Monthly Archives: October 2006

When you talk to a non-technician about the market they’ll often say something like “If you draw enough lines on your charts, of course price will bounce off one of them.” They say the same thing about Fibonacci retracements and … Continue reading →

Even I was surprised at how well the market followed the “rules” today. The combination of trendline channels and Fibonacci retracements and extensions produced plenty of action. Let’s start with the gap down opening. Friday left us in a downtrend … Continue reading →

After a gap down, the market decided to go sideways for a while. What developed was a TRIANGLE pattern. But there are two triangles showing on the chart, and understanding the difference between them can be the difference between making … Continue reading →

Although I try to avoid it, some days I get a directional mindset that would have me fighting the market throughout the session. Today was one of those days. Fortunately, I require more than a potential setup. Until I get … Continue reading →

Once in a while I can find a trade I like on Fed days, but this was not one of them. There seems to be so much random activity by traders trying to anticipate other traders just before and after … Continue reading →

Today was a great day to practice drawing trendlines instead of trading. The range from high to low was 6.1 points — not just an NR7 day, but the narrowest day in weeks. When I find a day where I’m … Continue reading →