murray t turtle
Registered: Dec 2001
10-24-12 09:40 PM
Quote from Daring:
Here's a dilemma I got, bull flag vs double top.
I can spot the bull flag, but I can also see the last bar rejection hinting lower high for a potential double top.
Is it possible to tell now what it is or do we need to wait, therefore, missing a big part of the move as we wait ?
How do you proceed in this scenario, wait or take a position ?
There are a lot of TA supporters in ET, this would be a good time to help a TA supporter.
Your advice is appreciated.
Trend trader, good question;
1st]Plenty of money has been made on low probabilities, so there is more than 1 RIGHT WAY to trend trade.
If that a big bank, like BAC, C sector i have a bearish bias;
so there are many factors. If its gold I am bullish. But having looked @ SPY a 10 year CANDLE...
Since its SPY related, I am somewhat bullish, for sure its a bullish bias season,4th quarter. BUT frankly SPY IS HI/HIGH priced , so even if WE ARE right, profitable;frankly i would look for a better trender to trend trade.QQQ trends better/bigger in etfs if you dont mind the bigger roller coaster[UP & down]
Actualliy i prefer HI percentage trends as opposed to HIGH priced TRENDS.ItSPY,QQQ,DIA is probaly going higher before Christmas.Merry Christmas/hannukah