Timing is key
Long

SPDR S&P OIL & GAS EXPLORATION.... The birth of a breakout!

AMEX:XOP   SPDR S&P OIL & GAS EXPLOR & PRODUCT
317 1 5
Hello all,

After a long downtrend you can observe 2 major clues of an impending upward breakout. First the 3 contracting downswings and second the 4 rising bottoms that together have formed a nice Inverted Expanding Pivot ( Or classic Pennant ). The other interesting clues is beginning with the low with have a classic Andrews 5 Pivot count and all the low pivots have failed to reach their respective median lines which are all sign's that the Bulls are building up their positions. I will be stalking this one closely as these moves can be BIG..... Traps are Set!!

PS: Also the last few bars have formed a nice little channel which Andrews used to project the future target by counting the number of touches of the swings.....Conservative 43 and possibly much higher.

Thanks
Well......The Breakout was certainly BIG but in the opposite direction!! So, The Long didn't activate as point 3 was never reached! so as this thing dropped to the lower part of the channel it created 'Touch 2' on the downside, and closed below the channel! The slight breach of the upper parallel of the pitchfork was contained with a sliding parallel! Which left only ONE possible short target confirmed with 2 separate Andrews Methods, The Purple median Line + 2 times the horizontal channel....both coinciding!!........Sometimes there is more to be learn't from a pattern failure when you keep applying the rules......See chart for the short entry signal!!
snapshot
Reply
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体中文
繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out