This is it. The moment I have been waiting for. The Russell 2000 has just broken through 835 and is headed to the sky!!! Time to get out of large cap value and move it all into small cap junk.
Your a fool. If you invested a few bucks into a calculator rather then 4 20 inch monitors then you would be a lot better at trading. You cant recognize a 50% retracement if it hit you on the face. Simple math. 836.98-807.69=29.29=height R2k advance from May 1st. 29.29/2= 14.65 = 50% retracement 836.98-14.65= 822.33 Low of today before pivot= 819.86 As long as we dont go lower then 819.86, then we will be fine. When you have 3 or more up candlesticks you can expect a 50% retracement of the height during a run. It takes patience to make money. Those who bought and held Mastercard earned 300%. While those who paniced every time they saw a red candlestick are now slapping themselves in the face. I wont panic until we get below 819. Thats my story. As for real money, where is yours? Those who are cowards have none. I trust my 3 dollar calculator, walmart special. I dont trust you.
use a daily bar chart WITH 31SMA . - on the ER2M7 .. works like a charm but you do need deep pockets or you will get chop chop .. stop stop out ALIVE ! jake forgot .. use only as spot to get back in , in with the major trend . today it dropped under on a close, and naturally the major trend is up right now , so when it crosses back over on a daily close bar , GO LONG AGAIN , with a decent cushion of a stop loss . Jake
You can make your own chart. The R2K is resting at a key trend line right now and, as I pointed out earlier, a key area. There is no room for it to go down from here. None. If it does go down further from here, then we are sunk. If it bounces, then that is a hugely bullish sign. I checked the put/call ratios/ISEE#s. Lots of puts and short interest taken out today. If the price bounces off of the trend line, then we'll go higher. Actually, lets steal Tim Knight's chart. http://bp3.blogger.com/_DC_WvCGCWQ8...c0/fFJ_cRum184/s1600-h/0510-$ruttrendline.jpg What is that formation at the top? It looks like to me a reverse head and shoulders. If we can bounce, then we stand a good chance at breaking out. If we move lower, then we are in trouble.
I don't trade chart patterns, but I thought that reverse head and shoulders patterns were only valid at the end of a downtrend -- ie they are trend reversal patterns. http://stockcharts.com/school/doku...._analysis:chart_patterns:head_and_shoulders_b
Hey michaelscott I a new to TA, but I believe I see an ascending triangle on the RUT... Would that mean, that if the RUT closes above the top of the triangle, we are looking at a run equal to the height of the triangle? If so, I see a run to 900... Is there also a timeframe that the triangle gives us for the run?