The topi has broken down on the rising wedge (1 hour chart). It has completed the return move. Now that the rising wedge pattern is complete you can go on and paint the down red. Support should be at about 30,800. That how the inept analyse the market.
yes your analysis was right but REMEMBER you MUST only trade on confirmation of your analysis. this is what Jesse Livermore calls a Pivot Point: a point in the move where the move is so powerful it just has to continue. You never anticipate a move otherwise you may grow impatient during the build up and end up closing your trade and then missing out on real move. Consider for example PAN it was range bound from February to July 2012, if you bought it during this consolidation period chances are that you would have not been able to hold for six months and you would have missed the big move that is now in motion. "Sometimes in trading doing nothing is the best thing to do" Jim Rogers Jns.Getit!!!!!!!!!
thank you for that it takes a big man to admit someone else was right and they are wrong ...yes I totally agree with you regarding confirmation. That is why we have been playing the range (as you will see from live trade vids..inluding todays)... we still dont really have confirmation. The strategy has simply been to short when opportunity presents itself and to go long for scalps on oversold support areas. If you are a jobber like me what do you do twiddle your thumbs for days on end?....no you take your chances when you can and the rest of the time you give people like you a hard time. You need to take as good as you give. I dont do it to be malicious but when it comes to really important stuff like hard data we cannot compromise we have to get it right and complete. There is so much noise on here that unless one makes a point forcefully it gets lost...So I am apologise for calling you inept...i was referring to your research skills...but I am sure mine are even more inept thats why I use the tools like ATR which have been worked out by poeple far smarter than me.