See the chart:
1. Note how the mode has risen = bullish. It was 3-days at the lower price, now it is 4-days at this higher price.
2. Note the range expansion bar coming out of the 4-day mode, that is bull market behavior. It is a good idea to buy on pullbacks to the mid-point of a range-expansion bar and use a stop at the low of the expansion bar.
3. There is upside remaining to the $1258 level using the price action around the 4-day mode and projecting up from the mode.
4. Alternative plan: If stopped out, go short and use a stop at the mid-point of the range expansion bar labeled in black with the black circle around it. 1229 +/-
5. Good fortune to you. Not all trades will be profitable, of course.
Tim 1226.83 last (It was 1224 when I made this chart, frustrating) 2:30AM EST 10/15/2014
1. Note how the mode has risen = bullish. It was 3-days at the lower price, now it is 4-days at this higher price.
2. Note the range expansion bar coming out of the 4-day mode, that is bull market behavior. It is a good idea to buy on pullbacks to the mid-point of a range-expansion bar and use a stop at the low of the expansion bar.
3. There is upside remaining to the $1258 level using the price action around the 4-day mode and projecting up from the mode.
4. Alternative plan: If stopped out, go short and use a stop at the mid-point of the range expansion bar labeled in black with the black circle around it. 1229 +/-
5. Good fortune to you. Not all trades will be profitable, of course.
Tim 1226.83 last (It was 1224 when I made this chart, frustrating) 2:30AM EST 10/15/2014
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