It seems to me that you made the correct call based on what was happening at the time CM, but what happened next is perhaps a salutary warning to us all that a bull feature can easily 'morph' into a bear feature, so we shouldn't take to much for granted and expect 'dead certs'..........
ironically now the target has been made (and more), although by a somewhat indirect route..........!
TradeSmart. Right call, wrong result, but a clearcut no arguments failure and out for a small loss.
The 10 min chart shows plenty of room for up on both RSI and CCI, assuming that RSI is going to push to 80.Beware there is a resistance line across 70 on RSI , so it could top out.
I seem to recall that Post- Xmas a couple of years back was very volatile....
Post analysis on the bull flag.... A long lull at the final support point. Not what you would expect by any means. The safest formation is where the final low fails to make support, giving rise to a change in the support slope.
Then the Bear Flag that did perform, making target in one hit, and then dithering for ages in the lunchtime blues.PD bottom at 17:30, confirmed by vol divergence on ES for a long, holding right into the close for an out at target 333. What a surprise. :cheesy:
Is that 5 waves or 7 waves up? How many H&S and Inv. H&S were there today?
was volatile last year,although admitedly the prospect of Iraq gave everyone the jitters.Christmas week saw the Dow lose 206pts,followed by a gain in New Years week of 302 pts.
Just wish I was on the right side of those moves!!
Mr Shark - I'm sure the missus is right, but us 'addicts' have to stick together (and have fun hopefully :cheesy: )
I hope that you've got plenty of points in your Christmas stocking......!
Had a bit of a strange day today myself …….thought things were a bit too ‘toppy’ to take a long at the bull flag at 10350, and then looked for a short at 10375, hoping for a double-top to confirm (the top)…..didn’t happen, so took a short at the bear triangle at 10350 and exited far to early at 10320 at the PD……reversed to a long being SURE that it was the bottom……..went for a glass of ‘pigs ear’ and came back to find that I’d been stopped out at 10298……BY TWO POINTS……!! …….gathered composure and took another long at 10310, now convinced that the ‘V’ bottom WAS the bottom (for now!)……managed to get the exit right this time at the ND top at 10345…….
No one said it was gonna be easy, and never forget, there is no such thing as a ‘dead cert’….!!