great, another phantom bar, now we all know the pullback target.
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janez wrote:Cobra,
Based on Mar's rule, a gap up like this morning can be seen as strong momentum?
If so, can we say that this morning's high should be revisited near term? Feel bad I did not set stops for my long or exit them then.
Thanks
No, to revisit this morning high is hard to say. Gap up with no follow through at all doesn't count as strong push up.
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Cobra, you said expect a strong rebound as early as tuesday, after this actions on friday and today, do you think the probability is high to go long now for a swing trade? Still expect a rebound? thanx
alvian33 wrote:Cobra, you said expect a strong rebound as early as tuesday, after this actions on friday and today, do you think the probability is high to go long now for a swing trade? Still expect a rebound? thanx
After failed 2 rebound attempts (assume today we close right here), I'll need more evidences to call rebound.
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Trying to learn here. Triangle forming on the 5min chart on SPY?
yes.
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On the 30 min futures chart (ES) we are about to complete a head and shoulders top pattern.
I tried to post the image, but am having trouble and don't have time to figure it out now.
If you draw the line from last night's low of 1112.45 at 6pm to
the low at 1115.65 at 2:30 am to
this morning's low of 119.15 at 11:30 am
you will see that we are only a couple of pt.s away from completing the pattern.
Cobra wrote:still looks like a Descending Triangle.
either way, it's bearish no?
i am short, and have been. holding on for the follow through on the pattern.
so far the chart doesn't look bullish.
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Cobra wrote:still looks like a Descending Triangle.
either way, it's bearish no?
i am short, and have been. holding on for the follow through on the pattern.
so far the chart doesn't look bullish.
we also did not break above Friday's high, did we?
no we didn't. unless some miracle happens in the last 28 minutes.
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Do you think just using SPY patterns is prudent? The reason I ask is that I see a slightly different pattern in SPX, more a Falling Wedge now turning with a Triangle than see the Descending Triangle. If SPY tracks SPX, wouldn't SPX patterns have more validity?
Do you think just using SPY patterns is prudent? The reason I ask is that I see a slightly different pattern in SPX, more a Falling Wedge now turning with a Triangle than see the Descending Triangle. If SPY tracks SPX, wouldn't SPX patterns have more validity?
Thanks.
I see Descending Triangle or Symmetrical Triangle on SPX too. I think you refer to a little bit bigger pattern which could be a Falling Wedge but it has to wait until the smaller triangle to finish first. Plus Wedge normally is difficult to trade because the trading is always against the trend.
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