XEL SUB 60P

I'm not sure that 53.6p low was genuine. It's on my freebie chart but IIRC the spread never went near that level on the day (could have memory failure though!).

Slow Eddie; indicators can remain oversold/overbought for ages so you cannot simply trade something on that basis. In fact, when oversold you'll often find that bounces get sold into and vice versa when overbought (dips get bought).

Trying to catch the bottom is a very dangerous game as I know from my own bitter experience.

Steve went up 8 points (13%) today. ')

Hi Count glad your instinct worked. Felt much the same but resisted that time. If I hadnt you can be sure rise would have failed lol

Hi Eddie,
Yes it was more luck than my charting expertise (I have none).
Jackozy was right in his advice though, there was no way of knowing for sure that it wasn't going to continue falling even though RSI was through the floor.
Just made a little, a drop in the ocean though compared with the past losses I am trying to steadily recoup ')

Wondering if we are seeing an incipient 123 low here? With low at 58.25 on 31st Mar and higher low at 64.4 on 4 Apr? This low got almost visited on the 8th so does this invalidate or weaken that earlier low? Ended this week above 69. If this is a 123 low then I am assuming the 3 level would be 75.5.
A learners tentative exploration here by the way.

Yep...very possible ...Its always easier to see with a picture
The formation looks nice and now you have to wait for the signal. The signal comes once it breaks past 75.5. Then you would place the stop below the 2 point which is roughly around 64.5 area.
i would have preferred it if we had different candles giving a high (3) and higher low(2) but in this case the same candle does both but it is still is valid as the candles after went to the same area so it looks clear.

dl.dropboxusercontent.com/u/4899609/xel12thapril2014.png

Slow Eddie wrote: Wondering if we are seeing an incipient 123 low here? With low at 58.25 on 31st Mar and higher low at 64.4 on 4 Apr? This low got almost visited on the 8th so does this invalidate or weaken that earlier low? Ended this week above 69. If this is a 123 low then I am assuming the 3 level would be 75.5.
A learners tentative exploration here by the way.