heavenskrow wrote:Hi Cobra, 1st post here! Been slowly observing your intraday thread and finally registered!
U seem legit!
Anyways, have some of u guys noticed that some indicies have closed back above their H+S neckline already? Look at the AMEX Composite or Nasdaq 100, S&P500 O-Strip charts.... They closed 2 days above it!
What do u guys make of that?
Thanks and welcome aboard.
That H&S pattern has already reached its target.
For QQQ it was a Triple Top and had done its work already although short of the text book target.
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if consolidates above the green line, then there'll be another push up. let's see.
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do u think we will fill the gap above the 125 area? 123-125 is my target area... And im skeptical that we will rally that far.... though ive been holding UPRO for quite a few days now....
Target? I said it as I see it, but will it make it? I don't know, thing can turn on us any time. for now things are looking up for sure.
here Neg D. now let see how we do here.
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My comments are for entertainment/educational purpose only. NOT a trade advice.
v1stock.com wrote:FXF - rsi buy , 6 week top to top, this is getting too easy - set stop ?
Just How Successful is the Head and Shoulders Pattern?
Overall Success Rate: 40%
i go with a blindfolded monkey 50-50
Bulkowski notes that often when H&S fail they produce an even larger move than the minimum measuring target if they wouldn't have, and so it should be said that just because the H&S fails doesn't mean it's not another trade set up!
For example, fading the head and shoulders top in summer 2009 by using clues such as on balance volume ended up being an very profitable trade.
gld - 3 top on the 5 min. 1st was 5 days ago, seems a bull flag
... Consolidation occurs when the price seems to bounce between an upper and lower ... can form in a period as short as 5 days or as longs as 3 to 5 weeks." John J. Murphy identifies that Flags "often last no longer than one or two weeks."
trend line support. it was a false breakout, not good, the up momentum is weakening.
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