Tech(nical) Support for Today's Rally

Discussion in 'Trading' started by circadian, Oct 28, 2008.

  1. I'm telling all of you, the head and shoulders pattern has been popping up all over the place, as of late. This in an inverse H&S on the ES, obviously, and if you want to see it happeining in the right-side-up fashion, check out the VIX. The bold yellow line is the general (and I do stress general) target. If I'm wrong, feel free to let me know, but we should at least see some hesitation around the 970 area.
     
  2. dsq

    dsq

    arent you supposed to use daily closes as your data for daily or monthly charting?
     
  3. Only if you want to miss alot of opportunities, and this is a 1 hr chart anywho.
     
  4. dsq

    dsq

    like here
     
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  5. Not really sure what point you're trying to make, I posted a 1 hour chart of a multiday technical formation. I did not say that the S&P was forming an H&S on the daily chart. There is a very large

    distinction between the two. I'm glad we got that cleared up.
     
  6. Guys, I was so fucking right on the money. The Inverse H&S hit its target today, and BADABING! The chart I'm posting here is an update, with the same drawings, but including today's action. If you do not look at this chart, I will have the IRS come to your house and audit your personal finances. Peace!
     
  7. ASav

    ASav

    This was a great call. One question, how did you choose 970 as the resistance?
     
  8. The number comes measuring the distance from the apex (local minima in this case) of the Head to the neckline. Once you get this figure, you add (in the case of inverse H&S) to the neckline point that you initially measured from. I had a few special tweaks here and there, but it worked so well it's fucking spooky.
     
  9. ASav

    ASav

    Gotchya, thanks.