advance back down.
ReplyDeleteI guess you mean this one right? Well spotted thanks Peter. I don't like getting in and out when I have conviction on a trade. It stresses me out and makes me miss out on big moves.
ReplyDeleteYes, that's basically what I meant, although your data always looks a little different than mine, and my lines are therefore slightly different (no gap from the bottom line at the recent low - which, ahem, means 3 touches so far on that bottom rail). I also have 3 other internal resistance, with those lines touching the 25 March low, the 29 March high, and the 30 March low. I would be looking for a bounce at one of those lines. If it gets all of the way back to the bottom, it might keep going to a new low.
ReplyDeleteI use log scale Peter. That may explain the slight difference. And also this is the continuous future contract not the May contract only.
ReplyDeleteCan you post your chart here so that I can see?