SPY broke out of it's triangle today. The R line on the rectangle can become support..so i should be all over this..but I am not..I love the S&P ut RWs scare me..indicates an imbalance in supply and demand and charts are just an xray or Supply & Demand..
If it were not for the rising wedge(s) I would be tickled pink...I am happy but cautious..I am like not another one!!! There have been several in this chart and I did not draw them all..It has fallen from most of them..strong stock averages a small fall...35% is the norm but the fall can be severe in some cases..crm broke up and out of a RW>.seems to be paying the price now..a rw can make a great enty after the fall though..
Rising Narrowing Wedges can be bearish. (usually are bearish) I hate to give this speech again, but as a rule they signal a break down of price eventually...but it may not be tomorrow, this week or this month. There is no way to know if and when it will happen..it is just a Proceed with caution pattern. The pattern is not valid until lower trendline is broken and it has not been. RWs can be very long term patterns. A parabolic arc can be a long term pattern as well but I do not like to get in at the top of an arc. We are all different..that is what makes the world go round (o:
I feel it is best to be a trader who makes a lot of money verses a trader who makes a lot of trades...if you do not know what you see or you are not sure, maybe skip it..there is always another trade..
You know that feeling you get when something does not feel right?? It is like a spark of hesitancy or a shaky feeling/not true fear but like this
impulse my brain has been sending me that will not go away! The market does not feel right to me and I am probably crazy so don't listen..lol..I do not like rising, narrowing wedges and never will..My next book I read will be on going short..just in case. I want to know how anyway cos u can make money going down and up. But shorting in a BULL market is not a gr8 idea..but all bull markets end..or do they?
Just an observation
If it were not for the rising wedge(s) I would be tickled pink...I am happy but cautious..I am like not another one!!! There have been several in this chart and I did not draw them all..It has fallen from most of them..strong stock averages a small fall...35% is the norm but the fall can be severe in some cases..crm broke up and out of a RW>.seems to be paying the price now..a rw can make a great enty after the fall though..
Rising Narrowing Wedges can be bearish. (usually are bearish) I hate to give this speech again, but as a rule they signal a break down of price eventually...but it may not be tomorrow, this week or this month. There is no way to know if and when it will happen..it is just a Proceed with caution pattern. The pattern is not valid until lower trendline is broken and it has not been. RWs can be very long term patterns. A parabolic arc can be a long term pattern as well but I do not like to get in at the top of an arc. We are all different..that is what makes the world go round (o:
I feel it is best to be a trader who makes a lot of money verses a trader who makes a lot of trades...if you do not know what you see or you are not sure, maybe skip it..there is always another trade..
You know that feeling you get when something does not feel right?? It is like a spark of hesitancy or a shaky feeling/not true fear but like this
impulse my brain has been sending me that will not go away! The market does not feel right to me and I am probably crazy so don't listen..lol..I do not like rising, narrowing wedges and never will..My next book I read will be on going short..just in case. I want to know how anyway cos u can make money going down and up. But shorting in a BULL market is not a gr8 idea..but all bull markets end..or do they?
Just an observation