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Dear Ali
That was why I said in my post to RT that if the H&S broke it would be good for the bulls (i.e. the Spoo would be going up), but if it turned out to be only a retracement the bears would jump in (I was thinking of the current upper trend line on the Spoo) and bring it down again. If the latter scenario takes place, the S&P formation would be short lived and as Propser pointed out that formation might then, in the later and larger scheme of things, turn out to be the left shoulder of a much large H&S formation, who knows, maybe...
The point about alerting people to this current little one, together with the substantial two-bar reversal, is that there may be some mileage, if only in the short term. It is important to note is that it has not broken yet and, indeed, it might not, but it is good to be aware. Seeing a possibility makes you look at other factors to get confirmation or otherwise. The more you are aware before a set-up breaks, the better. As you know, much depends on the res/sup lines and the intraday picture viz a viz the price action. What trade, what target, what stop and the r/r/r are again other factors, as well as the confirmation or otherwise of the other time frames, etc, etc,
Take care and focus on what the market tells you. It is the price action which is supreme!
Bill Eykyn
PS While you wrote privately, I am copying this to RT as a follow up, for further consideration for those on the list who are interested...
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