seine

Pointing out minor reversals

AMEX:SPY   SPDR S&P 500 ETF
943 10 11
Please see the notes on the chart.
This strategy was developed by Larry Williams .
JCrusadr
2 years ago
Is this a weekly chart?
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seine JCrusadr
2 years ago
yes this is a weekly chart but the strategy applies to daily as well. You can use this in stocks or commodities too.
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Sunny88
2 years ago
You meant it is the top or bottom depending on Fri.'s closing price?
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seine Sunny88
2 years ago
when the bar closes near the high, it is indicating a minor top. The idea it that when such things happen, the buyers are done buying. When there is no longer any buy pressure, it is top out even if no one is really selling it. However, just because the friday's close was near the high of the week, does not mean it is reverse right away. If you look at previous instances, you can see it generally takes one more bar to turn the direction.
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seine seine
2 years ago
it will top out*
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IvanLabrie TOP seine
2 years ago
How can you use this information?
I think a stronger sign of weakness is a middle/lower bar close at the top, or a middle/high close at the bottom.
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seine IvanLabrie
2 years ago
Larry williams developed this. I find this useful in pointing out tops in stocks too. Just look at google with bars and the tops have a close at the high.
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claydoctor seine
2 years ago
could you update this?
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Sunny88 seine
2 years ago
jdst, closing at lowest price on 11/7/2014, but that is the top of several months.
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Stockman
2 years ago
Lots of arrows....could hurt someone
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