Whats up Traders -
Just looking at the charts for previous signals and potential future signals.
We see that in the last few weeks, day traders could have acted on two very common trading signals -
- Hanging Man
- Hammer pattern
Both of these signals formed and were confirmed, and would have led to winning trades.
Now that we are back to the resistance line of the descending triangle, we are hoping to see a DOJI on the daily bar for 11/29/18. With a down day on 11/30/18, we would view this as a bearish signal and likely enter a short trade.
Anyway, hope this chart spurs some thought.
Let us know if you have any questions.
Just looking at the charts for previous signals and potential future signals.
We see that in the last few weeks, day traders could have acted on two very common trading signals -
- Hanging Man
- Hammer pattern
Both of these signals formed and were confirmed, and would have led to winning trades.
Now that we are back to the resistance line of the descending triangle, we are hoping to see a DOJI on the daily bar for 11/29/18. With a down day on 11/30/18, we would view this as a bearish signal and likely enter a short trade.
Anyway, hope this chart spurs some thought.
Let us know if you have any questions.
There was a nice DOJI painted on 11/8.
We had a similar DOJI painted yesterday 11/29.
With a bearish engulfing candle today would indicate to me that the market is bearish. I would avoid this signal however, if it paints, for the following reason:
I fully expect trump to announce 'some sort of vague, promising statement Saturday / Sunday after meeting with Xi Jinping. The market is primed up and it could easily break pattern and jump 500-1000 pts on this type of arbitrary news.
A tweet that reads ' We're moving forward, things are getting better, were going to halt with tariff increases, etc.' would move this market sharply, whether for a short burst or long.
Storms change direction without warning. Best not be out at sea.