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Just wondering what the TA for this chart looks like New Born. Thanks for the TA on the other two. I hope the link works not sure how to copy a graph.
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Just wondering what the TA for this chart looks like New Born. Thanks for the TA on the other two. I hope the link works not sure how to copy a graph. -
Well I was jsut wondering what the TA looked like late in the last correction in GLD.
Is that a useful exercise?
Pardon the novice level of myh questions.Comment
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GLD July 2005
Here's the JULY 2005 GLD chart you just posted. The TA said that GLD was working on a symmetrical triangle, and whichever direction GLD traded out of that triangle would be the direction she would go.
There are major differences between the chart you posted (from 2005) and today's chart. 1. In 2005 GLD was on an uptrending movement, and the symmetrical triangle came as a 'continuation pattern;' i.e., it was a pause in the uptrend. Still, at the time, you had to wait to see which direction GLD would breakout because a symmetrical triangle is a pattern that says "it could go either way." It so happened that GLD brokeout to the upside and continued on. But today, GLD is working on a descending triangle, which is bearish. (The diffo between symmetrical triangles and descending is that the descending triangle has a flat bottom support line, while the symmetrical triangle has both the top and bottom support lines angling towards each other). Once GLD busts the support line South, then GLD should fall to the target of $42 or lower.
Thanks for posting. Does that answer your question clearly?
Below are three charts: yours that shows the symmetrical triangle, a second chart showing the uptrending line in 2005, and lastly, the most recent TA on today's GLD chart.
Last edited by New-born baby; 10-03-2006, 12:21 PM.Comment
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NB, I'm getting a new 20 day high on my TRIN indicator. Might need to start looking for longs...
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I agree. The S&P has a new high, and busted above resistance. AMLN is looking like she's putting in a temporary reversal candle today, too. But your oil stocks set up short very nicely, didn't they?Originally posted by Runner View Post
Hey, what longs do you like?Comment
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I covered my shorts in oil today and looking for longs!!Originally posted by New-born baby View PostComment
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ERTS is currently bouncing off lower channel and I got my eye on it.Comment
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Are you looking for oil longs?Comment
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WRLD is trying!Comment
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No, just locked in profits on oil. I'll need to do a sector check today.Originally posted by New-born baby View PostComment
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Here what I see in ERTS
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I don't have confirmation of Trin to go long yet. I need it to roll over. This has not happened yet!Comment
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