RE: chameleons3 Jun 2018 18:56
Jambon and Thorpy, resistances are just that, to be broken. . I reckon I've been fairly consistent, not implying resistance was a level to fail at just one to beat. To me that's a sensible way to risk assess on a winning trade with a strong trend.
And yes they have been broken showing the strength of the trend from 140.00 but that doesn't make them less valid it just means the uptrend overcame that point. It's the old straight line neither way and a way of anticipating the market to an extent because you can bet all the big traders who can move markets see and react to the same patterns I do.
There's a considerable difference between signalling a resistance and calling a top so for me I would be watching that wee triangle I've drawn at the last weeks price action and that will inform me, to an extent, what I reckon the trade is.
Fridays bounce would suggest a power through and to the top of the channel but it would be imprudent if your trading period was weeks or days rather than months or years, to not be aware of the points where the action may turn, that's all folks