Please make sure you have read my disclaimer! This is a personal journey into self-tutoring in technical analysis. Did you read that Disclaimer yet?
Disclaimer
Disclaimer: This blog should be read as a 'whiteboard' of my daily thoughts and ramblings and specifically not, in any way, advice to trade. My interpretation of the works of Gann, Goodman, Fibonacci, Elliott, Hurst et al; is entirely my own and should be read as such. Any opinions, news, research, analyses, prices, or other information contained in this report are provided as general market commentary, and does not constitute investment advice. I will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Friday, 5 July 2013
Dow
Not a lot going on on the surface but plenty going on underneath I am sure. First chart shows price above the monthly median zone which sits in the 15000 area, which also houses the trend line from the last low. Whether this turns out to be 'c' up complete at 61.8% of 'a' or a 'b' up at 125% of 'a' down or 'a' of 'c', remains to be seen. The descent down will help of course. 2nd chart shows price seemingly in an ending diagonal of some sort, rolling a long a ledge under the 1.5625 day trend line. The 1.5625 day median zone and 25day trend line all sit in the 15000 area along with the 60min bolly lower band. The storyboard is likely to unfold one of two ways, I think: either price bounces there or pushes on through. Don't know till it happens, but I am short into it regardless. The 3rd chart shows my new study alert. It is a 24hr wave made up of 3hr trend lines. It uses Predictive Averages and does not lag at all. When all the lines are stacked bullishly, I get a blue line at the top of the screen and when bearishly, a red line at the bottom. I get an alert when the 3hr pushes through the 24hour in both directions, hopefully picking up retracements into trends and changes of trends. Assuming my bigger picture analysis is worthy, these shorter term mechanizations should help to keep me out of pulling the trigger too early... we shall see.
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