Here is the SPX chart, although the doublebottom was harder to see, the target was exactly what is in the rule: 1st bottom to height = 17 points = failure to 3rd bottom: Also the rally (at least the first part of it) from the 3rd bottom reached the Height, before taking a breather. If this rule gets followed on the daily chart, the height was just above 1000 so we should make it up there before failing....
That was a good addition based on the 2nd gap rule, but I would have got out at the SMA bounce line of 840. Anyway, you might want to tighten the stop loss, because I predict 1000 in the next 2 weeks and Metastock agrees:
Compressed ES 5m shwoing a macro view 830 to 975 is an area of congestion - markets could be in this zone for a few days. Support 800-805 zone Resistance at 915 to 920
For someone that doesn't seem to trade, you sure like to try and direct others' that do. You need to go ahead and get your book out and open up that website, the world waits.
Well, let me see, when we were just above 1000 (11/2) I had a longer term sell signal posted here. A 100 points lower I posted that although we could still go lower, I had the exit signal. A few days later when we failed at 920, I called for 750ish, and a bounce. Yes, you guessed it right, we had a bottom there. So it seems to me had B1S2 listened to me, he would be up 2-300 points instead of down -100. But what do I know, right??? P.S.: Feel free to put me on Ignore....Oh yes, might I ask, what have you contributed to this thread?
They issued a sell signal about 2-weeks ago that would have still been profitable if exited at this buy signal, but for some reason it disappeared sometime in the past few days. Did you happen notice this too Pekelo?
Your opinions and analysis are very much appreciated. Don't be bothered with criticism from those who do not understand nor appreciate...
Very GOOD observation! Yes, I noticed! Also a blue arrow is missing from mid-July. I am not sure why they are missing, the website's owner told me once they are put there by the program and not manually. I think there should have been a blue arrow around Oct 10th too. Once out of curiosity I tried to recreate the signal using other indicators. I think the MACD crossover was the closest I got. I will post a chart with it later. So far this is the best long term indicator/chart I ever seen and people trading in B1S2's style could make an easy living just blindly following it. (and like the selfish bastard I am, I shared it freely) OK, here it is, my arrows using the MACD crossovers are pretty much at the same places as the Metastock chart's: