RE: CHARTS -T LINE TIPS29 Jul 2017 01:18
Lek, would very much like to have a dialogue about BT with you. I thought I would set out my stall b4 you pen a detailed response to my earlier posts on the matter.
Due to the high occurance of price movement in distinct trends, would you agree by using the higher resolution, the monthly chart, shows two distinct trends, illustrated in my chart:
http://rt6.t.prorealtime.com/ProRealTimeNew/display_chartimage.phtml?name=7eyfiry3jed9c33ozwdiithaf&type=png&purpose=share_google
It is difficult to judge just how wide the red channel is but if you would agree the encircled Mar 2016 is the first clear sell signal, then the most important trend line is the red solid line. It is also worth noting that this month of July has produced (assuming not too many surprises on Monday)a bullish engulfing candle as well as the wicks lining up exactly as highlighted by the purple upward trend channel:
http://rt6.t.prorealtime.com/ProRealTimeNew/display_chartimage.phtml?name=iv92tlex65qmn1rhxrbmvdyci&type=png&purpose=share_google
So..... I am expecting one of two options: the price is driven down the red channel and then bounces off the lower green line (or it crashes through it, although that would be a real crash of a giant company that is hugely profitable)and away up the green channel, or, the price pushes through the red channel trend line and continues on the green channel.
So... I have put a straddle bet on today at around 306/7 (there was no real reason for that spot, I just did it when I thought of the best way to move forward). I will cancel the straddle when it either touches red or green (with some leyway).
I am interested in the weekly engulfing video, I need to see where he recommends you place to SB after the trend is started. I think he made mention of video in retraces.
Without picking the sweet spot on a retrace in the next weekly candle after the new trend formation, one would be in debt until the slack was taken up.