GS gapped up at the open and made a run for the neckline of the Inverse H&S basis the daily chart. That's resistance. It sold off from there, to the EMAs in the 10-minute chart. I bought 2,000 GS there, at 103.14.
Near-term resistance in the 5-Minute chart was horizontal resistance, at 103.52, up to 103.58, the top of the EMAs (yellow arrow). I sold at 103.52.
In the daily chart, GS entered the Kumo (Cloud) for the first time since late July and is at the bottom rung of that resistance, just below the neckline of the putative Inverse H&S.
Gain: $750
3 comments:
Just did a little research on your wolfe wave comments the other day to find out what that is. Looks interesting.
If you have a little extra time, I was wondering if you think the chart in the US Dollar might be showing a large scale wolfe wave dating back to July 2008.
Aside from the implications, whatever those may be: If it walks like a duck, talks like a duck... etc.
www.stockcharts.com Symbol: $USD
(if you don't have another way to look at it.) DX/Y or DXY is another common symbol.
-Dan
Hi, Dan,
I don't follow the dollar, but I had a peep at the chart that you linked, going back to November, 2008. I didn't see anything that looked like a Wolfe Wave, but I didn't study it in depth.
If you're interested, you might take a look at the Bearish Wolfe Wave in FCX at the end of July, posted in my archive section. That one was a doozie after the upside Fakeout/Breakout at Wave 5, which is a key element of the pattern.
FCX also had a Bearish Wolfe Wave breakdown last spring, which wasn't nearly as severe as the one in the summe. Some of the charts in late July will show that one, too.
Thanks. I will take a look!
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