Ya.... Tony is all worked up... Cause we are going to the moon and I keep talking him down...
I kind of talked about it yesterday... that My concern on the bearish side was that we needed a spike high. Universally... In my opinion most moves end with the trade of last resort.... some kind of "False Breakout" that sucks the Horizontal players into the market on a "Breakout" and it reverses and turns out to be a top...
So the red lines are the Triangle... I'm still trying to sort out if we just have some kind of Symetrical... or running or just .....
The way it is supposed to work is that you break out, then pull back to support and take off like a rocket....Or just run the edge of the Triangle for a bit, and then take off.
But this one has broken back into the triangle.... and at that white arrow we should have gone up... and not broken down...
but for hells sake Can it just break down...
Thursday, June 11, 2009
Trade of last resort
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5 comments:
Love the video. Where is it from?
I saw the head fake and called it. This thing is stuck in this channel, or pennant or ascending triangle, or whatever. The smart thing might be to watch it to see which way it commits.
I think it will come back to your lower red trendline, but then a good chance it goes higher from there. It does *not* look like it's breaking down.
I looked up rain dance on youtube and it's what I got...
We may hit that lower line... but how about "Watching for a 50% retrace..."
then if we break down....
we know the direction...
\
Or we have had a 50% retrace.... and we move up...
some of these sectors look like they are breaking down.... if they don't "Bull Flag" and bounce...
This sucker is a goner.
50% retrace from when? We are at the 50% retrace now from Tues low to today's high.
Are your legs tired from all the dancing? I'm going to call you Tra Nihsac* if you keep this up.
(*Art Cashin backwards.)
Exactly... we need to look for that Smaller Retrace... Either it goes up from here or
down, then retraces back to here... then retests the lower.
Truth is ... Day trading this has been by far more profitable than being long the index, would have been..
and it's easier to sleep
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