Time for a review on real TA price drivers that 1) drive PA in the correct direction and 2) move with the duration expected.
Let's get a reminder on what surf asked TA to do in this specific set up (hence my posting it here) and how it compared with his price drivers...
======================================================
What is your chart telling you about Monday? You TA folks speak in riddles that can easily be interpreted after the fact to mean anything. Please be specific. My Price Drivers are signaling bullish for Monday.
I maintain, once TA shows it, its too late or of negligible value in MOST cases. Enough so to negate the value of such an approach. Clearly, it can be shown in a very small number of circumstances to have value-- such as the daily candle in JCP-- but its not repeatable enough to be of interest.
surf
It is telling you the welcome mat has been replaced by the trap door. It's not talking about Monday, it's talking about now - take profits and reverse short. You hold that short until you get a buy signal and that might be on Monday. It might be in a week or a month as this has the potential to roll through a lot of time frames.
This is a dangerous position to be long imo because of the roll over potential. In any event bank profits, sell short and wait for the buy signal.
Xspurt
======================================================
Shortly thereafter surf discovered his doubled up long long trade was price driving the wrong way, but what about my TA call that this 2 hr set up was indicating the potential to run from intrday into daily and from daily into the weekly bars? That would be of great value if a price driver not only gave correct direction immediately but that tiny intraday set up was also pointing for a hold right through into the weekly charts.
To answer your question surf, as can be seen from the attached chart, PA did indeed roll through the time frames into the weekly charts.
Friday closed on critical support and in an election year when they manipulate everything they can to support the market the plunge protection team will be on hand. However there are a few things to note: this is a very negative chart pattern calling for much lower prices when the support breaks and Fri 19th is the anniversary of the Black Monday crash of '87 and there is a history of panics repeating. Friday late closes need to be watched.
The action now is either to take profits or better still, go into the same mode of analysis as started the move and look for a reversal up to catch the pop or if the support breaks continue holding.
(Chart left is the 2 hr set up and mid chart is the daily, both charts posted in this thread and right is the 2 week chart)
Let's get a reminder on what surf asked TA to do in this specific set up (hence my posting it here) and how it compared with his price drivers...
======================================================
What is your chart telling you about Monday? You TA folks speak in riddles that can easily be interpreted after the fact to mean anything. Please be specific. My Price Drivers are signaling bullish for Monday.
I maintain, once TA shows it, its too late or of negligible value in MOST cases. Enough so to negate the value of such an approach. Clearly, it can be shown in a very small number of circumstances to have value-- such as the daily candle in JCP-- but its not repeatable enough to be of interest.
surf
It is telling you the welcome mat has been replaced by the trap door. It's not talking about Monday, it's talking about now - take profits and reverse short. You hold that short until you get a buy signal and that might be on Monday. It might be in a week or a month as this has the potential to roll through a lot of time frames.
This is a dangerous position to be long imo because of the roll over potential. In any event bank profits, sell short and wait for the buy signal.
Xspurt
======================================================
Shortly thereafter surf discovered his doubled up long long trade was price driving the wrong way, but what about my TA call that this 2 hr set up was indicating the potential to run from intrday into daily and from daily into the weekly bars? That would be of great value if a price driver not only gave correct direction immediately but that tiny intraday set up was also pointing for a hold right through into the weekly charts.
To answer your question surf, as can be seen from the attached chart, PA did indeed roll through the time frames into the weekly charts.
Friday closed on critical support and in an election year when they manipulate everything they can to support the market the plunge protection team will be on hand. However there are a few things to note: this is a very negative chart pattern calling for much lower prices when the support breaks and Fri 19th is the anniversary of the Black Monday crash of '87 and there is a history of panics repeating. Friday late closes need to be watched.
The action now is either to take profits or better still, go into the same mode of analysis as started the move and look for a reversal up to catch the pop or if the support breaks continue holding.
(Chart left is the 2 hr set up and mid chart is the daily, both charts posted in this thread and right is the 2 week chart)
