Kris: In response, to your question it would depend upon what
time frame you trade. For example, on the daily chart, you may see
a doji form to trade against at the end of the day. Just have to
see at the end of the day to see how things appear...always keep a
stop in place once you have a valid trigger.
On the 5 minute chart, there was a doji to trade against that
produced an intraday pullback today.
Thanks Steve for the information. I am working with the daily
chart and i will use the doji as a trigger. The symmetry webinair w
ill also be instructive to me.
remember QQQ on the daily and the fractal nature of symmetry.
QQQ broke the symmetry uptrend from the Nov low in early
June, which lead to the lower high bounce and shorting opportunity
as QQQ then sold off to form a new low in early July.
However zooming further out to a larger time frame (next
fractal) it didn't break the symmetry from the June 2016 lows.
The bullish view would be this was an ABC pullback from the
highs with the lower high rally as wave B and the low as C.
Again that's just one possibility, it could also still be in
a larger complex correction and go down again. On the 60 min
time frame it has yet to take out the last lower high and there is
some negative divergence via the RSI and CCI, however the MACD is
still strong, which means it could also simply bull flag out.
Again depends on your triggers and time frame.
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Kris: In response, to your
buying SQQQ now ?
Posted by steve on 13th of Jul 2017 at 11:34 am
Kris: In response, to your question it would depend upon what time frame you trade. For example, on the daily chart, you may see a doji form to trade against at the end of the day. Just have to see at the end of the day to see how things appear...always keep a stop in place once you have a valid trigger.
On the 5 minute chart, there was a doji to trade against that produced an intraday pullback today.
Those are simply two examples -
Hope that helps.
Thanks Steve for the information.
Posted by kriske9 on 13th of Jul 2017 at 11:56 am
Thanks Steve for the information. I am working with the daily chart and i will use the doji as a trigger. The symmetry webinair w ill also be instructive to me.
remember QQQ on the daily
Posted by matt on 13th of Jul 2017 at 12:27 pm
remember QQQ on the daily and the fractal nature of symmetry. QQQ broke the symmetry uptrend from the Nov low in early June, which lead to the lower high bounce and shorting opportunity as QQQ then sold off to form a new low in early July.
However zooming further out to a larger time frame (next fractal) it didn't break the symmetry from the June 2016 lows. The bullish view would be this was an ABC pullback from the highs with the lower high rally as wave B and the low as C. Again that's just one possibility, it could also still be in a larger complex correction and go down again. On the 60 min time frame it has yet to take out the last lower high and there is some negative divergence via the RSI and CCI, however the MACD is still strong, which means it could also simply bull flag out. Again depends on your triggers and time frame.