"This blog still gets a fair number of visitors every month, which is why I leave it up. Even though the charts are a few years old, the strategies are still just as applicable. They worked long before I came along, and they will work long after I am gone.
That is the good thing about understanding price movement and technical analysis - it works a lot better than chasing new stuff and bouncing around from method to method."
I went on to analyze the Nasdaq chart and said:
"If price can take out the March high, it should move to the 38.2% extension of the February 5 to the March 7 up move* (which would be approximately 4,534)."
Looking back, you can see that price made a run at 4,534 in July, but it hit resistance at the 4,500 level (as price tends to do at whole numbers).
It made another attempt and failed, but both times it pulled back to support at the March high and bounced (previous resistance was now support...as tends to happen).
At the beginning of September, it finally broke through 4,500 and hit my target (actually, it exceeded my target by around 60 points). Price then promptly collapsed, falling back to the 4,214 mark.
What was the significance of 4,214? It was the 61.8% retracement of the April low to the most recent high (it actually exceeded the 61.8% retracement by 14 points...so, ALMOST exact!)
My point? This stuff works - it always has, it always will. That's why I leave this blog up.
Price now sits just above the 38.2% extension of the up move from April to September 2014. Make of that what you will...
See you in another year or so. Take care!
_______________
11 comments:
What's up X? It's good to hear from you. This is "Trader Mike" formerly of TraderMike.net
Hi Trader-X!
Thank you for your blog (I've just finished to re-read it after a couple of years), great quality content.
Back then there was a period of time when you were posting about trading index futures, have you given up on that?
Thanks again and wish you all the best!
adastra
X! I still hold out hope that one day you will be back to daily blogging.
I hope all is well with your life, and you are happy and prosperous.
Tim
Welcome back X!
Good call on the long-term trend from last year. I hope you decide to post more - maybe once a month?
:)
What are you doing now X...still trading?
Luis
Nice article
Hi Trader X, glad to see that you and others are still on board. Yes, Timeless...AMBA 25% drop from it's lofty perch. Nice candle setups 5 10 15(fib#) 30m charts . 22Jun15
It's 2016. Time for your yearly post, TraderX! LOL! Looking forward to it.
BTW, did anyone pick up the torch from Trader-X and start their own blog with a similar trading style? Tom-C, others...?
TraderX dont u think it's time to come back????
nice
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