Tuesday, January 27, 2009

NR7/Inside Bars Printed Today. Expect Range Expansion Soon


6 comments:

Anonymous said...

Stewie, can you tell me what NR7 means? Thanks,

Mr.G

Stewie said...

NR7 = narrowest range bar of the previous 7 bars. contraction leads to expansion.

Kevin Y. Kim said...

expecting greater volatility in prices?
and/or a breakout?

if you are expected a breakout, is it to the upside or down?

thanks.

Stewie said...

hi kk. well. we are seeing the expansion taking shape in after hours. futures pointing to a much higher gap open. keep in mind, we have a FOMC meeting and that could add some more excitement to the party. so a gap and maybe a fade, chop wil FOMC and then fire works after the meeting is over. But i am a directional move of some sort to work it's way out of this range we've been in for the past few days.

Blue said...

Problem with the NR7 is knowing if it will continue in the direction of the trend? Or reverse?

I like the SKF wedge chart. Nice one my friend. Hopefully we get some kind of big fucking move in one direction for a change. This chop has been brutal.

Stewie said...

if skf tests that 140 ish level. that could be a nice risk/reward entry.

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