Possibly even a 3x top! At some point the market WILL top out... and it may look exactly like this!
And while it may not hold if/when soon again tested... only a noob would disregard this potential.
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Classic Double Top on Nasdaq
- Thread starter the_prince
- Start date
Possibly even a 3x top! At some point the market WILL top out... and it may look exactly like this!
And while it may not hold if/when soon again tested... only a noob would disregard this potential.
You really should just keep quiet. Your inexperience is showing. Not only that, you're being an ass about it.
(You're not scoring any points having joined ET a month ago and telling people, "you're full of crap". I can do that because I'm like the Godfather... but not you... until you show otherwise.)
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Indeed. I held a swing through the last two tops, and it didn't feel so good. I am not liking the smell of this one being "third time is the charm" for a break higher. Going to be an interesting final two months of the year, with the possible vaccine release, Trump conceding, and then Jan 2021 with what should be some great tech earnings.
Check my 'Prediction Based Trading' thread. Live calls put into a spreadsheet, and any potential fakery called out by other users. Thank me later.
Baron is the only winner.
He sells space on this board..
How could you not call this a Triple? Seems someone calling this a double does not really know the basics which seems very strange. Or maybe the first top was scrolled off the page?
Also is someone implying they cannot comment unless they say they have a position? If that is the case, I will say I am short at the close for 25 ES contracts.
Triples are not as common, and the way this one happened gives me pause for any swing trades. If I had to make a swing trade, I would either wait or manage it very carefully.
BTW: Doubles and Triples have more potential to behave differently, from a tactic response perspective, IMO.
Also is someone implying they cannot comment unless they say they have a position? If that is the case, I will say I am short at the close for 25 ES contracts.
Triples are not as common, and the way this one happened gives me pause for any swing trades. If I had to make a swing trade, I would either wait or manage it very carefully.
BTW: Doubles and Triples have more potential to behave differently, from a tactic response perspective, IMO.
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Speaking of doubles and such, AMD has a clean and clear floor that it keeps bouncing on, at ~73.80. It looks like thin air from there to ~60 if the floor breaks. The problem is that price often bounces in the middle, rather than a straight line down. However, this type of thin air exists in other tech stocks, albeit not as clearly as on AMD. Thus, I posit that AMD is one of the best choices for a short. The problem is the entry. It's been in the middle of a range, and a floor break can be a false breakout before the real one. This is the type of trade where a smaller position, held for a longer period of time, is the correct technical play.
For what it's worth, I agree with your Nasdaq thesis. It's just that there can a greater drawdown because a large move down has already taken place- yesterday would have been the time to short, due to divergence and such. I think this is just sector rotation, and we have low volume areas below on some tech stocks, which lines up with the fundamental view of beaten down stocks becoming good again due to the corona vaccine.
For what it's worth, I agree with your Nasdaq thesis. It's just that there can a greater drawdown because a large move down has already taken place- yesterday would have been the time to short, due to divergence and such. I think this is just sector rotation, and we have low volume areas below on some tech stocks, which lines up with the fundamental view of beaten down stocks becoming good again due to the corona vaccine.
OK Covered 20 of 25 ES at 3532.00 for 9 points. Not sticking around long.
I'd call that a classic ranging pattern.
Price is ranging from ~10800 to !12400.
Where is the market going to go from here?
It might continue to range ( or people call that triple top, quad top, penta top ...),
or it might break up,
or it might break down
The RSI negative divergence will not reveal the answer.
Only a powerful reliable crystal ball can reveal the answer.