Re: Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders Quote:
Originally Posted by kaisen Hey ws, at what point do you conisder a pattern confirmed?
EG, currently we have 2 down candles on the 10TF and currently have 2 inside up candles creating a bear flag.
At what point would you consider the bear flag pattern negated? When a 10 candle closes higher than the last down candle or when the up candles exceed the first down candle?
If you could give your view on bull flags and any other pattern on this subject that would be greatly appreciated.
ATB  |
Sorry Kaisen I have been busy at the manchester county court office. I had to submit my defence against the crazy tenant I had previously.......going up the elevators to the 11th floor in the new office made me dizzy!!
I will give you an example of a scenario when I believe todays bull flags will be negated..
FTSE currently @ 4680 ...........
FTSE has produced bull flags all day long ............
FTSe has recently traded as high as 4692 and recently put in a low of 4675-4672...this is signs of exhaustion!!
I will wait for market to create a double top @ 4692 and then trade below 4675 .........that would be classed as a failed bull flag and market will then trade lower....
Double top @ 4692 could be a good level to short provided we get confirmation at that level ...........
my only concern at present is oils resilience and immense strength..........along with euro breaking above 1.43 !!
i would certainly not like to take a short position @ this moment in time ........
best to sit on the fence |