Double Bottom in stochastic & Momentum, sharp bounce off the multiple-Ma's, pierced resistance with a solid candle, calculated 6-7 point move to the next pivot level, upward trending day, multiple time frame confirming the move and I didn't take any trades today.
Well, isn't that wonderful.. Got back from work around 3:00 pm est and this classic move had already taken place, I didn't get in because the momentum started to turn down but price kept making higher highs. You shouldn't follow divergence/convergence indicators on trending days because they fail like stochastic but I like to be safe then sorry so I didn't go long and just watched the market struggle up and up. However, if you look back at the chart I posted of the S&P, you will definitely notice that we have broken through the MA lines or have come up to them to retest, very interesting time in the market.
4 comments:
too bad you weren't able to take any trades. it was a good day to be a bull
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The new layout looks good
thanks a lot guys.. I wanted something unique and I was getting tired of the same old white blog look. Let me know if the page is loading up slow or anything like that.
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