Posted by myleshar on 25th of Aug 2011 at 10:36 pm
anybody have any info or knowledge on what percentage of the
time that stocks which make a triple top fail and have large
retreats vs. what percentage pierce through the top with only a
mild correction?
Just wondering, triple tops seem scary to me... a la the
daily GDX chart
Posted by frtaylor on 25th of Aug 2011 at 11:30 pm
Don't know about that, (I need to look up "three mountains" in
Nison's book) but two things have my attention on the daily:
1. We had a higher high on Monday compared to the 7/25
high but the MACD did not confirm: negative divergence is
present.
2. The "K" signal line on the 60, 3 stochastics crossed below
80% today.
OTOH, today's volume was about 108% of average, which means it
could be more than a snap-back bounce. It can certainly go higher,
but I chickened out and sold my GDX today. So hard to stick
to the mechanical system!
Triple Top - GDX Question
Posted by myleshar on 25th of Aug 2011 at 10:36 pm
anybody have any info or knowledge on what percentage of the time that stocks which make a triple top fail and have large retreats vs. what percentage pierce through the top with only a mild correction?
Just wondering, triple tops seem scary to me... a la the daily GDX chart
http://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=6&dy=0&id=p03284489737&a=152377320&listNum=61
gdx triple top
Posted by rkelman on 26th of Aug 2011 at 12:00 am
that was not a triple top today , it was an outside reversal and could go higher triple top is back up at 64.
well, I didn't say the
Posted by myleshar on 26th of Aug 2011 at 02:34 am
well, I didn't say the triple top was today..... if you look at the chart I posted the three following points are the triple tops I am talking about;
Dec 2010 - 64.19
Apr 2011 - 64.14
few days ago - 64.05
Its pretty obvious if you look at the chart.
What does everybody else think?
http://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=6&dy=0&id=p03284489737&a=152377320&listNum=61
Don't know about that, (I
Posted by frtaylor on 25th of Aug 2011 at 11:30 pm
Don't know about that, (I need to look up "three mountains" in Nison's book) but two things have my attention on the daily:
1. We had a higher high on Monday compared to the 7/25 high but the MACD did not confirm: negative divergence is present.
2. The "K" signal line on the 60, 3 stochastics crossed below 80% today.
OTOH, today's volume was about 108% of average, which means it could be more than a snap-back bounce. It can certainly go higher, but I chickened out and sold my GDX today. So hard to stick to the mechanical system!
triple top
Posted by Michael on 25th of Aug 2011 at 10:59 pm
go to The Pattern Site and look it up.