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Tannism
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Everything posted by Tannism
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What is RO the acronym for? something oversold? Thanks.
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This example ties up two of my current reading materials. "It is those areas with the fewest trades, those areas where traders are least secure, where the most potential for price movement..often sustained price movement..occurs". DbPhoenix..."Springboards" on his blog. From Eng. Market Profile..Familiar Patterns in Statistics. He calls this the double distribution pattern (not Wyckoff distribution, but statistical). "Volume is the final indicator of whether or not a newly-achieved price level, is accepted or not, by current market conditions. If volume is high, at one end, then one could expect price to work around that area more before it moves away from that area."
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Hi. Back to your first post. Did you pick 5/9 because of the little spring of the BO area?
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"In the event that the origin of 2000 is unclear, I've drawn a box around the entire month. " Ah... another good clue. I haven't been happy with my box drawing. My boxes generally seem too constricted to fit in with my goal to be a chapter 17 trader (Neill).
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What do you have for the bottom of the box?
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Very helpful reply, thanks. My intraday tools don't go back far enough here on User defined PnF, but do on %PnF. I think it is related to the relatively large % move PENN has made. Using 3 %PnF, I seem to be in the zone, especially comparison with Db's boxes. It is maybe a clue as to why he doesn't find PnF useful. My % Pnf Calculations are from the du Plessis log charts. Thank you for providing a place to post PnF.
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Penn had a consolidation period at the halfway point of the move. It is the accumulation vs distribution question here. Maybe PnF can give some insight. I see potential cause to go to the top again. There have been several recent big bar down weeks when long term support held. As a whole, casinos are not strong, but Penn has held up better than most. The DJ casinos index appears to be stabilizing. http://tinyurl.com/5uk7gm
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Ever look at anything by Wetzel regarding time? He is mentioned in Neill.
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Hi, Nic. Your technique is so sophisticated compared to my hand drawn charts from 98-99 based on MP from the Eng book, I think it was. Are the colored areas standard deviations of VAP for the entire area (except for the last swing in one case) or calculated based on where you have drawn lines? Thanks. TannisM
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Hi Firewalker. Here is a NZ chart I click through once in awhile. It shows volume and issues traded differences for about a decade. The bottom box is the isssues/vol ratio. TannisM
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Here is GLW, something I would like to buy when it clears 27.45. This is the high close of 2006. The summer of 07 high close of 27.07 is also nearby. It has recently breached the area and is currently retesting an area on the daily I have identified as having too much volume. Attached are 3 charts. Anything I am forgetting to consider support and resistance wise? Thanks.
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I did buy this as it broke the downtrend line a few years back, but sold it as spiked on earnings earlier this year. I would really rather still be owing it. The KO trade is one of my preferred kinds of trade. Something blue chip that I can buy relatively low. Its dividends beat what I am getting elsewhere with that money and I expect it to appreciate. I appreciate your volume comments and perspective.
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I am rereading and rereading Neil. He encourages translating trading volume into $$ as insightful. While this is not natural for me, it may be like learning blending candlesticks, with enough practice, the eye automatically blends. I have been asking myself, why go through the effort of learning how? Understanding his concept may relate to 'behavior' ...when traders are actually putting the money into or the taking money out of the trade.
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Re: Wyckoff(SMI) Stride charting. Another advantage of boxes? They seem to pretty well take care of the traditional stride charting which is so time consuming.
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I have been practicing with some charts. I have found that some of the longer term charts, set some pretty neat potential parameters for position trades. This one is neat. The range is between 2 halfway marks from several years ago. The range isn't really big enough for my position trade. Thanks, Db.
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I've been practicing, too. This monthly is neat. The congestion is between 2 halfway areas established some years ago. I can see the range isn't really large enough to trade. Thank, Db.
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I don't know where the links are, but here is my quick key for NZ variables (begin na) after the chart you posted recently. Note: the histogram lines have different scales. The NY variables begin with ny.
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Db... It reminds me of the way you developed/refined pulling out the Mamis variables at the edges. The edges being defined by prior convention of the specific index. Another principle? TannisM
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Db T/F W's Bulge : DB's breach. Thanks, TannisM
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Getting on the springboard. Would this be a logical place to have one develop? Now that I can pick a few, I'd like to watch one develop. Not that I am that good at spotting them. I want it to be like looking for fossils, once you know what a brachiopod looks like and have seen them in the field, they jump out at you especially the perfect ones. GLW was mentioned on WREV today. The pink line is the mentioned price. The month isn't over, so we can't use the last bar on the monthly, but the last monthly bar shows up in the daily in the the top right. I am looking at an area of preparation on the monthly. The daily has had what Wyckoff calls "broadening support" below the change of polarity line. According to 7M, there have been 3 buyings ops.
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I am still studying "on the springboard". The first chart snippet is from Wyckoff's "Determining the Trend" as discussed on page 3. He writes that he is illustrating "on the springboard". Is the area marked 2 (for 2nd best place to buy) on the CAT chart an example of on the springboard? I am thinking both charts show a period of preparation, then little variation in closes for a few days. Thanks, TannisM
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Turning Points on Light Volume (struggling market) ".....the action of the volume should tell us what it is. The buying may eventually dry up, and the selling increase, as sellers see they cannot hope to dispose of their stocks at higher prices. This may bring on an abrupt downward trend, the indications of which will be the appearance of larger blocks of stock offered at continually lower figures. The second eventuality is that prices will roll over and sag under their own weight, without the increase of selling-pressure. ...While the demand dries up, the supply likewise remains light. We then have a sagging, dull reaction, following the tired upward movement. This may continue until a level is reached where there is a greater demand, which, in turn, will be indicated by larger blocks. These dull markets may reflect a temporary indecision of the speculative powers, who await definite news from the business world. " Neill This may be an example.
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Still don't care for PnF?
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Is this the type of consolidation area where one might look for being on the springboard in either direction?
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This is what I am watching on MSFT today.