cancel
Showing results for 
Search instead for 
Did you mean: 
Veteran Advisor

For rusty_metal S wkly chart

here's the wkly soy chart - you might of missed it, b/c I posted it at the back of a thread last week upon 425cat's request...I look at the bigger picture here - it has more meaning - I realize I jibberwalky talky a lot when the bigger buyers have showed up since the end of July.

    AS you can probably surmise from pricebars on chart- the changing of the guard began 8/1 or so (between 1050-1100 cents) with alot of strong sellers cashing in and new strong buyers beginning their dress rehersal - showing up...Yes, i imagine i was mentioning the behavior in the 3 or 4 waves now that this has occured. If one has the patience and most importantly, doesn't over-leverage themselves, I see a nice - few month opportunity - the uptrend line is the price target line that of course goes up in price along with time.

 

wklysoy9-12-TOS_CHARTS.png

 

 

0 Kudos
17 Replies
Veteran Advisor

Re: For rusty_metal tonight follow thru

back above todays highs on the 30 min bar chart - reflects history back to Mon last

 

9-15 30m S TOS_CHARTS.png

0 Kudos
Veteran Advisor

Re: For rusty_metal tonight follow thru

to sum then, and zoom in the perspective::

 

prices are just about to test that downtrend line on wkly above - which is a temporary balance/resistance marker..

 

thanks all

0 Kudos
Veteran Advisor

Re: For rusty_metal tonight follow thru

some interesting time intervals to consider - the tops in spring/2004 - 2006 lows = about 2012 highs to now

    2002 high - 2004 high roughly 2 yr, as well...we could be beginning a new 2003-2012 - most will - say, "hold up on that - giddy, over-zealous cx"- but we'll see...items to ponder if you're planning ahead.

 

i could see this little impulse taking it to 1035-40 by weeks end. This Would be a better confirm (than -just a day or 2 of trade) for the seasonal lows being in.

 

0 Kudos
Senior Contributor

Re: For rusty_metal tonight follow thru

So why is it you don't move your downtrending line lower. Is it because it gapped through it?

0 Kudos
Veteran Advisor

Re: For rusty_metal tonight follow thru

no crophugger - the method i use says that particular line must begin at the swing low of 8/13 - it is parallel to a line crossing previous 2 swing highs - from 9/12-4/12

 

now, sometimes on other charts/instruments/timeframes -- there is good cause or reason to begin same line from point where uptrend-line and price meet - around Jan/2012

0 Kudos
Veteran Advisor

Re: For rusty_metal tonight follow thru

it could take another half mktg yr or so to get through the 1250ish resistance, depending on world econ.

 

i'll never say charting is predicting - merely a framework to operate within...with good entry pts better timed than mid price pt --before target, etc.

0 Kudos
Senior Contributor

Re: For rusty_metal tonight follow thru

So if we can hold the down trending line this week could bring trend change?

0 Kudos
Veteran Advisor

Re: For rusty_metal tonight follow thru

that's it

- if it can buy above balance area = 1000, by end of tomorrows session//correct -- hold 994-990 area to spring again above 1000  for 1 more mini-impulse to 1035-1040 - best case---but a solid weekly close above 1000 is at least the market naming line (where it is) as an important marker point.

 

current bid holding well 994-995........one nearterm strong sign is we took out swing high 995 (morning hrs before report) - traded so far to 995^6 tonight.

0 Kudos
Senior Contributor

Re: For rusty_metal tonight follow thru

Your 12.50 resist does that come from drawing a parallel line from you swing lows? Sorry for all questions just trying to learn a little. And refresh my memory what caused the gap lower at 12.50

0 Kudos