Greetings Traders!
A quick note on something I'm seeing in the charts and that is on the daily chart I see an unusual presence of professional here at the top. Usually I'd see this type of pattern at the tops and start looking for a reversal, but hold on a minute. This is slightly different in that the pattern (Pros bunched up here in circle) is somewhat sideways rather than on a nice exhaustion spike. This tells me we have an "argument" here and if I were a betting man I'd say we have a break to newer highs before we hit fresh lows! Now, as you know I don't predict per se, but this sure looks dandy. Looking back in history I really don't see this happen on this timeframe often, well, nearly ever, so I'm out on a limb here but it's all a game of odds, right? So my analysis says bigger picture up. Will I take some shorts on shorter time frames? Hell yes, I'll take em' both ways... Let me know if see a different picture, interested to hear your analysis and reasoning... Good Trades! Trader Joe
2 Comments
Hector
4/8/2019 12:28:02 am
Hi great analysis. Daily chart continues to be bullish making higher highs and higher lows, while there is a negative divergence of the bid/ask oscillator and price on my chart is almost 3 ATRs from the mean, a level that has pushed price down consistently before.
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Trader Joe
4/9/2019 10:02:41 pm
Thanks for your thoughts! Problem I always seem to run into is that trends always last longer than I think. I have no doubt that there will be a pullback, maybe it will even be tradable but until the trend actually reverses I plan on keeping the shorts on a short leash and stretching the longs for now...
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Author"Trader Joe" trades the Emini S&P exclusively and is the main influence behind EminEdge.com. Archives
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