"This is my trading journal, not a trade recommendation. I Will be Posting and updating the ideas regularly, as market progresses, only for educational purposes for me and others who want to benifit from my experience.
Don’t do what everybody else does because they are loosing. Simply by seeing head and shoulders,either they shorted the market or else exited from their long position.
Clearly market was at oversold position and on top of that was at known support level. Hence reversed nicely. What next? It seems that for sometime it will be in a downward channel and will give nice trading opportunities at conference points. For reversal to long position, will be keeping tab on the market and take long position when market structure tells when it will be safe to initiate long.
DISCLAIMER:
Trading in the stocks market or futures markets is on e of the riskiest forms of investments available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose. Nothing in this analysis is a recommendation to buy or sell stocks or futures and I shall not be liable for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from the use of this analysis or reliance on such information. Consult your financial advisor prior to investing is stock market.
This is one person’s experience, your experience may differ. Past perfomance is not gaurantee of future gains.
Don’t do what everybody else does because they are loosing. Simply by seeing head and shoulders,either they shorted the market or else exited from their long position.
Clearly market was at oversold position and on top of that was at known support level. Hence reversed nicely. What next? It seems that for sometime it will be in a downward channel and will give nice trading opportunities at conference points. For reversal to long position, will be keeping tab on the market and take long position when market structure tells when it will be safe to initiate long.
DISCLAIMER:
Trading in the stocks market or futures markets is on e of the riskiest forms of investments available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose. Nothing in this analysis is a recommendation to buy or sell stocks or futures and I shall not be liable for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from the use of this analysis or reliance on such information. Consult your financial advisor prior to investing is stock market.
This is one person’s experience, your experience may differ. Past perfomance is not gaurantee of future gains.
Comment:
Oversold in downward channel.
Comment:
The great question is whether market will follow Andrews pitchfork that is downward channel in yellow of will it follow modified Andrews pitchfork having greater angle of descent.
Comment:
Errata: in description read conference point as confluence point and in last update the downward Channel in yellow is modified Andrew's pitchfork and pitchfork having greater angle of descent is Andrew's pitchfork.
Comment:
Last two bars at supply line are with diminishing volume. Market is on springboard. Market should be long from here till supply line of yellow channel. Bye bye Andrew’s pitchfork
Comment:
1. ABSORPTION of supply.
2. Inside bar + NR7 day on daily scale.
3. Volatility contraction, expension coming.
3. It is a buy, stoploss below TR (of absorption)
2. Inside bar + NR7 day on daily scale.
3. Volatility contraction, expension coming.
3. It is a buy, stoploss below TR (of absorption)
Comment:
Also Jump across the creek and test of it in above chart.