Learning to read Price Action with P&F Charting

There is no question we are close or at resistance. I took this trade for four reasons.

1. Most catapults are very reliable. (failed catapults are typically strong reversals)

2. If it breaks through this resistance it will be at a new high.

3. even on the next chart higher (a 2.0 chart) we have a buy signal.

4. Relative strength made a double top buy signal.

I really don't disagree with anything you said other than trading this stock with a short bias. There is nothing in my charts that indicate this stock should be shorted.

If the catapult fails, your short bias will be correct and this stock will drop like a rock, but I first have to see an indication of failure.

edit: actually a fifth reason would be bullish percent chart is still moving up and still in an x column. No shorting for me while that indicator is in an x column.
 

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Its true this isn't such a great short. There are better stocks out there to short. My immediate thoughts upon viewing the chart is that I would rather be short than long. There is no real good reason to take a short position home with you overnight on this stock. My method would be to only short this stock with a intra-day holding period. Please keep posting your charts I enjoy them.
 
this one had lots of good signals, including your favorite. And another one forming.
If I was a betting man, I'd bet we get the reversal instead of the breakout.
 

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here is the shart with the right data.targetes have been met from the upside vertical counts.the latest thrust columns retrace to the 68 level.these should go to ahigher level.iehigher lows.o the breakout could be a non starter
 

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