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Apologize if this dumps before an ideal truncated double top. But at least you know where it's heading if it doesn't.
Trade active
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hope at least somebody other than myself actually did this, even to a minimal extent.
tomorrow should be glorious if so.
you probably won't be wealthy just yet, but if you roll profits from this "position" style of trading retroactively into metals as they sell off with the market, you could legitimately become relatively rich while everyone else gets poorer.
pretty sure I just stole that last line from Robinhood's mission statement, so apologize for the lack of creativity.
whats most interesting is that the "w" (right shoulder) got blocked and reversed course. I've searched 100s of "w"s dating back to 2000 and have not found a single similar example.
Believe that this anomoly is better confirmation than any sort of MA breakdown or RSI/MACD reading.
ttk100
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@Perma_Pig, first, thank you. it worked out super well. I dont totally understand what you mean by blocked and reversed. Like that it finished a H&S already before? ( i have seen this super often...)
UnknownUnicorn5511258
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@ttk100, you are welcome sir. basically what I mean to say is that whenever a W on the dow forms, it denotes a corrective wave sequence. The last part of the W is always the highest point, unless it gets "blocked" or "truncated," in which case, the next move down is sure to be violent.
stemwinder1
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Im impressed by your views. How can I become a member? Richard
UnknownUnicorn5511258
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@stemwinder1, thanks. I think you can just follow me since I don't charge anything (yet).
worldlyOrange44194
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@Perma_Pig nice charts - I loaded up on some puts on QQQ and SPY last week and added DIA today, what're your exit(SL) strategies here or none at all?
UnknownUnicorn5511258
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@worldlyOrange44194, exit Dow around 26000 and then re-enter if it just looks like a rip down.
FelixTheWhale1
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Good idea, thank you. Interesting, that the highs of pre-corona and last week's in EUR chart of DJA are absolutely the same. But today it was green in Frankfurt and closed at approx 28500, heading back to ATH
UnknownUnicorn5511258
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@FelixTheWhale1 I had noticed the same correlation, but I don’t think that’s going to hold up from this point on with brexit and whatnot. More importantly, if it’s another red open tomorrow, then we could see a rather violent move down across the board. It’ll be the inflection point marking where people thinking this is a simple “correction” to actual panic selling.