Quote from ponzischeme:
NihabaAshi
This may be a simplistic question. That bearish V reversal
at 10:36-10:39( Eastern U.S.) you mentioned. What made it so bearish? I am still learning,so I am asking only to learn.
I look forward to your reply.
Actually I didn't mention it.
I was commenting on what Ditch (the thread starter) had saw on his continuous TICK chart.
However...too answer your question.
First of all...it's easy for me or Ditch to call it a V-Thrust Reversal pattern...in hindsight.
Here's your homework so that you'll be able to answer your own question.
Hint:
3min chart
1. Blow off volume
2. Long upper shadow on a white candlestick
3. ES
4. Exponential Price Moving Averages
5. Profit-target of remainder via Lower BBand
6. Stop/Loss via trailing stop of .25 profit below Short entry or via a rising MACD Histogram
1min chart for confirmation
1. Shooting Star
2. Bollinger Bands
3. Profit-target of 2/3 via 50eMA support
4. Stop/Loss at high of reversal
Your homework is to piece the above together for a nice story of my actual trade.
P.S. I Shorted ES and not NQ but trade was dependent upon what the NQ was doing.
ponzischeme...when you've pieced together of what you think is the
trade story of my trade...post a chart of it.
NihabaAshi