wasps WOT part 2

This is a discussion on wasps WOT part 2 within the General Trading Chat forums, part of the Reception category; same drill whilst Jon's away..........

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Old Feb 24, 2009, 11:51pm   #1
 
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wasps WOT part 2

same drill whilst Jon's away.......
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Old Feb 25, 2009, 12:29am   #2
 
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wasp started this thread dailies again
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Old Feb 25, 2009, 1:09am   #3
 
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as you said in your other thread, strictly speaking, this shouldnt be about prediction, ie, wot actually happened next.
more, it should be about where price needs to go for it to become interesting.
what line in the sand does price need to cross for you to consider a change in trend and to assess ones reaction to it.

not quite sure what those horiz-bars are. I suppose they are Market Profile type stuff?
I am treating them as areas of heavy action. if so, price should shoot through the light-vol gap.
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Old Feb 25, 2009, 2:34am   #4
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seems obvious, no?...a touch of db...a dash of wasp...and do the opposite of whatever fw posts...
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Old Feb 25, 2009, 2:35am   #5
 
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Hmmm ???

No empty space above the current price action and none below ?

You're getting better at this Wasp



Do I know what happened next ?

Nope!

Do I know what I'm gonna do ?

Yup!


dd
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Old Feb 25, 2009, 2:38am   #6
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Assuming the sideways bars are something to do with volume @ price, them the last low co-incided with a "value area support" type level. Either way, it reversed but didn't set a new high. We made a Double top in a period of consolidation during a downtrend, ad have just broken through a "soft" trendline.

Looking to re-test the low shown in either of the ways shown here.

Perspective changes if we break the highs of the double top, then all my levels shown in blue, and I would probably ad a Fib in there too.
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Old Feb 25, 2009, 3:20am   #7
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divergence has occured, GU chart is just example and can look for other long signal.
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Old Feb 25, 2009, 4:27am   #8
 
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Hmm, I'll probably get laughed at for this but oh well, its only a bit of fun!

Looks bearish on long term. There seems to be a small double top there showing resistance, I'd say initially price rises towards this resistance but finds it below the double top - at where I have drawn my trend line. It bounces off this towards the downside, finds support at the major low, and starts a new trend towards the upside, breaking through all previous support and resistance. It then finds a new level of resitance whish it will test twice and then break on the third attemp.

Now anyone wanting to get this right - draw exactly the opposite of what I just have!!!

Sam.
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Old Feb 25, 2009, 4:50am   #9
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Ever the optimist...this is my take.
Follow the purple line...
Buy at blue and take profit at red...
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Old Feb 25, 2009, 5:21am   #10
 
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Well, with no cat ears to speak of I'm 100% in the dark!

SO I closed my eyes and drew some lines. The lady on the psychic hot line told me it would turn out ok, and that I would meet that special someone!
Any way, I'm going to say a double bottom and then a brighter future.

You know wasp this would be so much easier if you at least left the symbol of what's being charted!

:edit
Um, I'm not complaining, as I do enjoy these games, BUT when you leave the volume at the bottom it becomes obvious that the market does not move past that point. Not that I think I would do any better. If I had to do it I would just leave one candle on the chart and cover the rest with some risque photos (um, not of me)
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Last edited by hwsteele; Feb 25, 2009 at 5:30am.
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