Panprop...here is the proper way to draw that wedge. Rising
wedges BEGIN at the top not the bottom. Also, I would suggest using
a smaller time frame vs 60 minutes as it's much easier to see the
wave structure. A PROPER trading wedge has 5 points and
that's very hard to envision on your chart. The afternoon
pullback was point 4 and push up point 5. If it breaks up to upside
(and holds) then wedge would be negated and may morph into a
channel. I also want to see divergence in place on the time frame
to SUPPORT a valid wedge.
DIA ($INDU)
Posted by panaprop on 27th of Aug 2015 at 03:09 pm
http://schrts.co/NVGlpD
Bearish rising wedge
Panprop...here is the proper way
Posted by steve on 27th of Aug 2015 at 06:06 pm
Panprop...here is the proper way to draw that wedge. Rising wedges BEGIN at the top not the bottom. Also, I would suggest using a smaller time frame vs 60 minutes as it's much easier to see the wave structure. A PROPER trading wedge has 5 points and that's very hard to envision on your chart. The afternoon pullback was point 4 and push up point 5. If it breaks up to upside (and holds) then wedge would be negated and may morph into a channel. I also want to see divergence in place on the time frame to SUPPORT a valid wedge.
http://stockcharts.com/h-sc/ui?s=DIA&p=60&b=5&g=0&id=p36917259582&a=422178502&r=1440711813154&cmd=print
This view is much easier to see the waves.
http://stockcharts.com/h-sc/ui?s=DIA&p=15&b=5&g=0&id=p83837103221&a=422186752&r=1440714030992&cmd=print
What's the time frame? I
Posted by frtaylor on 27th of Aug 2015 at 03:18 pm
What's the time frame? I don't have a stockcharts subscription.
You don't need one. Click
Posted by mcheberger on 27th of Aug 2015 at 03:26 pm
You don't need one. Click on the link and add to the end of the URL &cmd=print
When you do that you will see that it's a 60 minute chart.
Oh, that's right! forgot about
Posted by frtaylor on 27th of Aug 2015 at 03:41 pm
Oh, that's right! forgot about that little trick.