RE: Change of character approaching25 May 2023 12:37
PeteJH.
From a friend...
"Its ok to post some of the following.
The thing with a Break out is, it is not TRUE and does not hold until the line is successfully retested. I know you know that... but in this particular case the 200. No thank you. Much better way to look it things to be honest. If using the SMA then you need some other confluences and there was none, or what was there to the untrained PI eye was a potential trap. A trap that retail pis fall for time and time again.
We've also been here many times with the divergences you speak of. Execute on them, Trade them, at your peril. Retail do it all the time and brokers learning materials seem encourage them to do so.
I am not inclined to agree on your measurement of the 886 and the Jan low. It's arbitrary and certainly not where the run up started. So to be fair that level holds little significance in terms of the swings and would question it is a swing. Everything else that follows on that point (your expectation) you seem to be making is rubbish. Sorry, i am not being confrontational but it really is. And i am not saying capitulation doesn't happen at a level below us. It's your analysis or workings out that are wrong.
The first 886 has been hit, from the CV19-L. That is now broken.
I do agree with the Monthly close. A few observations shared a few weeks ago on TG.
The WIB / GIBS and to an extent FVGs are as clear as the sun set on Venice beach. What are these mystical things i speak of? Well, Magnets and No Trespass zones. If price didn't hold the break then they come into play... Are n play. We now have something of interest above... A GIB. I am not going to say which one that means, or its potential impact on price as i know you'll post that on LsE and i do not ramp/deramp ever..
GL Costa"