Thread: Bquat's Account Talk

Still above the yellow consolidation channel. I don't know if you can see it, but we're slightly above the white channel also. I'm kind of worried because my charts are doing good and the market wants to surpass them.

I have raised the switch line and redrew the channel using the high lows. Cleaned everything up and drew high base trading range. Just waiting for market to realize this is a high base. We should go up until the Fed re-announces about tapering. They mentioned before no tapering for a year to keep the market up for budget talks. The deal has been made so will there be sell the news later. Congress needs to better fiscal policy soon because of US rating negative warning. So here we go: Remember, the better my charts do, the more the chance something may go wrong.:toung:

Above the high base. Getting ready to test the last peek.

Haven't used a ladder pattern in a while. Sometimes they work wonders. McQ, where are you?

So what exactly does the ladder pattern signify? I'm not a real big chartist but I am familiar with at least a few of the terms...but I don't think I've ever heard of the ladder pattern...I've heard of the inverted hammer and a few others but never a ladder...

Please explain?!!!



Cheers!

Originally Posted by Chulke

So what exactly does the ladder pattern signify? I'm not a real big chartist but I am familiar with at least a few of the terms...but I don't think I've ever heard of the ladder pattern...I've heard of the inverted hammer and a few others but never a ladder...

Please explain?!!!



Cheers!

It sometimes shows the pattern of market pulse in a supported up move. Up, then consolidate for strength, up again, then consolidate for strength and continue while building some support for each level. So you have the market pulse that continues until news or high resistance interferes. Sometimes if you can get a rung near a resistance level it can build strength to break it. If the rung is right on a resistance level there's no support to top it. The rungs in this ladder line up to our advantage, a rung to build on to fight the resistance.

Originally Posted by Bquat

It sometimes shows the pattern of market pulse in a supported up move. Up, then consolidate for strength, up again, then consolidate for strength and continue while building some support for each level. So you have the market pulse that continues until news or high resistance interferes. Sometimes if you can get a rung near a resistance level it can build strength to break it. If the rung is right on a resistance level there's no support to top it. The rungs in this ladder line up to our advantage, a rung to build on to fight the resistance.

Enough said. I am thinking of raising my switch line to the light gray line. Any ideas?

Raised my switch line. If we change direction, I won't play for bounce (unless I get caught in) and won't go below switch line. I do have a good amount of faith in the ladder, but I would watch for the next rung to be broken.

The gap up shows me that a lot of people want to buy in but the possible topping tail has me concerned. It is imperative that the top rung holds as support. If we could retake 1741 and test it as support from above I would be a happy camper.

We have two hours to break to the new level or I may exit.

We are back on top of the rung and I don't see any selling. So I'm staying.