testing day high, breakout, then it's uptrend day, otherwise range day.
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Once again VWAP was a meaningless and confusing line on the chart.The Fib based Keltner channels (1.616 ATRs on the EMA) and the Globex or overnight high were meaningful.
Classic failed 2nd entry long double top formation.
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I like having VWAP but I am thinking that most days it just clutters the chart. If it worked the way it is supposed to we should see all those institutional orders hitting, but we don't. Makes my tentative assumption that once it had meaning but like all things with Wall Street things have changed.
I like having VWAP but I am thinking that most days it just clutters the chart. If it worked the way it is supposed to we should see all those institutional orders hitting, but we don't. Makes my tentative assumption that once it had meaning but like all things with Wall Street things have changed.
Moving average is a thing of yesterday too.
Lately I find support/resistance level and use their mid range as a mean of average to find standard deviation 1 or 2 SD, I feel mulch better using it as entry buy/sell, use mid range as point of control as you would on Volume profile to get out. I have no evidence to prove it but that's how I smell it these days.
My comments are for entertainment/educational purpose only. NOT a trade advice.
possible 3 push up. as usual, assume one more lower high push up before 2 legged pullback, assume.
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the 4th push up still strong. forget about 3 push up. close is near anyway.
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