Post
Topic
Board Speculation
Re: rpietila Wall Observer - the Quality TA Thread ;)
by
infognom
on 21/04/2014, 20:30:25 UTC
Price action is still near the upper resistance trendline - which goes back to the November 2013 peak

Trying to draw the very exact same trendline and i'm struggling, not sure which data you took exactly. I think there are a couple of possible potential lines to draw and you somehow took the most pessimistic one, aren't you? With that i mean the one which is most difficult to break.

The most pessimistic one i could draw was (on 6h chart) 2013-11-30 -> $1163 + 2014-01-06 -> 995. In both cases the top of candle (highest price).

Well that has at least the advantage that it crosses the 16th april candle between high and entry-price at about $544 (little bit more pessimistic than yours) and so it would be more or less ideal for our purpose of a clear trend-reversal-signal ... am i right?!

Any additional thoughts about which points to take in which cases?