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What makes forum works are constructive discussions
where people make an effort to take things forward...

CTX was put forward as an example

So here is an updated chart
above I said ahead of time what I would need for entry

Has not happened just yet
Came back to the 50% retrace
but with a wide spread abrupt bar

not the narrow spread exhaustion bar I was seeking

close was off the bottom

Mkt was giving a context of background weakness

So it is unfolding OK

Vol is subsiding

the small down wave I was looking for
is reacting back and dissipating

The amount of spread in the bar however qualifies that

I need to keep watching the relative strength
and the overall market
as well as the CTX action itself

As it is turning out a buy in the absorption area was not optimal as I surmised

On the point of discretionary, mechanical and systematic.

This chart is drawn in a systematic non-discretionary manner
the 50% retrace line is where it has to be
The trend lines could not be drawn anywhere else.
( they have to be valid )

However the buy signal can occur on any bar
and hence evades coarse mechanical definition

It is about the character of the action
not the appearance the what of the action

The volume at the high
tells us that many where buying on false signals
A failed breakout....

lets see what unfolds
If we can buy a tick from the bottom
So much the better..

motorway

<blockquote data-quote="motorway" data-source="post: 163760" data-attributes="member: 7360">What makes forum works are constructive discussionswhere people make an effort to take things&nbsp; forward...CTX was put forward as an exampleSo here is an updated chartabove I said ahead of time what I would need for entryHas not happened just yetCame back to the 50% retracebut with a wide spread abrupt barnot the narrow spread exhaustion bar I was seekingclose was off the bottomMkt was giving a context of background weaknessSo it is unfolding OKVol is subsidingthe small down wave I was looking foris reacting back and dissipatingThe amount of spread in the bar however qualifies thatI need to keep watching the relative strengthand the overall marketas well as the CTX action itselfAs it is turning out a buy in the absorption area was not optimal as I surmisedOn the point of discretionary, mechanical and systematic.This chart is drawn in a systematic non-discretionary mannerthe 50% retrace line is where it has to beThe trend lines could not be drawn anywhere else.( they have to be valid )However the buy signal can occur on any barand hence evades coarse mechanical definitionIt is about the character of the actionnot the appearance the what of the actionThe volume at the high tells us that many where buying on false signalsA failed breakout....lets see what unfoldsIf we can buy a tick from the bottomSo much the better..motorway</blockquote>

[QUOTE="motorway, post: 163760, member: 7360"] What makes forum works are constructive discussions where people make an effort to take things forward... CTX was put forward as an example So here is an updated chart above I said ahead of time what I would need for entry Has not happened just yet Came back to the 50% retrace but with a wide spread abrupt bar not the narrow spread exhaustion bar I was seeking close was off the bottom Mkt was giving a context of background weakness So it is unfolding OK Vol is subsiding the small down wave I was looking for is reacting back and dissipating The amount of spread in the bar however qualifies that I need to keep watching the relative strength and the overall market as well as the CTX action itself As it is turning out a buy in the absorption area was not optimal as I surmised On the point of discretionary, mechanical and systematic. This chart is drawn in a systematic non-discretionary manner the 50% retrace line is where it has to be The trend lines could not be drawn anywhere else. ( they have to be valid ) However the buy signal can occur on any bar and hence evades coarse mechanical definition It is about the character of the action not the appearance the what of the action The volume at the high tells us that many where buying on false signals A failed breakout.... lets see what unfolds If we can buy a tick from the bottom So much the better.. motorway [/QUOTE]

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