Sorry for the OT tickers, but long size in the following: GOOG 628.00 BSC 99.55 [bought near the close today] SPX 1425/1525 DNT expiring 11/23; 55/100 [earlier today] Long the carry trade; short swiss-yen hedge at a flat-beta: S 7 CHFJPY 9833; L 2 USDJPY 11034; L 2 EURJPY 16134; L 2 GBPJPY 22555; L 2 AUDJPY 9784. ES 1456.25L, no position.
Seemed like a good idea at the time. Stopped out for -2. Brain fried, done for day. EDIT: Darn if they aren't going to close it right on a kiss of the descending upper trendline.
On above chart, notice IHS formation. Might be an upside reversal in the making. I'm also seeing bullish divergence on the 60-minute chart (but not the daily or 15-min). A break above the upper trendline would confirm the IHS.
that was the one i was referring to in the above post & why i covered........looking like lo/mid 60`s on the overnight session may be the place to restablish.
Looks like head to neckline is 10 or 11 handles. Wouldn't that suggest 69/70 or thereabouts? (If you believe in that sort of thing.)
3-minute bars, but the principle is the same regardless of time frame (there is no perfect time frame; each day is different). In a fast market, an inside bar represents a pause, and the penetration of the low of the wide range bar represents continuation of the ongoing trend. I prefer to see a couple of bars up before selling a rally in a downtrend. For me it is harder to capture profits selling rallies in a downtrend than it is to do so buying dips in an uptrend. They drop faster than they go up, yes, so it SHOULD be easier, but downtrends tend to be rougher. I think it is because of those who are looking to get on board long and are looking to not get left behind on a rally.