niteowl
actually, i draw the down trend channel <which has become a fork with yesterday trading ranges> started from the second peak @2872+/-, intercepted the intraday peak on 02/07, touched <and slightly pierced> again on 02/13, as the middle band of the fork !!
the lower trend line of the fork, i use the intraday low on 02/05 as a starting grid, touched again on 02/12; paralleled to the upper trend line of the channel !!!!
then, the upper trend line of the fork, i just use yesterday peak as a point on the trend line, which will further need a confirmation !!! all of these in the 60 mins intraday chart !!!
owl, i dont really use the sentiment indicators to determine my trades !!! i use them just to confirm the trend reversal and etc.; but i like the MACD and its histogram though <G> !!! i mainly use fib, gann, trend lines & formation, and candles <although i'm a lousy candle reader - GGGG> !!!!
re: momentum indicator is not my cup of tea ... really have no comment on it, sorry !!!
i suspect that we may get the afternoon rebound, owl .. that's why i went long LU and Q's this morning <and still holding> before i posted my first post re: the support on the trend line @2425+/- !!!! i'm not that bearish at the moment; but agree that the closing tonite will be very important !!!! as far as i concern, compx broke the channel <intermediate term bullish flag>, and currently backed down to retest the trend line !!! if it can rebound from the trend line here, i suspect that the lower trend line of the broken up trending channel <started 01/02; and currently trailing ~2650+/-> maybe tested in the short/intermediate term basis !!!!
but then again .. just an observation, and i maybe wrong !!
regards,
auto |
