IMHO if this closes here with a long legged hammer then I would
see no retest.Personally it we close back above support as we may
with a nice hammer candle then I would be looking to get long
tomorrow around the body of the hammer with probably a stop about
50 (to 70%) down the leg of the hammer.If it eats much more
than 50% of the hammer then it is highly suspect IMO.I would
not necessarily expect a higher close tomorrow even if today is a
nice hammer.A narrow range day with price action around the head
would be fine with me but confirmation would be a close about the
candle high IF today is a hammer candle
Posted by parkridge77 on 3rd of Aug 2011 at 02:13 pm
Hurricane- ty for input- also thinking in energy- lows could
have been put in on so many charts here-- but only buying a little
here today-- Friday is once a month jobs #-- so might get another
shot at the low entries.
Also have in the back of my mind- it' sstill a long way to Labor
Day here
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Retest??
Here you go Marketguy!!
Posted by hurricanemalta on 3rd of Aug 2011 at 01:58 pm
IMHO if this closes here with a long legged hammer then I would see no retest.Personally it we close back above support as we may with a nice hammer candle then I would be looking to get long tomorrow around the body of the hammer with probably a stop about 50 (to 70%) down the leg of the hammer.If it eats much more than 50% of the hammer then it is highly suspect IMO.I would not necessarily expect a higher close tomorrow even if today is a nice hammer.A narrow range day with price action around the head would be fine with me but confirmation would be a close about the candle high IF today is a hammer candle
Hurricane- ty for input- also
Posted by parkridge77 on 3rd of Aug 2011 at 02:13 pm
Hurricane- ty for input- also thinking in energy- lows could have been put in on so many charts here-- but only buying a little here today-- Friday is once a month jobs #-- so might get another shot at the low entries.
Also have in the back of my mind- it' sstill a long way to Labor Day here