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Daring
Registered: Aug 2012
Posts: 676 |
10-07-12 08:39 AM
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.
Thanks.
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Daring
Registered: Aug 2012
Posts: 676 |
10-07-12 09:06 AM
Quote from Wide Tailz:
Short term trend is up, intermediate trend is up, long term trend is up.......
Is it wise to say when all trends align in such way to fade countertrend signals?
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Peter Harrison
Registered: Oct 2012
Posts: 1 |
10-07-12 12:48 PM
Hi,
My advice would be for you to WAIT before taking a position. Watch the following price levels as potential reversal points to the downside:
1462, 1463, 1469, 1473 and 1474.
All the best.
Peter.
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ronblack
Registered: Oct 2006
Posts: 569 |
10-07-12 04:23 PM
Quote from Daring:
Here's a dilemma I got, bull flag vs double top.
Why do you see a bull flag? Not every correction is a bull flag. This has no "slight downward tilt" that is required to qualify as a flag.
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oraclewizard77
Moderator
Registered: Jan 2006
Posts: 2289 |
10-07-12 06:44 PM
Actually, just being a flag or a DT is not justification enough to be able to predict the future. Yes, both of the above are based on TA, but by themselves will usually not give you the reason to trade.
I would normally use a 2nd confirmation. For example, if you want to short, is the level you are trading off of a significant level. If you want to take this trade long what signal are you waiting for to give you the sign to enter. Also, remember we are looking at probabilities. Can we based on over 10,000 hours looking at the screen and witting down hundred of trades in Excel, see a setup with a higher % than 50% that will give us the reason to take the trade. If so, we take the trade.
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