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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude -- Ignore unavailable to you. Want to Upgrade?

To: Cornstock who wrote (56112)	1/18/2020 3:01:43 AM
From: Doug R	Respond to of 79383

Peg, I have a correction to make about that $15.12. It's $16.96. Not much difference but since it's a part of a defined pattern I don't want an incorrect statement that doesn't fit the pattern to possibly cause confusion. This should clear things up. The "failure" price of the MIM was $15.12. The failure price for the pattern in the initial stages after successful BO/Retest is the low following the MIM (labeled "higher low"). Once the second leg (and each successive leg) is underway, the "leg lines" are a way to delineate failure for long term. The low following the setting of each "legline" would be a standing sell. IQ just complete its first leg (since it pinged that target line and pulled back). The low it finds prior to a break over "legline #1" would become the next stop for long term. If that low is already in, it would be a hefty increase to the current above described long-term stop strategy from that $16.96. It would be the first "attention" needing to be paid to it since the middle of November...so not something that requires "monitoring". . Uptrend lines that gradually accelerate are a way to delineate failure for a more proactive time-frame. There's never any guarantees but the pattern, when properly applied, works very well for all types of trading strategies. And it's always nice to see other patterns interwoven with MIM/BO/Retest activity.