I see wedge
- Thread starter nkhoi
- Start date
The beauty is the objective line that can be drawn to guide you without bias at what price you should be short or long. LOL, one hopes to come upon periods of consolidation in a trading candidate after they have formed so as not to have experienced the choppiness therein. This appears to be a nice candidate.
As an index trader looking at the hourly daily-weekly charts for the index, near the close of today was a good time to get short. For anyone who believes in the support and resistance method of trading, shorting the ES near or at the close was the play... at least that is how I interpret uptiks and nkhoi's charts. Or as might be expected, say we open tomorrow and trade higher first, then the entry might be when/if tomorrow's low is taken out... you know the drill.
With the line right there, you know right away when you are wrong. Well, almost right away.... I prefer to wait until the bar is closing/closes to be sure it is closing across the line. So obviously you have to trade using the time frame interval that best fits your account size, if you are going to wait for the bar to close.
As an index trader looking at the hourly daily-weekly charts for the index, near the close of today was a good time to get short. For anyone who believes in the support and resistance method of trading, shorting the ES near or at the close was the play... at least that is how I interpret uptiks and nkhoi's charts. Or as might be expected, say we open tomorrow and trade higher first, then the entry might be when/if tomorrow's low is taken out... you know the drill.
With the line right there, you know right away when you are wrong. Well, almost right away.... I prefer to wait until the bar is closing/closes to be sure it is closing across the line. So obviously you have to trade using the time frame interval that best fits your account size, if you are going to wait for the bar to close.
Nice chart.
It fills th requirements of WJ O'Neil's cup and handle. and a clean one at that.
If I were looking at the BO above the top of cup line, I would call it an intermediate term GO. Wtih capital letters,
That lets you now set up the new stage channel. You are showing the three points needed for that with your IT chart. Nice clean indication for the IT.
the point three will have to be reset as the real groove sets in. This gives you good info on how we will get to that new point 3.
thnaks for the post. The old wedge was a relativiely shrot term portion of the C &H. The press will pick up on this by the end of the upcoming quartrly reports. It's nice to have an edge for setting the new IT trend channel.
