What's your take, Ammo and others? Pullback to the cleavage and then a small bounce to the nip near the HOD? --- Edit: it seems... 48 (49) 43 53??? if 43 holds??? Still enough time?
anyone notice an almost complete cup and handle or at least what qualifies as a bull flag in some of the indices like the nasdaq sp500 djia on a 10 day chart? I am feeling very bullish.
I like your terminology! I can tell you what I think from a swingtraders perspective. Look at the daily candles going back about 6 weeks. You can see that we're repeating a pattern played out last month. Its really obvious if you put a moving average in there, sized appropriately. Down move, congestion, and then a break out. If history repeats itself, or if you believe in the accuracy of Moving averages, the market will be up tomorrow and if history repeats itself, us 9 to 5 traders may even see a gap up. SM
Long @ 1345. Stop @ 1330. Target 1400. I will most likely not have any time to devote to serious day trading the coming month or even longer, so I`m trying a swing trade here. I will tighten my stop some if the trade moves in my favour.
Looking at charts tonight, I had another thought worth throwing out there. I believe what I say and have positioned myself accordingly. But more congestion is still a possibility too. so if we don't have strong futures, waiting until you've had your Mojitos would be conservative. SM