USDollar Decending Triple Bottom Break!
While Gold makes a triple top breakout.
Decending Triple Bottom Break Yesterday
Started by
Rogerdodger
, Sep 08 2007 11:48 AM
2 replies to this topic
#1
Posted 08 September 2007 - 11:48 AM
"Nature's Failure to Function in a 'Predictable Way'... 500 years ago?"
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.
#2
Posted 08 September 2007 - 12:07 PM
hi RD,
thanks...since you follow SPY...for this time period leading up to Sept 18 Fed....two price levels to highlight.
145.33 is a recent daily low from last few weeks that was tested and held on Friday..and it looks impt. when plotted on the weekly
143.80 needs to hold
so...any long trades in the vicinity of 145.33 or below can consider minimum risk to 143.80...1.05% risk
for potential reward of 2.06%:
148.33 is the near-term max. upside R, with a simple breakout no. above the approx. 150 to 150.55 zone
--------
many of this week's buyers were trapped by Friday's gap down and they may represent weak hands at this point
---------
I cannot ignore that this week's SPX high satisfied the .618 retrace of the 1555 to 1370 move....what is to be expected as a retrace before possibly heading back down
and that VIX is headed back up
bulls cannot be complacent, until SPX starts closing above 1476 on some consistent basis
bottom picking is not the way to go in my opinion
expect a bounce at some point again, that may be short lived
watching the 10 week sma as potential R..if it continues to decline, bulls are going to have a tough time with conviction
Dave provides some trendlines here that readily show something important to consider -
http://forums.techni...post?id=2140605
thanks...since you follow SPY...for this time period leading up to Sept 18 Fed....two price levels to highlight.
145.33 is a recent daily low from last few weeks that was tested and held on Friday..and it looks impt. when plotted on the weekly
143.80 needs to hold
so...any long trades in the vicinity of 145.33 or below can consider minimum risk to 143.80...1.05% risk
for potential reward of 2.06%:
148.33 is the near-term max. upside R, with a simple breakout no. above the approx. 150 to 150.55 zone
--------
many of this week's buyers were trapped by Friday's gap down and they may represent weak hands at this point
---------
I cannot ignore that this week's SPX high satisfied the .618 retrace of the 1555 to 1370 move....what is to be expected as a retrace before possibly heading back down
and that VIX is headed back up
bulls cannot be complacent, until SPX starts closing above 1476 on some consistent basis
bottom picking is not the way to go in my opinion
expect a bounce at some point again, that may be short lived
watching the 10 week sma as potential R..if it continues to decline, bulls are going to have a tough time with conviction
Dave provides some trendlines here that readily show something important to consider -
http://forums.techni...post?id=2140605
Edited by hiker, 08 September 2007 - 12:19 PM.
#3
Posted 08 September 2007 - 02:38 PM
Hi Hiker.
I hope you are hiking some this weekend.
Sentimentrader had a nice bearish jump Friday.
We could see some more bottom probing Monday and maybe reverse by the close.
That's my bs guess.
BS hat =
"Nature's Failure to Function in a 'Predictable Way'... 500 years ago?"
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.
BIGGEST SCIENCE SCANDAL EVER...Official records systematically 'adjusted'.