The megaphone pattern doesn't get talked about much though so it would be good to see it up to the point where it didn't complete. Is there a way to tell if a megaphone will follow through to the upside or downside?
Izzy, I can't help but think about a previous post.... I am enamored with 4200..... sound familiar? Newbie
It’s usually a reversal pattern so in this case it’s have been going to the upside, but there’s no edge if you’re trying to get in before they form. It’s just one of many confluences you’d use in your trading plan
Predictions are putting one's neck on the chopping block but wtf.... It may oscillate a bit, and it may even oscillate a bit more on Europe and Asia, and perhaps even a tad more at the bell. But Monday's 4PM close will be higher than we are now.
Yeah, I am just going to wait and see what happens and likely trade it intra-day at 9:30 . I mean when we eventually have the rally whether it be one day or multiple days, that's going to set up a high probability that we return back near the base where the rally originated from. Generally speaking on any chart when you have this much damage done to it, it's pretty rare you don't have a retest of the origination point of up the move, regardless if it ultimately continues higher or not. So, I am in no rush to take a long position. Going to wait for setups that I understand well.
last week we had no real news. ES tends to trend lately on minimal news weeks. Nice downtrend. next week we have plenty of economic reports including the fed. I'm expecting a choppy week
Plus we have the TSLA and MSFT er's., just to name a few. The mantra has been "the big 5 holding up the indexes will be the next shoe to fall", pretty sure Elon will come in strong, but if MSFT say's one bad thing, yikes. I don't think they will though. Sometimes I wonder how much politics comes into play. A company like MSFT knows the power its earnings report yields, and I am 1000% convinced these giant corporations can use "creative accounting" anytime they want to get the numbers where they need to be. And then there's always the conference call. A company could have the best quarter ever and if the CEO wants to be all doom and gloom, he or she can still tank the stock. Why would they do that? Because, they can reverse it the next quarter, or the one after that. This extreme volatility every 3 months is silly. MSFT should be ok, but didn't AMZN get in a beef with the Administration over that aws contract? Crashing the market is certainly one way to get voters to say "hmmmm". Who knows. It will be a good week for trading though. Just keep those positions small and don't chase a loser by pouring more gas on the fire. (I've never done that )