Diamond Topping Formation 2/23/18

Discussion in 'Journals' started by Spooz Top 2, Feb 23, 2018.

  1. I`ll take a stab at calling a Top here.... Put on notice.

    Great to see everyone is getting bullish for a continued up trend here... I`ll take the other side of that & play contrarian.

    My favorite topping pattern is in process of building out on Daily & Weekly Indicies...
    The key to tops is not simply picking random levels because you "feel it" as not everyone has the intuitive Livermore feel.... Patience is watching the setups to formulate & buildout, which I feel is happening as I type!
    vanzandt and comagnum like this.
  2. Buy1Sell2


    Basically what you are saying is that the attempt to rally back to old highs fails and turns down creating a diamond pattern. It certainly isn't complete though. Wouldn't you have to wait for completion?
  3. Buy1Sell2


    I would be interested in seeing your drawing of the diamond top as it appears currently in SP
  4. You sound contradictory, Spooz Top 2

    On one hand you took the gamble to call the top, because you more or less...feel it.
    Then on the other hand, you state patience is the key...wait for things to formulate and build out,
    ...o_O, :confused:...

    But then again, I always say trading is part art, part science. So I'm not attacking anyway you choose to trade or call it.
    Last edited: Feb 23, 2018
  5. Really?

    This is a game of observation, pain & simple, That said, I trade on technicals.. I wait for charts to tell me how to react to the observation... Observation takes Patience!

    This is a trade predicated on longer time frames, as stated above, which takes time for it to come to fruition & "build out" confirming the potentially impending set up.

    No two methodologies are alike... Hope that helps.
    comagnum and trader99 like this.
  6. ballsy call, but Id go the other way. i dont know nothing however. not sure why i even posted this now that i think about it. carry on.
  7. That`s precisely what I like to here.. .everyone is Bully here now!
    volente_00 and KevinD like this.
  8. We printed an outside day today... taking out yesterdays hi & lo... adding more fuel to the sell side as the bearish Diamond Top still builds out! More to come...

    Heavy, Heavy...............
  9. Welp, yesterdays Outside Day did not lie... nice textbook follow through today...
  10. Outside Day/ Engulfing Pattern for you candle stickers...3 day Step Down Rule in effect yielding really nice returns.

    Diamond Top is in full force & effect... followed by additional confirms.

    2650- 2660 bounce/ inflection point is the likely scenario for the Bullys out there... If you took that advice yesterday, you had a tidy 30 handle profit to pocket before the closing bell with a short covering/ buy spike up to 2690.
    #10     Mar 2, 2018