Strange, I have found that most of the books on trading I have read are written by people who are not successful at trading. Or at best were one hit wonders who are now making money on their trading method the only way possible...by selling it. Kind of the old "Those who can do....". To stay on topic, it will be interesting to see how this complex H&S works out.
This is an interesting thread. This H&S pattern is in and out of the news, CNBC has people talking about it. It's famous. So whatever the outcome, the maximum number of people are sure to be faked out of their jockstraps ( respects offered to poster Jumpshot ). The market has moved above the 931, the H&S seems less likely,but the old high, 956 is still there. I am certainly no Elliot expert, but I can label a possible ABC zig-zag since 870 on July 8. That's not bullish. Fast sto crossing now up at 95. Was Friday a doji candle, on the s&P? If 930 doesn't hold on the next pullback, gonna be trouble.
Richard Dennis, who turned a few thousand into a couple hundred million in less than 20 years, said he made most of his money on FIVE PERCENT of his trades. The reason he pointed that out was to indicate how CRITICAL it was to not miss a trade.
Heh, I noticed the H&S on the weekly as well when the so-called daily pattern failed. Although I don't put much stock in H&S patterns, there was an inverted H&S on the daily that carried the market to 950. But the count put it much higher than that. That's the "problem" with "patterns." Too many people chasing the market with arbed technicals. What happened to thinking for yourself? You know, critical thinking instead of following the "herd"?