We took an intraday play this AM under 13900....just for an expected run to around 14100-14150. Wasn't sure how the movement would play out...but overall it was a "Fire and Forget" kind of day. A perfect Monday IMO. Looks like she's going to complete an AB=CD....Im setting the final PT around 075-100 for the intraday run. Stops set at 13975 and trailing from...
1) HSD Pattern at 15mins chart 2) multiple long wick rejections at 4hr chart 3) divergence 4) fib rejection from 71% level 5) Trend: downtrend
AUDCHF create a h & s pattern Entry point is Sell: 0.6640 SL: 0.6670 TP: 0.6690
I have a solution. Use the moving average 50 period low. Check the 4h chart on US30. Insert a 50 period moving average low. Insert support and resistance lines. You will notice a couple of things, at the end of the last equity rally, it was profitable to short the market EVERY TIME once the price CLOSED below the 50MA. In other words you couldn't go wrong...
Seeing a great idea from our dear mod Technician, i decided to check this a bit more and see if there is any tight correlation. Going backwards i actually does show some correlation in 2011 and 2007. Whenever XLY/XLP changed a trend and/or showed divergence to the price action, the stock index would go down as well. The ration was good to be used to see the top...