#1
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Bottom is in? Anatomy of a Key Reversal Day
Quote from a post made this morning before the open
http://forumserver.twoplustwo.com/showth...=0#Post11693267 Nite Session Heads Up - Reversal Near? "On the day of the reversal there will be nothing but sellers, all hope lost, market down dramatically early with later reversal, close near highs and huge volume" That happened, in spades, today. Do you think it will hold? Below is a pictue in the micro time frame of the bottom which was established at seconds past 1000 AM Vegas time. While the graph covers only 13 minutes of the 7 hour session it does, for some, pinpoint the bottom. In the graph you will notice lower lows and lower highs in both price and the buy/sell power indicator until 1000 and then higher highs and higher lows in both. The red measures selling and the blue buying, from this graph you can see the moment of change, almost no buying before and very little selling after. Do you think this bottom will hold? Do you think we will make new highs from here? I think this is the start of a tradeable rally but that it will fail to make new highs. The standard description of the first major rally in a Bear Market is that it is very vigorous but fails just short of new highs. |
#2
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Re: Bottom is in? Anatomy of a Key Reversal Day
I think from a candlestick pattern point of view we have seen a hammer today, which is a sign of reversal.
There's one thing missing at this point: "The following day needs to confirm the Hammer signal with a strong bullish day." |
#3
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Re: Bottom is in? Anatomy of a Key Reversal Day
I agree. Looks like 10% correction bottom. Technical looks textbook, hopefully we go positive tomorrow.
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#4
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Re: Bottom is in? Anatomy of a Key Reversal Day
Charts really don't mean all that much in this environment.
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#5
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Value of Charts
The value of charts in any enviornment depends equally on the quality of the chart and the expertise of the person using the chart.
I trade the micro time frames and my trading is 100% based on real-time 1 minute and lower time frame charts while referencing 2 higher time frames. |
#6
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Re: Value of Charts
wow you people really are blind
anyone long in this market will get killed |
#7
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Key Reversal
Did you notice a key reversal today on huge volume. Talk about blind.
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#8
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Re: Value of Charts
[ QUOTE ]
wow you people really are blind anyone long in this market will get killed [/ QUOTE ] Until March 3rd, 2008 probably not killed, but they will have a tough time making a buck. |
#9
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Re: Key Reversal
[ QUOTE ]
Did you notice a key reversal today on huge volume. Talk about blind. [/ QUOTE ] lol go buy countrywide with the other bulls4life on this forum |
#10
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Re: Value of Charts
[ QUOTE ]
wow you people really are blind anyone long in this market will get killed [/ QUOTE ] I'm long MSFT, NAT and AUY. Should I use my revolver or slow acting poisen. On a side note, Bears are funny creatures, don't you guys ever hibernate? [img]/images/graemlins/smile.gif[/img] Jimbo |
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