The last several candles have had a small range and we have a dilemma here: several question for discussion.
Are we at support or resistance? This horizontal line that we are at is a daily line so it should be quite strong weather support or resistance. And remember S/R is a zone not a one line.
Also seen is a ascending triangle and although books say this is...
This is a textbook broadening wedge (megaphone). Although price can breakout either above the top line or below the lower line my bias is short. line as the 4h time frame shows overbought on RSI. This wedge has been touched by price 3 time on both top and bottom and this is the requirement for validation. I don’t know yet if I will take this trade as it is rather...
RSI overbought but MFI isn't
Market sure looks bullish but I don't chase overbought conditions. NQ looks like it wants to double top so staying cash for now.
I have peaked the trade in green with my target price as shown. I will re evaluate at tip of wedge as they may possibly be a good place to enter short for big profit.
SPY about to launch off the 2hr...chart!
chart self-explanatory. We are looking for a bounce just like the past bounces, we are slowely rising... should close big in the next few business days. Long here
A little dip there but the pattern still holds. Expecting it to go overbought tomorrow, since teh market can only go down on Thursday when the market is bullish.
I love seeing and showing examples of pattern breakouts. Either failed or successful. This is an example of a perfect breakout of down ward wedge on NQ position I took.
I will post more pattern succes and failures as they arise.
NQ one hour time frame entered into an up channel. The market is now breaking the counter trend line bullish. If the market can close above the counter trend line bullish and stay above the counter trend line bullish. The research shows it should push +1,000 ticks towards the Fibonacci limit.
