-0.93% SPX In The Negative-0.93% SPX In The Negative
The E-mini S&P 500 Index Futures, could be potentially forming a diamond pattern on the 4-Hour chart, indicative of a coming decision from investors and traders on Wall Street.
If the pattern continues, which your author and trading friend suggests, new major support and resistances will be formed, and a strong market rally could occur or seem to begin, or rather continue, within 7 to 14 days.
If the diamond pattern fails to move price action into a continuance of bullish behaviour, alpha traders will be closely watching to sell out of up-trending swings.
If you've been in the rally and are currently positive watch for this diamond pattern on the 4-Hour and 1-Day Chart, as it will have a major effect/affect on the 1-Week Chart. Alpha Traders trading the weekly chart should take note of your moving averages.
What do you think? Leave your comments below.
Alphaplay
Practical Exercise - Understanding Fractal NatureMarket develops in FRACTALS.
Understanding how each timeframe is developing is important in timing our trade entries. When we decide to take any trade, we now have a better understanding and expectation of our trades.
Practical Exercise
1) Find an example where the two timeframes' bias are aligned.
2) Find another example where the two timeframes' bias are NOT aligned.
3) Keep trade of how these two examples develop.
Practical Exercise - Identify 3rd Market ScenarioUnderstanding that market moves in an impulse or corrective nature, we can now further categorise market moves into 3 scenarios.
Here we will illustrate the 3rd scenario - an impulse move, followed by a crawling move.
Practical Exercise
1) Find an example of such scenario in the market. It can be any currency pair, any timeframe.
2) Record down what's the next move after this scenario.
3) Repeat this practice to gather a total of 10 examples.
*Refer to the first comment below for a sample of this practical exercise.
Alphabet [Google] Potentially Breaking the All Time HighGlaxoSmithKline and Alphabet's life sciences unit are creating a new company focused on fighting diseases by targeting electrical signals in the body, jump-starting a new field of medicine known as bioelectronics.
For Verily, the tie-up is the latest sign that Google's desire to move beyond search engines into biology and other scientific areas is gaining traction.
www.cnbc.com