I already confirmed the other day we were bottoming, but if anyone needed any more confirmation after that, and today's AMAZING price action, you can see it below on my trusty Naz 1 year chart. That, my friends, is a classic double bottom...
Can anyone else say "double bottom"?
- Thread starter SoyUnGanador
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I already confirmed the other day we were bottoming, but if anyone needed any more confirmation after that, and today's AMAZING price action, you can see it below on my trusty Naz 1 year chart. That, my friends, is a classic double bottom...
No!! Cuz it's only "double bottom" if it doesn't go down further from now on then. It ain't over until the fat lady sings!
I recall a story that I read, or possibly heard from one of the old floor traders, about some famous TA guy trying to sell his services to a man who ran a trading shop by insisting that his magical lines on a chart described what was going to happen. After a while of listening to him, the big guy said "so, your chart of $XYZ tells you it's supposed to go up? Great. Hey, Charlie! Sell a thousand of $XYZ, would you?" Charlie sold; $XYZ, predictably, went down - and the TA guy got pointed to the nearest exit.
For some strange reason, I find all these "double bottoms", "head and shoulders stuck in a cup handle", "12-finger Martian glove with a hole in it", and "Tyrannosaurus eating an ice cream" patterns unconvincing... although this BTC pattern I saw on Twatter may well be legit.
For some strange reason, I find all these "double bottoms", "head and shoulders stuck in a cup handle", "12-finger Martian glove with a hole in it", and "Tyrannosaurus eating an ice cream" patterns unconvincing... although this BTC pattern I saw on Twatter may well be legit.
I recall a story that I read, or possibly heard from one of the old floor traders, about some famous TA guy trying to sell his services to a man who ran a trading shop by insisting that his magical lines on a chart described what was going to happen. After a while of listening to him, the big guy said "so, your chart of $XYZ tells you it's supposed to go up? Great. Hey, Charlie! Sell a thousand of $XYZ, would you?" Charlie sold; $XYZ, predictably, went down - and the TA guy got pointed to the nearest exit.
For some strange reason, I find all these "double bottoms", "head and shoulders stuck in a cup handle", "12-finger Martian glove with a hole in it", and "Tyrannosaurus eating an ice cream" patterns unconvincing... although this BTC pattern I saw on Twatter may well be legit.
Aahh, the ol' C&B pattern. An oldie but goodie.
That's called "seeing what you want to see." Now we know what team you go to bat for!I recall a story that I read, or possibly heard from one of the old floor traders, about some famous TA guy trying to sell his services to a man who ran a trading shop by insisting that his magical lines on a chart described what was going to happen. After a while of listening to him, the big guy said "so, your chart of $XYZ tells you it's supposed to go up? Great. Hey, Charlie! Sell a thousand of $XYZ, would you?" Charlie sold; $XYZ, predictably, went down - and the TA guy got pointed to the nearest exit.
For some strange reason, I find all these "double bottoms", "head and shoulders stuck in a cup handle", "12-finger Martian glove with a hole in it", and "Tyrannosaurus eating an ice cream" patterns unconvincing... although this BTC pattern I saw on Twatter may well be legit.
I already confirmed the other day we were bottoming, but if anyone needed any more confirmation after that, and today's AMAZING price action, you can see it below on my trusty Naz 1 year chart. That, my friends, is a classic double bottom...
There was an obvious double bottom on the SPX weeks ago ( around Oct 12 ). Since then you keep changing your mind up and down like a yoyo. I've been moderately bullish throughout. The CPI print was not a surprise the clues were there in US and Canadian prints in previous months and commodity prices. I mentioned that inflation was "cresting" a couple of times the last few months perhaps it was more obvious in Canada.
Sentiment was ridiculously negative in recent months ( analysts and traders ) and all the news coming in was pretty good overall. Something had to give.
Predictably, it's MUCH BIGGER - and will hurt that much more - in futures. That's how I know all you futures people are crazy.
Predictably, it's MUCH BIGGER - and will hurt that much more - in futures. That's how I know all you futures people are crazy.
At least I am not a futures trader who tries to trade BTC futures. That's just crazy.
By the way, didn't you say vertical strangles were in my future to get me into options? The though of a vertical strangle on that chart is really off-putting. I mean, I know about choking the monkey, but DAYUM!