Ark Invest is a fund managed by Cathie Wood. I've been following her for about 5 years. She's probably had the best calls I've seen in the stock market since 2015.
I looked through all of Ark Invest's ETFs this weekend: ARKG (genomics), ARKW (Next generation internet), ARKK (Innovation), ARKQ (Autonomous tech & Robotics), and ARKF (Fintech innovation). ARKG displays my favorite set-up out of the 5 ETFs.
Great performance today with +6.09% in a single day. That's not common for a non-leveraged ETF. I'll be looking for opportunities to add to this position.
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at support:
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This has been among the best performing ETFs in the last two months. Some incredible runs in genomics (NVTA, CRSP)
I thought inverses H&S are technically suppose to from at TRUE bottoms of a downtrend, not at the top of an uptrend...
Lanmar
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@TayFx, continuation H&S patterns are often found in up-trends.-> peterlbrandt.com/do-continuation-head-and-shoulders-patterns-really-exist/
TayFx
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@Lanmar, thanks for the google search link, I'll stick to the books I have
TayFx
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@Lanmar, This is an inv H&S... H&S are reversal not continuation patterns. You're forcing this pattern
TayFx
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This is just previous resistance forming support, nothing more, nothing less @Lanmar,
Lanmar
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@TayFx, My school of thought on classical chart patterns is based on the original Schabacker, Edwards and Magee. The link I sent you is written by Peter Brandt who's traded classical charting patterns for 45 years. They would agree with you that's not an official pattern, but because there is no better way to name it they've named it as such.
To be honest with you, I couldn't care less about the H&S. The price action is bullish no matter how you label it.
TayFx
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@Lanmar, The H&S and inv H&S is one of the highest probability REVERSAL patterns that exists stasticially. Don't care less about it, you're leaving money on the table!
TayFx
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@Lanmar, Yeah we can agree the price action is bullish. I just had to make sure you knew that this is technically not how H&S and Inv H&S patterns work. They are reversal not continuation patterns (although sure, in a fractal market with so much liquidity you can find H&S and call it a "continuation" pattern, when in reality it's just a tested resistance level becoming support.
Lanmar
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@TayFx, What you're showing below in the EURO is a standard H&S. Inverse H&S appears in two ways. Either a major bottom like you said (which would be a high probability reversal, or in the form of continuation in trend (I get that this is a hot debate and some chartists don't agree with its label. I'm in the camp that does.). In my experience, the inverse H&S during a continuation actually is a higher probability trade than a standard bottoming inverse H&S. At the end of the day all an inverse H&S is is price developing a low, followed by a lower low, followed by a low higher than the head. No need to overcomplicate labels. Success in trading is entirely based on risk management anyway.