Simplicity in TA
- Thread starter Xspurt
- Start date
Hi xspurt, I've read your moon thread which is why i posted the link. I've also read some your old posts on other sites and i look forward to more. thanks.
Hooti , nice to see you're still around.
and speedy recovery to you leapup.
My apologies if i'm too much off topic. Back to lurking.
An important higher low was plotted today and price made a statement by reacting well from that area but the bulls have the hard task ahead of taking the right shoulder marked.
For the time being, support is holding but so is resistance. However, leader stocks like Apple are hinting signs of strength to come, combined with the factual end of the month seasonal bullishness. Needless to say even though the downtrend has been furious is time to study all possibilities and keep an open mind.
The head and shoulders happens to be of the downtrending channel nature, as long as price remains inside this downtrending "tube" the pressure will be down, especially if hitting the resistance area for the first time (yesterday's high), price would need to escape this channel to the upside, to show us a change of heart.
The next good move has yet to unfold, the final outcome of this clash will surely reveal it.
No need to predict, no bias is the key to daytrading this market successfully, or for that matter, all markets.
For the time being, support is holding but so is resistance. However, leader stocks like Apple are hinting signs of strength to come, combined with the factual end of the month seasonal bullishness. Needless to say even though the downtrend has been furious is time to study all possibilities and keep an open mind.
The head and shoulders happens to be of the downtrending channel nature, as long as price remains inside this downtrending "tube" the pressure will be down, especially if hitting the resistance area for the first time (yesterday's high), price would need to escape this channel to the upside, to show us a change of heart.
The next good move has yet to unfold, the final outcome of this clash will surely reveal it.
No need to predict, no bias is the key to daytrading this market successfully, or for that matter, all markets.
I believe I posted it yesterday, if not, I fully concur ammo.
A revisit of the monthly SPY.
Cyan as support = Potential breakout, first attempt failed, but that's usually expected of first attempts, as it is commonly said the second mouse is the one that tends to get the cheese. The right shoulder was already "disrespected" but by coming back into the downtrending channel it alerts of potential downtrending resumption.
On the other hand....
Previous yearly highs were taken, to my knowledge we have never done an outside bar in the yearly in many many decades, suggesting previous year lows won't be breached. On top of that there is Bubble Ben who is the biggest bull I've ever seen, in my opinion he created the bull market that began in 2009, no doubt about it.
This support area is important no doubt and the bears stand no chance unless they can reverse the cyan to resistance as it is now, it stands as support.
Interesting times ahead considering electoral year.
Cyan as support = Potential breakout, first attempt failed, but that's usually expected of first attempts, as it is commonly said the second mouse is the one that tends to get the cheese. The right shoulder was already "disrespected" but by coming back into the downtrending channel it alerts of potential downtrending resumption.
On the other hand....
Previous yearly highs were taken, to my knowledge we have never done an outside bar in the yearly in many many decades, suggesting previous year lows won't be breached. On top of that there is Bubble Ben who is the biggest bull I've ever seen, in my opinion he created the bull market that began in 2009, no doubt about it.
This support area is important no doubt and the bears stand no chance unless they can reverse the cyan to resistance as it is now, it stands as support.
Interesting times ahead considering electoral year.
In addition to the inverted hns, I'll point out put to call ratio volume hit 1.5 Friday, and has been pulling back all week. I'm getting bullish, but can't trade from a hospital bed, and still haven't figured out how to post charts with this iPad.
One more day in this place, and I'm gonna make a break for it!!!:eek:
One more day in this place, and I'm gonna make a break for it!!!:eek:
Just wondering guys, how do you see the eurusd long term TA.
I am looking at the monthly and daily chart, and see a possible bounce. Monthly just puncturing a trendline and daily is also hitting a channel line. (of course news can override any technical support)
(p.s.: LEApup, wish you a fast recovery)
I am looking at the monthly and daily chart, and see a possible bounce. Monthly just puncturing a trendline and daily is also hitting a channel line. (of course news can override any technical support)
(p.s.: LEApup, wish you a fast recovery)
To the person who requested eur/usd.
