Futures are now set to dump. The premarket spy trading down more then 1%. Uh-oh, here we go. Not enough steam to make it through the thin blue line.
Getting a bit late for your call Jack. As this is one I thought you'd do well in I was interested to see how you'd call it. I might not agree with your daytrading approach but it's nothing personal. Hope you're keeping ok.
The "Black Swan" is serious business. Its basically a failed double bottom breakout. This has been happening all year long where what looks like a sweet setup and a trustable chart formation turns out to be a trap.
Im wondering why Jack would go long on that trade. Price fell out of a clearly defined channel. I have found when price falls out of a channel then its best to be short. Im wondering if he was playing a very short-term bounce (a day, a few hours, etc.). When price falls out of a channel, then how can you go into any other trade besides short? Going long even for a short timeframe can prove to be a wreck.
Haha..you and log charts have a lot in common... Keep buyin Stock turd!! You know what they say about blind squirrels!!
I posted on this about 10 months ago. At that time, in later December 2007, I had to extend the chart just as I requested here.