enlighten me on the correlation between tech and s&p regardless of if the h&S plays out I still think it is highly probable we retest the 50 day at ~1300 area fwiw worth option interest hints at the h&s playing out with a magnet at 135 curent month and 120 further out http://finance.yahoo.com/q?s=SPY110917P00120000
I don't post often. But, I do consistently follow some threads. One of the best summaries of TA 101 I have yet read on ET. Support, Resistance, trendlines moving averages mentioned (reversion to the mean implied) and corresponding entries, stops, targets based on one's own trading plan. - that is the foundation - it starts there. Strong believer it has to be one's own plan.
I think of H&S as belonging to the category of "rough carpentry." Are you saying that the right and left shoulders must line up within a point or so? I agree with you: I don't see a H&S scenario playing out here. But I fail to see how the NDX analysis you cite necessarily advances this view.
I have very high doubts that strategy makes money, if it can, its mainly because of the trader's EXCEPTIONAL talents. I am 110% sure, NOBODY in this thread will be able to duplicate profits using that strategy. On the other hand, my chart, any person with <b>1 working eyeball and semi operating brain</b> can make money. let me repaste it. The biggest benefit of the right strategy is, there are no mistakes, its so simple there are no mistakes. This would be one of the primary reason why S&P500 went up. I'm done with this arguement every now and then I see something wrong, I point it out. <b>People won't like it, but its going to be pointed out.</b> Improving the game is pinnacle.
Because I'm feeling nice, here is the next prediction of what will happen on the SPY, sell highs., never buy highs. ( I already sold some on friday / looking to buy lower)
Only almost exact H&S works, well researched by both academics and the trading communities ... Not sure if I can still find the links to research done on the statistical significance of classic chart patterns by Andrew Law (spelling?) and his research colleagues. NDX has been one of the best leading indicator on SPX for years now. It works best in real-time, and to a lesser degree in multiple days setups. Don't take my words for it. Check it out yourself. =)
How do you expect to trade profitably if you can't even tell the difference between a "GURU" and a real profitable 7 figure trader? lol, get back to me on that. HOLDING <b>SHORT 1337 , TOP TICK.</b> STOP 1337.25