To the Board: ILA 10/24/02 Please Look at todays 60 min chart to critique this analysis. Has tested resistance at 4.25 twice. This does not look like the top of this rally because it has a rounded top. All of the other rally tops are spikes. It is however penetrating the 20 period moving average lower at 4.02 and lower to 1:48 - Now it is down to 3.99 but I will stay. Because there is no spike top. Every single ILA rally ends with a spike top. 1:51 - There is resistance at 3.95...... 2:47 OK, now we are down and back up to 3.95 after a precipitous drop to 3.89. One could make a strong argument for the idea that this long position should have been closed based on several indicators. 1. Violation of the 20 period MA. 2. Violated the Neck line break [See Ascending Head and Shoulders pattern] 3. Violated the series of higher peaks But, no spike top. What do you folks see on this one. It closed at 3.99 What are the arguments for stay in this position for 2-4 weeks Look at the 50 day moving average on the daily chart. Any comments on the rounded tops on the last two head and shoulders formations vs. the faster, spiked tops on all the other rallys since early august? Thanks you for your input. Mr. DNA
Yeah, there is a lot of combination. In ten shots you may not see a pattern. But if you understand a 1000 different positions you will see a bunch of patterns that repeat over and over again. When those patterns become internalized, one can respond to them instinctively as you suggest. So, who can tell me which pattern is this. and be right. Get off me. I am trying to do something. Any comments on the chart? What can be seen? Support. This is a thread.