No doubt 10% is a great performance on the day but given the fear and uncertainty we can expect some giveback. I am a mega bear in the long run but right now there is a chance for a Bump and run reversal bottom on a very small timeframe.
If you have the risk tolerance and a good strategy you could play this formation. If you are looking to add to your short but you don't want to do it recklessly then you would look to short at the performance of this BARR. So this post is good both for shorter looking for an entry or high adrenaline intra-day or swing traders.
The BARR has a lead in structure in blue, which sets up the trend line we would need for the BARR. The bump is the move down, which creates the Bump Hight, which we use for target setting. The bump sets up the throwback to the Lead In Trend Trend Line and when that trend line is confirmed as support, we get the run.
Full target setting can be found here:http://thepatternsite.com/barrb.html A quick look at targets are shown on the chart. The blue line on the chart is the 200w SMA and the purple is the 50W SMA formatted to fit on the hourly chart. I think we have a high chance of getting to or just above the 50W to before price action gets smacked down but right now that is me hoping for over-performance that may not occur.
I am excited for a chance to get to play this 10% pump with all the tools at my disposal. If you are long or short this should be a helpful post. If there is no throw back there is no confirmation. If the lead in trend line does not act as support then there is no confirmation. Confirmation requires patience and maturity. I recently got whacked pretty hard on one of my trades not waiting for confirmation and even though I was up big for the day, week, and month that crap trade ruined the emotional effect of my trade because I knew I could have done better.
Wait for confirmation if you looking for this BARR. Not financial advice, of course. But the best pattern can get busted.
If you have the risk tolerance and a good strategy you could play this formation. If you are looking to add to your short but you don't want to do it recklessly then you would look to short at the performance of this BARR. So this post is good both for shorter looking for an entry or high adrenaline intra-day or swing traders.
The BARR has a lead in structure in blue, which sets up the trend line we would need for the BARR. The bump is the move down, which creates the Bump Hight, which we use for target setting. The bump sets up the throwback to the Lead In Trend Trend Line and when that trend line is confirmed as support, we get the run.
Full target setting can be found here:http://thepatternsite.com/barrb.html A quick look at targets are shown on the chart. The blue line on the chart is the 200w SMA and the purple is the 50W SMA formatted to fit on the hourly chart. I think we have a high chance of getting to or just above the 50W to before price action gets smacked down but right now that is me hoping for over-performance that may not occur.
I am excited for a chance to get to play this 10% pump with all the tools at my disposal. If you are long or short this should be a helpful post. If there is no throw back there is no confirmation. If the lead in trend line does not act as support then there is no confirmation. Confirmation requires patience and maturity. I recently got whacked pretty hard on one of my trades not waiting for confirmation and even though I was up big for the day, week, and month that crap trade ruined the emotional effect of my trade because I knew I could have done better.
Wait for confirmation if you looking for this BARR. Not financial advice, of course. But the best pattern can get busted.
Comment:
Lack of confirmation on this potential bounce structure. Looks like an absence of buyers under these conditions and now we have more bears.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion
