wasps WOT part 2

This is a discussion on wasps WOT part 2 within the General Trading Chat forums, part of the Reception category; See how I do this time......

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Old Feb 25, 2009, 10:51am   #17
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See how I do this time...
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"Knowing others is intelligence; knowing yourself is true wisdom. Mastering others is strength; mastering yourself is true power."
- Lao Tzu

"A woman is a lot like a refrigerator. 6 feet tall, 300 pounds ... it makes ice."
"Facts are meaningless. You could use facts to prove anything that's even remotely true!"
"How is education supposed to make me feel smarter? Besides, every time I learn something new, it pushes some old stuff out of my brain."
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Old Feb 25, 2009, 1:34pm   #18
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Originally Posted by firewalker99 View Post
Since everything can be foretold, here's one thing I predict:

There won't be an equally accurate forecast for this chart, as was the case for the first WOT thread by wasp.

.....dont be shy mate....just ask if i do a "calls" service......in the meantime may your trendlines bring you all the prosperity and happiness you wish for....with love as always ...mark j.
...may sai david copperfield bless you....and grant you many pips on cable.
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Old Feb 25, 2009, 1:44pm   #19
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wasp started this thread Now, now children, lets not spoil it for those enjoying and learning a thing or two...

Education for the newbies, however it is done, as it certainly beats indicators (or call services!) so post your thoughts and teach or learn...
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Old Feb 25, 2009, 3:45pm   #20
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ok, it's nice to be on the other side of the wot table thanks to young waspy, so I'll give this one a go.

It's totally beyond me to predict where it's going, but I'm going to prepare to go long since I'm making the assumption that the action over the last few weeks (red-lined) is a process of accumulation by the big-guns preparatory to taking the price back up when overall market conditions are favourable. Should it break south I won't be taking a short since my assumption would require it to be seen as a shake out to pick up the last chunk of stock from nervous holders. If it kept on going south, then so what - I'll just be noting that my assumption was not valid.

So why my assumption:

1. The fall in price seems to be sufficient for it to be worthwhile to take the price back to the upper range.

2. As the big-guns build their positions by buying what becomes available, then selling some to keep the price within their buying range and so on I would expect volume to be relatively low, down bars generally closing well off their lows and decent rises counter-acted pretty rapidly. All featured here to my eye.

So that's it - but then I thought Skill's 747 would remain motionless on the runway, too

good trading

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Old Feb 25, 2009, 7:33pm   #21
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That chart looks very familiar.

If I'm right, you've posted up to 19 Feb 2009.

Down to the main multiple touch support zone as drawn by Barjon then it rose on for one day and then down!!!
Audere est Facere

"The trend is your friend and divergences are your best friend until the bend at the end"

Party on like it's 1930, until Mr C (Wave) gatecrashes the party.
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Old Feb 25, 2009, 8:57pm   #22
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"That chart looks very familiar."

not to me.
as you might notice keylines are very important to my style.
not drawn all the keylines that might be important, but you can get a gist.
In real time though Im more a one legg at the time kind of trader.
Its more fun looking further ahead than I imagined, who knows............
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Old Feb 25, 2009, 10:48pm   #23
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The lack of development in the bottom half of that lower profile represents a violent rejection of the lows.

Also, the portion of that profile above the point of control (where price is now) is narrow and shouldn't be difficult to overcome.

Depends on price making that initial thrust up, to "lean on the ledge", but thereafter it should travel through the area between the two profiles like a dose of salts.
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Old Feb 25, 2009, 11:31pm   #24
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I'm not sure if I see another symmetric triangle or a flag (both drawn for good measure) but using text book theory again I would say after a period of congestion it will continue in the direction of the main trend ie. down in this case.

Once again I would base my decision on breakouts from S&R lines and direction of MAs.

Having looked at volume it doesn't seem to indicate one way or the other and not much help on this occassion.

Failure to make higher highs is a concern however, after the long drop so I'd guess market is in retreat.

Down for me.
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