Hi @spinc.
The lines are not there for decoration and have meaning to me.
I admit that I have a lot of noise on my charts but I remove a lot of stuff to post them so you guys can read them.
What I leave on is for people to see for themselves what I am basing my analysis on if they want to try their own analysis.
Or at least that is what I hope to achieve.
The trend lines I leave on are generally parallels of the original forks or other trends, some I drew over 12 months ago. These added lines are where I am looking for a reaction. That reaction can be a close, low, reversal etc. They also are my targets.
The little boxes denote what I believe are the trading ranges. These also give me targets.
For example when we break out of one range I am expecting a minimum sp move equal to the width of the previous range. I am also expecting a pause at the mid point and a retest of the breakout. I leave them on there for the same reason.
After a while I start a new chart with just the basic info & start again.
As for the gaps. It is now looking like Mondays will be classified as a breakaway (as long as it doesnot fill later)although the volume was not as big as some of the ones we have had. Todays one I guess we could say is a runaway gap and the volume is nearly as good as Mondays. I don't have any stats on the second type.
The fill rate is getting less for these gaps the more we have. Its up to 81% now.
Calculating the retracements on the breakaways (the unfilled ones ) I use the low on the breakout day as the base line and we did see the usual 62% retracements every time without fail. Some we saw retesting the low (100%) before resuming the rise.
I am guessing but I don't now expect Mondays gap to close & hopefully we wont see todays close either.
Well we just made a new high as I am writing this.
Where is that DD announcement?
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