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#1 pisces

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Posted 09 February 2017 - 11:43 AM

sqeezed....but we are nearing s+p Megaphone trendline resistance at 1315 on the 15 min chart.doesn,t mean we have to hit it..GLTA .zorro.gif



#2 fib_1618

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Posted 09 February 2017 - 12:30 PM

Do you have volume that is consistent to that of a broadening top formation?

 

And I'll assume you meant 2315.

 

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#3 pisces

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Posted 09 February 2017 - 01:06 PM

Yeah , meant 2315 and on these short timeframes i  dont look at volume at all .i am aware of the importance of volume on chartpatterns [i am an edwards + magee guy]  



#4 fib_1618

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Posted 09 February 2017 - 01:33 PM

Then you know (and for the rest who don't) that the key reasons for volume considerations on structural patterns such as the broadening top, head and shoulders, triangles, and wedges (to name just a few) is that it confirms the supply and demand factors that create such patterns which then increases the odds of their eventual outcomes. Without this insight, many have found that they will be more wrong than right...more emotional than substantive with your analysis, and by extension, your profit or loss.

 

Good luck

 

Fib


Edited by fib_1618, 09 February 2017 - 01:33 PM.

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#5 pisces

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Posted 09 February 2017 - 01:48 PM

definitly well said ,thanks !!



#6 OEXCHAOS

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Posted 09 February 2017 - 10:48 PM

Are you guys missing the rising wedge? Which, btw, is hugely BULLISH if it breaks to the upside?


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#7 da_cheif

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Posted 09 February 2017 - 11:41 PM

all u need to look at is the 12 day and 12 week rsi relative to their half span ma's to know the market isnt going to stop and with aaii showing 65% still out of the market indicating fear rising with price..........well......watching the sky has been the thing to do eh.



#8 fib_1618

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Posted 10 February 2017 - 05:13 AM

Are you guys missing the rising wedge? Which, btw, is hugely BULLISH if it breaks to the upside?

 

Nope...we were just talking about it on Tuesday:

 

2017-02-07 16:19:16 fib1618: looking at the price pattern of the NYA on the daily chart
2017-02-07 16:19:23 fib1618: and we see that it continues to consolidate
2017-02-07 16:19:42 fib1618: but with a rising slant to it
2017-02-07 16:19:59 fib1618: and seems now to be etching out a rising wedge pattern
2017-02-07 16:21:05 fib1618: which would compliment the idea of the odds increasing that the MCO would be due to move into positive territory
2017-02-07 16:21:22 fib1618: this rising wedge would then be considered a leading diagonal under this scenario
2017-02-07 16:21:38 fib1618: on the opposite side of the fence
2017-02-07 16:21:52 fib1618: with the MCO continuing to have its problems moving back above its zero line
2017-02-07 16:22:19 fib1618: this wedge could also be considered a pattern of termination as well (an ending diagonal)
2017-02-07 16:22:37 fib1618: but given that the BETS remains fully on the side of the buyers
2017-02-07 16:22:54 fib1618: the odds, at least for now, continue to suggest this to be a continuation pattern to the upside

 

Fib


Better to ignore me than abhor me.

“Wise men don't need advice. Fools won't take it” - Benjamin Franklin

 

"Beware of false knowledge; it is more dangerous than ignorance" - George Bernard Shaw

 

Demagogue: A leader who makes use of popular prejudices, false claims and promises in order to gain power.

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