SET has been consolidating now for a while, hope you haven’t been greedy and has taken out your short term profits, since early June.
So what happened today? Did SET fool traders, with a false breakout, or is it simply retesting the breakout? Well, if we tomorrow get a Gap and Go, it could be a bullish ride worth to follow for, a while. If today’s pattern of a Bearish Engulfing is confirmed by SET tomorrow, then I hope all traders out there, do use a stop-loss to protect their losses.
I'm positive for SET
By the way I'm a swing trader, not a long term investor.
TF day SET look like to form pennant candlestick pattern with consolidation
TF wk SET look like MY OWN IMAGINARY cup with handle pattern. Now there is in handle phase (consolidation price, closed prices just slightly different
btw engulfing candle is actually terrified :(
things will get more clear. i'd prefer watch and see (positively)
SamuiTrader
⋅
@naratip, I agree with you, when it comes to the cup and handle; you’re imaging it :) no kidding aside, the bottom is too v-shaped for me to call it a cup but you might see something that I am missing!
What I have starting to draw is a pennant flag but not sure if I am imagining that. But if we wouldn't have had a breakthrough, on the 21th, and went south after the Doji (D), to test the rising bottom (≈1327-1330) and the went to north again, I would feel more confident in the flag pole.
I absolutely do agree with you about the engulfing, but if we get a close 1369-1370++ I will forget about it but since only a few minutes left today and not even close so I guess that Friday will be another interesting day.
By the way I'm a swing trader, not a long term investor.
TF day SET look like to form pennant candlestick pattern with consolidation
TF wk SET look like MY OWN IMAGINARY cup with handle pattern. Now there is in handle phase (consolidation price, closed prices just slightly different
btw engulfing candle is actually terrified :(
things will get more clear. i'd prefer watch and see (positively)