Simplicity in TA
- Thread starter Xspurt
- Start date
Earlier I had posted when the market was racing up that we would stop and get into a choppy dither that would break down and then be followed by a rally. That is exactly what unfolded. It should be plain sailing now into the New Year but keep in mind this is a December like none I can remember.
The Eur has the potential to cause shock waves, Israel might decide to do something drastic to Iran and sovereign debt is dancing on a tightrope. All fun stuff!
Daily we are on resistance and the while the weekly has got the gas to break up it is more likely to cough here on the daily and then go for it. December usually falters a bit before running.
Note the easy reversal signal on the low of the last pull back.
The Eur has the potential to cause shock waves, Israel might decide to do something drastic to Iran and sovereign debt is dancing on a tightrope. All fun stuff!
Daily we are on resistance and the while the weekly has got the gas to break up it is more likely to cough here on the daily and then go for it. December usually falters a bit before running.
Note the easy reversal signal on the low of the last pull back.
I dont know why your reversal signal was very easy. Not for me!!
every indexs was short in that time. lower and lower low and I searched support in TA bud for me it was imposible. In that time I predicted every day rallye and only pattern from rtcm=midl day after pullback
maybe I havnt enough knowledge
good luck
Sounds like you need to learn a lot more TA. Without getting into advanced tools, here's some of my more obvious thinking...
1) I was expecting this drop and reversal as per my earlier notes
2) so I get a QUALITY pull back lower which tells me to expect a good reversal up
3) it pulls into the 50% support area of the up wave
4) I get a small body on low volume
5) followed by a potent Engulfer that swallows the prior two candles
6) and breaks the down trend line
7) on big volume
8) and gives a star candle signal
9) when I am expecting the weekly to re-gas and take us up as per my previous notes
10) and combining all of these makes it a bit of a screamer signal long
