I thought island reversal was more of a western technical analysis thing? But then again, many Japanese and Western technical patterns converge.
I think it is a likely bottom. Markets are bullish as well, which will help.
Actually, Thomas Bulkowski did a study that spanned over a few years and a few thousand chart patterns.
He found chart patterns that broke out within a third of the yearly low did much better than those that broke out of new highs on average.
I think the breakout/new high works much better...
I see a lot of ET readers focus on what will happen "tomorrow" and want to redeem their hard trading work right away.
Very well, since I'm testing out a daytrading system of mine as well, I'll post my picks.
Long:
GOOG OXPS DELL MO
***
Market outlook: Resistance expected today at old highs.
Perhaps, oil bounces off recent lows, if we can get a strong break above $65 confirming a breakout and a real bottom, I'll be more bullish. Right now, I'm cautiously bullish.
It was me being stupid I suppose, I figured NEM would rally when gold prices rallied, as they did...
Sometimes we just have a blind spot about what's important because we know a whole lot more about something else...
I'm not sure what to say to readers of this thread, since I've been totally wrong on gold and oil in the past few days. And I was 50% invested in gold, so that was a pretty big hit to my real money portfolio.
....
You know, most bashers aren't potent.
Get a real trader here, let him post and gain CREDIBILITY on many many boards.
Then let him bash and do this and that... That would have a much larger effect, since he'd use his credibility as leverage...
RGLD and NEM will correct when the time comes. Then it'll be a 30% or 50% gain.
I like PAAS as well. Silver is GREAT! New highs, and PAAS double bottom.
I like oil as well. EPEX seems like a viable stock.
NTES looks ok as well, breaking above the right Shoulder of an H&S, bull.
Lol, good questions. It depends on my life expectancy.
I think I live healthily enough, so I should expect another 60-70 years of life.
I'm asking strangers because I'm just looking for opinions. I want to hear someone with a good reason that refutes the strategy.
I have a brain and I think...