The FAZ broke down below this H&S Top and has tried to fend it off by forming the Bull Flag (the pattern in yellow)and rallying off that breakout, back to the neckline. So far, it hasn't hasn't managed to get through it. The high of the Right Shoulder (horizontal red line) is 43.08. Many shorts will use that as a stop, so the FAZ needs to get up there and knock that out. If it fails, the H&S Top pattern has roughly 39.00 IN PLAY.
5 comments:
Hey, Melf, adding your blog to my bookmarks since I hadn't before. Sorry I never respond to you on xTrends, I miss about 1/2 of everything there since each blog post gets so many comments.
Melf
Just became aware of your blog a little while ago because I happened to spot your post on xtrends. I will say that it can be very easy to miss any number of good posts and calls there due to the total number of posts there.
However, I will check out your calls, they look pretty good and I can use all the help I can get.
Hey Melf,
I seem to not be able to give you a kudos at xTrends so I'm giving it to you on your own blog.
You stuff is must read and helpful to me. You were also very generous and helpful to me a few years back at TT. Thank you
--John (gman at TT)
Good Morning, Susannah,
Perfectly alright, and I understand. As you say, there are a ton of comments to read on each blog post and I don't expect many responses. I just didn't expect, or appreciate, the negative comments on charting the 2X and 3X ETFs. Thanks.
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mdszj,
Thanks. I don't make calls. I follow the market as best I can, rather than "call" the market. If a pattern breaks out or breaks down, I identify the implied target that is IN PLAY, based on the pattern measurement. More importantly, in my view, I then structure the trade, if I like it well enough to play it. Where am I going to enter the trade? What's my target? Where's my stop? Is it a decent risk:reward?
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Hey, John!
Nice to see you again! Hope that you're doing well. Thanks for stopping by ;)
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