Nasdaq Key Reversal Day...
#1
Posted 20 June 2007 - 04:17 PM
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
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#3
Posted 20 June 2007 - 05:10 PM
Sigh...this is NOT a key reversal bar, it's a simple outside range day.Nasdaq Key Reversal Day
There are very strict rules for this to be considered "key".
In any event, today's bar does suggest a down close on Thursday.
Fib
Better to ignore me than abhor me.
“Wise men don't need advice. Fools won't take it” - Benjamin Franklin
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#4
Posted 20 June 2007 - 05:15 PM
#5
Posted 20 June 2007 - 05:16 PM
Fib,
The highfiving by the bears is becoming deafening. You would think the market is down 1000 points
BBB,
There is plenty of bullish sentiment on this board and it outweighs the bearish high-fiving. imo.
#6
Posted 20 June 2007 - 05:16 PM
I like Edwards & MaGee, who hold as follows:
By the way, the last one of those on the Naz was in May; the next day was the leg closing low.
Edited by selecto, 20 June 2007 - 05:23 PM.
#7
Posted 20 June 2007 - 05:52 PM
Yes, and though many thought that it was a "Key Reversal" at that time, it again turned out to be a simple outside range day...a short term (1 day) trend change indicator bar. Same thing in January too when I took the time to write a tutorial on the subject.By the way, the last one of those on the Naz was in May; the next day was the leg closing low.
Everyone has to go with what they believe is correct. I just follow the rules that I've learned over the last 30+ years of trading and attempt to keep the majority from mistakenly believing what they think they see as fact, when in actuality, turns out to be a simple case of a knee jerk reaction to support an emotional bias.
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.
Technical Watch Subscriptions
#8
Posted 20 June 2007 - 06:41 PM
Yes, and though many thought that it was a "Key Reversal" at that time, it again turned out to be a simple outside range day...a short term (1 day) trend change indicator bar. Same thing in January too when I took the time to write a tutorial on the subject.By the way, the last one of those on the Naz was in May; the next day was the leg closing low.
Everyone has to go with what they believe is correct. I just follow the rules that I've learned over the last 30+ years of trading and attempt to keep the majority from mistakenly believing what they think they see as fact, when in actuality, turns out to be a simple case of a knee jerk reaction to support an emotional bias.
Fib
wow..we are not worthy
see the definition posted..it says a bull market can have many such Key Reversal Days..a Key Reversal is not THE top..just a key high-gg
Disclosure: LONG!
#9
Posted 20 June 2007 - 07:42 PM
Everyone has to go with what they believe is correct. I just follow the rules that I've learned over the last 30+ years of trading and attempt to keep the majority from mistakenly believing what they think they see as fact, when in actuality, turns out to be a simple case of a knee jerk reaction to support an emotional bias.
Fib
[/quote]
What are your rules?
#10
Posted 20 June 2007 - 10:13 PM
Sigh...this is NOT a key reversal bar, it's a simple outside range day.Nasdaq Key Reversal Day
There are very strict rules for this to be considered "key".
In any event, today's bar does suggest a down close on Thursday.
Fib
I was also watching the outside day pattern near the close,...and thought to myself ...whats been following our
outside days have been.....inside days.... we'll have to see how she starts off tomorrow and take it from there.
oh and I was watching a OHLC chart not a candle chart that is obviously OFF !
And the min I say that.....it corrected itself hahahahaha
It can be what ever you want it to be but use other TA to determine if you think it is a KRD. Especially since the candle is filling a gap!
Nice seeing ya FiB
Edited by Mr Dev, 20 June 2007 - 10:20 PM.
.. .. ..
Mr Dev
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