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Good one, Stig!
Coming from a slightly different angle, I think you are right about falling
prices. While it doesn't make a jot of difference to me whether it falls
or flourishes, the pattern signalling it can help me as a day trader. For
starters, my Doji Sandwich pattern led to three good down days and, I would
say, put a cap on any upward move.
The prospect of a Third Time Thorough, would have put the position player
short directly from the DS and be quite a few ticks up by now waiting to see
if it is going to happen. The two-bar reversal into the week-end would have
had most people dubious, but the fact that the overnight is well down augurs
well for today; if it goes it will be a nice one I am sure. Incidentally,
you also have a flat bottom on the south side of a decent wedge, to give a
further measure of support for a downward move.
While you cannot tell till the bell goes, the fact that the overnight is off
considerably, may mean the opening will be a gap to follow rather than
close. But it could also give rise to an Oops trade in the opposite
direction. The 9.00am report could be the catalyst here - anyway, for
some, I am sure the ADX, RSI or a moving average, will show what's what
after the event, but for me, price action is the best form of indicator and
even in a daily time frame, sometimes...
We will all know in an hour or so! Have a good day, all...
Bill Eykyn
www.t-bondtrader.com
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