Where is the Dow & others heading in 2005?

[Bigbusiness]

Looks like an inverted H&S forming on the 5min YM.

 

[Bigbusiness]

To use the correct TA term, the right shoulder has gone all wonky.

 

[Racer]

GM main leader on the Dow up over 5% ROFL

 

[FetteredChinos]

lol BB.. i reckon that wonky pattern on the 5 now looks like a wonky triangle, which can lead to a mis-shapen breakout leading to undesirable results...

 

[rossored]

Fed up with this bleedin H&S.

Was long June futs 10520 : After 30 mins of slightly less than bu**er all, I got fed up and binned it for +1.

About two seconds later, it pumps up to 530.

Ah well.

(and as I type, NQ is again testing 1539, YM 528)

Anyone else still long?

 

[FetteredChinos]

still long?

 

[rossored]

still long?

Yes, you know - as in "still long", ie holding a long position, opposite to short - that kind of thing.

 

[Racer]

Considering TXN yesterday, Nas isn't doing much is it?

 

[rossored]

Nope.

As someone I once knew used to say - "she had a big fall down the stairs yesterday, and now she's sitting in a heap at the bottom step, recovering"

 

[rrtech]

When the right hand shoulder of an H&S is longer than the left does that mean it is almost certain to fail? And what is the target price of a break upwards, is it the length of the head or the length of the shoulders? Anyone know of a good site that explains chart patterns and maybe give percentage chances of success for them?

 

[JillyB]

Yes, you know - as in "still long", ie holding a long position, opposite to short - that kind of thing.

I'm still long.
Got in at 10504 (CMC) and holding.
One limit order hit at 10528 for 24, less spread.
Second one still holding. Second limit order set at 10548. (I'm playing safe). :cheesy:

 

[kriesau]

Oil on the way back up at $54.20

 

[frugi]

Traditionally the target is the distance between the top of the head and the neckline added on to the neckline, so this might be good for 560.

http://www.stockcharts.com/education/ChartAnalysis/

 

[Bigbusiness]

When the right hand shoulder of an H&S is longer than the left does that mean it is almost certain to fail? And what is the target price of a break upwards, is it the length of the head or the length of the shoulders? Anyone know of a good site that explains chart patterns and maybe give percentage chances of success for them?

This might help with the target.

www.trade2win.com/gallery/showphoto.php?photo=35&password=&sort=1&cat=512&page=1

I only take notice of them when I am expecting a move in the same direction and then I see a H&S as another reason why.

 

[ivorm]

When the right hand shoulder of an H&S is longer than the left does that mean it is almost certain to fail? And what is the target price of a break upwards, is it the length of the head or the length of the shoulders? Anyone know of a good site that explains chart patterns and maybe give percentage chances of success for them?

I'm not sure about a site, but a good book is "The Encyclopedia of Cart Patterns" by Thomas Bulkowski. HTH

Regards,

Ivor

 

[Racer]

Another sell off after 18:00 and nas falling back to nearly flat, bulls not keen to follow through.

Wait for the huge bounce now I said that

 

[Bluewave]

I think a few fingers got burnt after that swift move southwards. I have no idea which news forced the sell off... I just trade what I see.

 

[frugi]

Nowt like a failed pattern to cause a savage opposite move.
Morning gap filled but there's another from yesterday lurking a little lower at 475.

 

[frugi]

Gaps as requested Joules. There's one at 340 as well.

 

[roguetrader]

SOX finding buyers at the 200 week sma