Because if you actually took the time to read the post before this post, I did write "The bar hasn't yet closed, but what you see is the Second Entry Long developing. It's also likely to be HL. Do you see it? Let's see where this will take us in 15 minutes." Next time, read (and read again) before jumping to premature conclusion.
When you loose too much money in Stock Market and on top of that your brokerage tells you to deposit more money, since you hit your margin limit......
Since I've been called out as "the piker scataphagos alt", I thought I do a hindsight analysis of my own. I'd imagine today was a tough day to trade for most folks with these 60 point chops, up and down. But looking at this 30 minute chart of the last 3 days, it doesn't look at all convoluted. I guess my point is that it really all depends on how you look at it. So what's my plan going forward? As they say, trend is your friend. I'll be shorting the upper channel line until it decisively breaks out to the north and the trend is reversed.
And while we're on the theme of HL and LH, there are 2 additional reversal patterns you should be aware of: 3 bar reversal and Trader Vic's 1-2-3 reversal patterns. As you can see, they look and feel similar and move in similar manner. Learn these HL and LH patterns like the back of your hand and you will have no problem detecting trend reversals.
Good example this afternoon and in a retracement zone. The little 3 bar reversals a group of us "triples"....mini H&S formations.
BTW, I leave you with this famous quote by Jesse Livermore (yeah, yeah, I know he died broke, but that's not the point). “All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. Wall Street never changes, the pockets change, the stocks change, but Wall Street never changes, because human nature never changes.” Price action is nothing but a reflection of greed, fear, ignorance and hope. That will NEVER change as long as human nature never changes.
[QUOTE="schizo, post: 5876965, member: 105578”] Everything repeats in cycles. [/QUOTE] Aloha schizo, Is this something you’re interesting in elaborating on (or maybe have a link to where you have talked about the subject already)? When I search for “cycles” posts by you, not even this one comes up. Search says you used the word cycle one time lol are you by chance doing any sort of wave analysis (sine, sawtooth,…)