... just a forward looking observation.
Island Reversal set up...
Started by
TheArchitect
, Mar 04 2009 03:25 PM
11 replies to this topic
#1
TheArchitect
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Posted 04 March 2009 - 03:25 PM
i wouldn't be suprised to see a little profit taking in the next 30 min... but we're setting up the pre-req's for an island bottom reversal.... ... just a forward looking observation.
... just a forward looking observation.
#2
TheArchitect
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Posted 04 March 2009 - 03:26 PM
i think spx would need to open above 735 tomorrow, and then of course, hold it...
#3
traderpaul
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Posted 04 March 2009 - 04:00 PM
If you draw the trend line connecting 2/17 top, 2/25 top, 3/02 top and today's top.....You will get a better picture.....
"Inflation is taking place now. Prices may not appear to be rising because they are making packaging smaller. "— Rickoshay
#4
redfoliage2
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Posted 04 March 2009 - 04:07 PM
Just need a gap up and run for tomorrow morning to form the IR pattern. The MACD looks really good.i wouldn't be suprised to see a little profit taking in the next 30 min... but we're setting up the pre-req's for an island bottom reversal....
Edited by redfoliage2, 04 March 2009 - 04:08 PM.
#5
TheArchitect
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Posted 04 March 2009 - 04:11 PM
If you draw the trend line connecting 2/17 top, 2/25 top, 3/02 top and today's top.....You will get a better picture.....
i'm not sure i understand paul...
#6
TheArchitect
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Posted 04 March 2009 - 04:15 PM
If you draw the trend line connecting 2/17 top, 2/25 top, 3/02 top and today's top.....You will get a better picture.....
OK, i had a line wrong... revised is in red... but i still don't get it, Paul.
Edited by TheArchitect, 04 March 2009 - 04:26 PM.
#7
traderpaul
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Posted 04 March 2009 - 05:22 PM
Draw a straight line, connecting those points.
"Inflation is taking place now. Prices may not appear to be rising because they are making packaging smaller. "— Rickoshay
#8
unosuke
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Posted 04 March 2009 - 06:26 PM
I claim no expertise with channels; nonetheless, here's an observation:
Current Positions: Long EEV @ 40.29, Long DUG @ 24.66, Long DXD @ 59.62, Long SDS @ 72.70, Long TWM @ 61.84, Long QID @ 48.21, Long FXP @ 20.43, Long SSG @ 43.76, Short XOM @ 69.31, Short AAPL @ 117.52
#9
unosuke
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Posted 04 March 2009 - 06:52 PM
i wouldn't be suprised to see a little profit taking in the next 30 min... but we're setting up the pre-req's for an island bottom reversal....
TheArchitect,
I appreciate you posting a chart intraday. I believe yours was the only chart-accompanied, solid T.A. post this afternoon. We need more of these here, imo.
(edit: And good call on the "profit taking in the next 30 minutes." Although I think the last 15/30-minute bar was "volume off the top", a bearish reversal. But you'd probably expect me to think that.
)
Edited by unosuke, 04 March 2009 - 06:56 PM.
Current Positions: Long EEV @ 40.29, Long DUG @ 24.66, Long DXD @ 59.62, Long SDS @ 72.70, Long TWM @ 61.84, Long QID @ 48.21, Long FXP @ 20.43, Long SSG @ 43.76, Short XOM @ 69.31, Short AAPL @ 117.52
#10
TheArchitect
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Posted 04 March 2009 - 07:08 PM
I claim no expertise with channels; nonetheless, here's an observation:
i got nothing... except a long SSO from about 1/2 pt below the mkt... whatever happens, happens. i gave up on trying to connect those points Paul mentioned above... any help would be welcomed...
