:: actio-et-reactio ::
amg's market charts and blather
Today's action is one for the daytrading diary regarding pivots. The move was a retrace of yesterday's low-hi move, conducted in two campaigns: the first move a retrace of final swing into the high, and the second campaign a more dramatic completion of the remainder of the move. The projected retrace was in place yesterday once the high was in place.
The first set of chop meandered in stages, tagging fibonacci and the OP/YC (open price/yesterdays close) cluster and was complete once the 62% was tagged (the lower red line). No doubt stops were being run and inventory offloaded throught the whole process. 
The resistance at the OP/YC cluster was, as will be seen in the next chart, a strong clue to the real intent. What interests me most is the expando type move off the 62% in the early move, and then over the OP/YC cluster. That it was a head fake should have been apparent on the touch and rebuff from the white fib line at 1188. A confident trader would have made the final sell here. A less alert trader (me) was by then lulled into a stupor by the earlier chop. Too bad, as the last part of the day was a dramatic end to a "day for the books".
|
moon phases |
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
blather: nonsensical talk.
At times my analysis log, at times sharing what I've learned. Always my own work and views.
Content: amg
Basis: glish & bluerobot
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