actio-et-reactio
Balance is but a brief transition between extremes.
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Friday, October 03, 2003
that bullish move
Note: the 135m chart below will continue to be "self-updating" -- meaning I overwrite it at the end of the day.
This is classic stuff: meets Rules (1) & (2) outlined earlier:
(1) Reached the latest ML
(2) Gapped through it
Rule (3) says price will now pull back to the ML....and we again look for either a gap-through it (making it a failed bullish move) or a reversal, which would target the uppper fork.
Note that Rule (4) was temporarily negated (on this part of the move) by the move through the ML. Rule 5 says I now need to draw in extensions from prior MLs to see where potential resistance lies.
See this chart Were one swing trading, one would have positioned last night w/a long and kept a Short ready; or vice-versa, which would have been riskier & very much counter the immediate smaller trend, which was still up.
Will keep monitoring "the situation".
Labels: chart-analysis
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
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