TrendSurfer
109 posts
msg #64289
- Ignore TrendSurfer
modified |
6/24/2008 3:09:33 PM
:::petrol:::
Weekly action from two years ago doesn't go unnoticed, and holds much, much less SIGNIFICANCE to me, than the action I trade in MY TIME.
That totally makes my point about mastering the time zone you trade in. But I tell you what. Even if I traded a two or three year weekly chart alone (which I don't), I would have a very strong bias right now using a Daily 6 month chart to time the entry.
However, here is what I see...
Take the top of the head down to the bottom of the neckline.
Now take that same distance and draw a line horizontal across your chart underneath down from the neckline. What do you see??
I do have a bias here, the more fear that is in the news, the more I anticipate the opposite. but it doesn't really matter. If we bounce off support into a rally, I'm ready. If we break-down, I'm ready. And the alarms are set both ways.
Squint your eyes and see those juicy run ups and downs on your two year chart, draw some trend lines up, down and sideways. Those moves last for weeks. Take the extremes OFF the tops and the bottoms of them, see the meat of the move, that's where I play 90% of the time.
Sorry had to modify this post and make reference to :::petrols::: chart with the big red background. Shoot, big red background chart with a big red weekly head and shoulders. That would scare just about anybody! LOL...
Thanks for sharing!
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FuriousThug
256 posts
msg #64290
- Ignore FuriousThug |
6/24/2008 3:21:22 PM
Dow also broke below a 30+ year trendline last Friday. Will be interesting to see where that takes it.
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FuriousThug
256 posts
msg #64293
- Ignore FuriousThug |
6/24/2008 3:36:52 PM
It's like that chart is dripping blood...
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johnpaulca
12,036 posts
msg #64294
- Ignore johnpaulca |
6/24/2008 3:41:07 PM
Source: Amateur Investors
For those that have never heard of the Hindenburg Omen you may want to become familiar with it in the future. The Hindenburg Omen is the combination of several technical factors that measure the underlying condition of the stock market such that the probability of a significant drop is higher than normal.
The conditions that must be met to trigger a confirmed Hindenburg Omen include the following:
1. The daily number of NYSE new 52 Week Highs and the daily number of new 52 Week Lows must both be greater than 2.2 percent of total NYSE issues traded that day.
2. The NYSE 10 Week Moving Average is rising.
3. The McClellan Oscillator is negative on that same day.
4. The new 52 Week Highs cannot be more than twice the new 52 Week Lows (however new 52 Week Lows can be more than double new 52 Week Highs).
5. Two or more signals have to occur within a 36 day period.
From a historical perspective the probability of a move greater than 5% to the downside after a confirmed Hindenburg Omen within 41 days has been around 77%. The last confirmed Hindenburg Omen signal occurred this past Monday (June 16th) which has been followed by a 4% drop in the Dow so far. Prior to this current signal there was also a confirmed Hindenburg Omen from mid October through early November of 2007 in which the Dow peaked at 13962 on 10/31/07 and then fell to 12274 by 11/26/07 for a drop of 12% over 17 trading days.
Keep in mind it's very rare to see a confirmed Hindenburg Omen as there have only been 28 occurrences since the mid 1980's.
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TrendSurfer
109 posts
msg #64295
- Ignore TrendSurfer
modified |
6/24/2008 3:48:43 PM
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haskellb2006
22 posts
msg #64296
- Ignore haskellb2006 |
6/24/2008 3:52:46 PM
Wow , I have only heard of head and shoulder patterns, Geeze on that chart I can even see eyes and a mouth I think.....
About CNBC, the perfect - in your face - Pump and Dump Channel.
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TrendSurfer
109 posts
msg #64304
- Ignore TrendSurfer
modified |
6/24/2008 7:39:53 PM
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rfrost13
5 posts
msg #64308
- Ignore rfrost13 |
6/24/2008 9:35:29 PM
wow, I think I have learned more in the last week than ever before combined, It is nice to be able to focus for a change and start seeing what the chart is telling me not what I want it to say, thanks.
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TrendSurfer
109 posts
msg #64327
- Ignore TrendSurfer
modified |
6/25/2008 11:33:53 AM
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TrendSurfer
109 posts
msg #64372
- Ignore TrendSurfer
modified |
6/26/2008 3:33:33 PM
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