What do you think? I guess the best setup would usually be where the right shoulder is lower than the left but..
Just throwing it out there
Just throwing it out there
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Inverse H&S Forming On QQQQ? (Monthly Candle)
- Thread starter Algo_Design_Kid
- Start date
In my opinion head and shoulders are one of the least reliable signals. Its not a head and shoulders until the pattern is complete, at that point you've missed the trade.
Only alternative is get in early. Not much of an edge in entering a position in hopes that a lengthy pattern comes to completion.
Only alternative is get in early. Not much of an edge in entering a position in hopes that a lengthy pattern comes to completion.
Quote from spd:
In my opinion head and shoulders are one of the least reliable signals. Its not a head and shoulders until the pattern is complete, at that point you've missed the trade.
Only alternative is get in early. Not much of an edge in entering a position in hopes that a lengthy pattern comes to completion.
I have to agree. Just throwing it out there. It does though back up this that I saw from stockcharts.com
http://blogs.stockcharts.com/dont_ignore_this_chart/2010/09/point-figure-breakout-for-qqqq.html
Quote from spd:
Patterns aside, looks like the q's continue to head higher.
I wouldnt jump in here, but rather look for some consolidation with a 52 handle and get long there, save for any bad news. If that scenario doesnt play out promptly, Id look to get short on a break of 48.50ish.
I just can't believe q's are pushing 2007 high's almost. I guess this is mostly aapl though, which by itself is a serious beast.
It looks like SPY has about 35 more points to go until 2007 highs. I wonder if a short qqqq and long spy is a good play? If this trend were to continue though I would probably be broke by December, ha.
I believe it will be about 5-10 more trading days until qqqq breaks upwards quite sharply.
Taking a look at the daily chart here I definitely see this triangle continuation / consolidation forming over the past 8-12 trading days.
Very bullish *IMO*
Taking a look at the daily chart here I definitely see this triangle continuation / consolidation forming over the past 8-12 trading days.
Very bullish *IMO*
Attachments
Quote from Algo_Design_Kid:
You think the elimination of weak longs occurred yesterday?
I didnt expect that rangebound chop last week, that was the consolidation I thought would take place closer to 52. But to answer your question, yes longs were definitely shaken out, but now ya likely have a hefty amount of overly-eager shorts trapped. I think r:r favors getting long at these levels.
Quote from spd:
I didnt expect that rangebound chop last week, that was the consolidation I thought would take place closer to 52. But to answer your question, yes longs were definitely shaken out, but now ya likely have a hefty amount of overly-eager shorts trapped. I think r:r favors getting long at these levels.
Definitely looks like there is another 20-40 ES Point range that wants to build on this one, to me