Nasdaq has topped

[KCalhoun]

Bought a little SQQQ SRTY SOXS etc premkt, will scale up into inverses today at 2day highs if they run.

 

[GrowleyMonster]

Nas... "Possible Topping Box". Could be short-term, could be bigger. Strategies should take this into consideration until resolved.

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With that kind of action, you can do pretty good buying at the lower Bollinger line crossing, selling at the upper. When it has made two good bounces up and down, you can almost always count on 1 to 3 more such bounces.

 

[Tradex]

Waiting for confirmation is too conservative. You are better off selling a bear bar closing on its low on its way to confirmation than you are on waiting for confirmation. You can always get out if you are wrong and still make a little profit.

In an uptrend there are literally hundreds of "double tops", but only one of them is real (when the market finally reverses for good).

Remember, a "double top" can appear with only 3 lousy bars!

Death by a thousand cuts awaits the trader who attempts to short all these phony double-tops.

 

[KCalhoun]

I'm long and scaling in to 2day high double top breakouts UVXY SQQQ SOXS #gobears

 

[Master Pu]

I'm long and scaling in to 2day high double top breakouts UVXY SQQQ SOXS #gobears

 

[Master Pu]

VIX is looking quite promising. Let's roll!

 

[IamTheCasino]

In an uptrend there are literally hundreds of "double tops", but only one of them is real (when the market finally reverses for good).

Remember, a "double top" can appear with only 3 lousy bars!

Death by a thousand cuts awaits the trader who attempts to short all these phony double-tops.

In an uptrend there are other factors that will outweigh the DTs until there is one that has a good chance of succeeding. And its down right stupid to continue to sell the DT if you have been stopped out a couple of times. Death by a thousand cuts is reserved for the dumbest of traders.

Its also stupid to sell a DT forming during a trend that has big bull bars closing on their highs - Especially if the other bars to the left do not support it.

What you are describing is something only the dumbest people will do - I am taking the stance that most people are competent or have some common sense.

You dont just take a signal because it is there - there has to be other reasons. And some movements outweigh others when makin a decision.

 

[Master Pu]

DAX looking sick too, time to perhaps 1k haircut.

I can almost sense the chills down the backs of some managers looking at this, the signal is strong and there's confluence between few important indexes.

 

[tiddlywinks]

You dont just take a signal because it is there - there has to be other reasons.

Actually, one DOES take the signal. Any "other reasons" are part of the signal trigger, or that entire signaling approach is flawed as it has no probabilistic value, no edge, and is what keeps the dumb, dumb.

 

[Tradex]

Actually, one DOES take the signal. Any "other reasons" are part of the signal trigger, or that entire signaling approach is flawed as it has no probabilistic value, no edge, and is what keeps the dumb, dumb.

Superb, nothing more to add.