ES Journal Archive (2006 - 2008)

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Quote from Pekelo:

Yes, I posted one about 3 days ago. search for "upside down dragon". Due to general market weakness it didn't go as high as expected (height of the M) but the pattern was recognizable and once we made a 3rd, higher high we sold off decently...

An upside down dragon is a double top short failure (M instead of W) that makes a 3rd higher high app. the same distance from the failure point than the height of the M.
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Is it another SDD with an attempt to close the gap?
 
Quote from Buy1Sell2:

[BI would imagine 200 is not out of the question on the SP and 1600 on the Dow within the next year or two. Fortunately, I have been out of equities for a year now and am just dollar cost averaging back in at small rates. :) [/B]
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I would imagine we could land on Mars tomorrow or the 49ers will win the Super bowl this year but my comments are ludicrous. Just like yours are about the S&P going down to 200. Now you might in fact be right but you have absolutely NO coherent reasoning for such goofy statements.

DMartin
 
Quote from Jahajee:

EXPIRATION PROBABILITIES

I cannot remember an option expiration where
the markets devlined during 8 or 9 consecutive days prior to
expiration Friday. As of today the markets have
declined 5 of the last six days ( or 6 of the last 7 days?
it was mentined on Bloomberg).
It is highly probable that there will be a bounce - maybe not a
gap up and ADU day but more likely intense selling to
SPX 800 or thereabouts and then a sharp reversal for at least
2 days.
Traders should be on the alert. You can get the MAX PAIN values on several web sites or search ET.
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Tomorrow is expiration day and it's not even close.
 
Quote from yip1997:

Is it another SDD with an attempt to close the gap?
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Well, we came back too much to be an SDD (we almost closed the gap) but it still could be. Generally now that we reached my target zone I am bullish (and crossing fingers).
 
Here is an example of the upside down dragon that I found quickly. This is the Nasdaq daily chart between mid-May and mid-June.

I cheated a bit with the tops to make the numbers better, so forgive me. The height of the M is about 90 points, and from the double top short failure point it goes higher by almost 75 points, then falls for sure:

2w65evm.png


The height is measured from the 1st top to the middle of the M. The failure occures usually around half of the height.
 
Quote from Pekelo:

Well, we came back too much to be an SDD (we almost closed the gap) but it still could be. Generally now that we reached my target zone I am bullish (and crossing fingers).
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It hasn't closed the gap yet, and it seems it is forming the right shoulder of h&s right now.
 
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