Is slick still chucking his tantrum? I'm guessing he is suggesting that because we are back in the range my analysis has failed again or something. Or that instead of selling my entries, I just hold and accumulate. For some reason he seems to thinks being an investor and a Technical analyst are at odds with each othe. Same old ammo, cherry picking comments to suit an argument and quoting out of context. For anyone who knows how to comprehend what they read though, and thanks Glouva for pointing it out, I stay well away from suggesting time frames. Anyone can go back and check for themselves - I even link the analysis timeline at the bottom of each update so that it is easily available for reference and to see the evolution as it progresses. Yet I'm sure even with this, slick was unable to point out where it has been wrong. That's because since l re-initiated my coverage in November, it's been on point. Happy to be corrected though if someone wants to quote him showing where I went wrong. Anyway, enough about slick, time will continue to show everyone the truth about both of us.
I remain confidently positive regarding the upcoming bull move. While we have not managed to secure the overhead resistance as our new support this week, there isn't any new data to suggest that it won't happen soon follows by a relatively quick run to 15c. The bounce off the 61.8% fib back then gave us our first D1 target of the season at about 0.220, with a interim 0.00% target of 0.150. The trade entries this has given us, even despite the slow few months has not returned to their entry prices. Anyone who took those entries and has not closed them yet holding out for the trade target is still in the green, and there is no reason to suggest they won't bag the goal.
We have been in a range since Nov that is bound by the weekly e21 and the horizontal 0.115. I have plotted the range visually on the chart bellow. You judge for yourself if it makes sense.
The yellow MA is the daily e100 which approximately represents the weekly e21. There have been a couple of spikes through that upper resistance, but the only ones that meant something were ones that closed above the level. Two now actually. You can easily see that once the close at 0.120 or higher the price attempted to climb. It doesn't last long, before coming back to try and use it as support, which will spring-board it to 15c quite quickly (relatively speaking). This scenario is normal for any S&R break, both up and down. Remember how the 0.245 failed to hold on the way down after popping back through it? Same rule applies. All we are waiting for is the price to pop through and then bounce. The lower bound still appears to be quite strong and pressure continues to squeeze the price to the upside - this pressure was felt in those line wipes last week.
While time is always a difficult variable to take into account for TA (the reason why I always steer clear of it), it does progress the chart in the absence of fundamental change. The biggest thing to watch on the daily chart atm is the 100 (blue) and 200(red) approach. Seems to take forever when you are watching it.
__________________________Open|Win|Loss- 29/11 Position trade #1 [ In0.085-0.09|| TP 0.22 || SL 0.077 ] RR=1:10
- 25/01 Swing trade #1 [In10.105, In20.096|| TP 0.145-0.150 || SL 0.094] RR=1:7.6
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Initial analysis here(29/11)Update #3 here(19/01)Interim update(25/01)
(20min delay)
