The Trouble With Scribbles
- Thread starter Buy1Sell2
- Start date
I am finally understanding parrotbot and these types of threads. it's some kind of archaic exercise like those guys who hunt deer with slingshots, rocks and sharpened sticks-- i think that's called primitive hunting. This type of trading is very similar, i call it primitive trading. Hats off to anyone who is succesful yet handicaps themselves with ancient tools like charts etc. bravo to you, you are a dying breed!
Love the bar that was created yesterday on the cash NDX chart. --On another note, it's early in the day, so things may change, but right now you have an island reversal down on NDX. The major difference between this and a classic island reversal is that it is not occurring at new highs. If it remains intact, it would be more of an island continuation pattern since daily trend was already down. Plenty of time left in the day for the gap to be filled. Let's see what happens. --Always keep cash chart open along with futures--Cash rules futures.
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Here are the characteristics of a classic island reversal as defined in wikipedia--note we are not at the top of a move except it could be argued that it may be occurring at the top of the recent hourly move. The hourly cash chart shows the island as well. This can't be confirmed until end of day. Prices could rally and make this null and void. Just thought it would be good to look at it while still intact.
- The occurrence of an island reversal is rather rare.http://en.wikipedia.org/wiki/Wikipedia:Citation_needed
- It consists of a minor move.
- It is not, in itself of major significance.
- It can occur at the top as well as at the bottom.
- The gaps at either end occur at almost the same price level.
- It has a compact trading activity that is separated from the subsequent move which is in the opposite direction.
- It is an extremely good indicator of a reversal of primary or intermediate trend.
- As soon as it appears, it indicates that an extreme change in the sentiment has occurred.
- High volume is expected in that compact trading area.
- The trading activity may last for only a single day or a couple of days. When this arrangement occurs for only a single day, it is known as "one day reversal".
----The following is a posting from yesterday by one of the scribble students.
"TR broken to the downside. Might give a short signal. Weakness is manifesting itself.
Edit: Added some shorts."
----This is an example of what we are talking about when we say that real time trades are not posted using the scribble method. ie no price, no stop, no target etc etc etc. --This however is more than you would get from the educators of the system though. --Absolutely no testimonial whatsoever.
"TR broken to the downside. Might give a short signal. Weakness is manifesting itself.
Edit: Added some shorts."
----This is an example of what we are talking about when we say that real time trades are not posted using the scribble method. ie no price, no stop, no target etc etc etc. --This however is more than you would get from the educators of the system though. --Absolutely no testimonial whatsoever.
They will lose interest and move onto greener pastures after learning no one believes them. Like the civil war reinactors who permanetly camp at Gettysburg until the rangers move them out, the scriblers where shamed and likely left after pressure from the mods. This site doesnt need anymore embarassment.
Description, nothing more. Not an actionable call
Dynamically speaking the last island reversal is getting it's second leg filled.