"Bullishits" flag has failed. Can triangle still save bull run?
Updated
This is just a (crazy?) idea as a result of (over-?)analyzing the Gold chart in light of the last two days developments.
After I came up with the idea I started searching and was able to easily find on the web a couple of similar looking (though not Gold related) continuation symmetrical triangle patterns with the happy-ending bullish moves upon breakouts. Can you find similarities, especially with the RIG chart?
=> You'll have to click on or copy/paste the links below. Don't worry - they are safe. <=
I interpret them as a sign that though this my view might be crazy but at least not completely unrealistic. Landing on 200 MA, which I expect to be tagged and get bounced off as opposed to burn through it, could provide another argument in favour of the 'right' direction.
RIG
mysmartrend.com/images/ta-symmetrical-triangle.jpg
SUNW
d.stockcharts.com/school/data/media/chart_school/chart_analysis/chart_patterns/symmetrical_triangle_continuation/symtri-conti-sun2.png
Now - thoughts. I need your thoughts!
After I came up with the idea I started searching and was able to easily find on the web a couple of similar looking (though not Gold related) continuation symmetrical triangle patterns with the happy-ending bullish moves upon breakouts. Can you find similarities, especially with the RIG chart?
=> You'll have to click on or copy/paste the links below. Don't worry - they are safe. <=
I interpret them as a sign that though this my view might be crazy but at least not completely unrealistic. Landing on 200 MA, which I expect to be tagged and get bounced off as opposed to burn through it, could provide another argument in favour of the 'right' direction.
RIG
mysmartrend.com/images/ta-symmetrical-triangle.jpg
SUNW
d.stockcharts.com/school/data/media/chart_school/chart_analysis/chart_patterns/symmetrical_triangle_continuation/symtri-conti-sun2.png
Now - thoughts. I need your thoughts!
Comment
Is it how we are going to tag the daily 200 MA before taking off (and hopefully not breaking down on Friday unemployment report?Comment
If my theory is right then today and/or maybe tomorrow is the last chance to buy Gold on sale before the next big move.And if my theory is wrong than my theory is wrong...
However, regardless of what I'm saying (have said or will ever say) trade exclusively YOUR OWN plan. And, please, trade with care!
Below I redrawn the trendlile which is forming the lower border of the triangle (thick black line) more acurately, having it running precisely (up to the penny) through the June 20, 2015 and May 30, 2015 lows. In this version today's action have not compromised the trendline. Or, at least, haven't yet.
Comment
Comment
Will this flag shoot Gold to 70's today?Comment
Looks like another Gold'en bullish'it flag failure... Comment
Those who believe Gold will re-bounce next week and who don't mind some risk taking might consider the opportunity to buy JNUG today around the day's low.The risk is obviously holding the stock over the weekend into the promising but still unknown of the following week.
However, this is not a trade advice; trade your own plan. And, please, trade with care.
Comment
JNUG ran out of time on Fri as the trading session ended before the completion of the pattern. However, there still might be a chance that the triangle completes itself either before the beginning of Monday session or at around/shortly after opening.The pattern itself is rather bullish: thepatternsite.com/EWTriangleDescending.html
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For good or not (hopefully the former) but my $9.63 JNUG patiently waiting since late afternoon on Fri order got filled today in PM.Comment
Can the history repeat itself or is it just my wishful thinking?This week's action:
End of May action:
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In anticipation of the FOMC minutes I'm setting up another JNUG order at $9.51 (one cent above the recent low). SL at 3% below the purchase price. I don't hold my breath for it to get hit but I already have a position taken this morning so I'm quite indifferent whether it fills or not. The worst thing that could happen - the order gets filled but stopped out before JNUG turns around flies away. Happened to me before.However, should you decide to trade please trade YOUR OWN plan.
Comment
New day - new theory...
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