This is intended to be a forum for me to post chart ideas and hopefully receive feedback and stimulate discussion.It is not intended to constitute investment advice.
It just baffles the mind where "analysis" will see a H&S pattern. They seem to pop up like UFO's. And this one does not even qualify as an Ugly One ! What's really sad is this is a bearish pattern and the analysis will probably be right but for the wrong reasons, making this analysis look better than they really deserve. An Elliottwave service should know better than to mislabel this pattern so badly.Thus leading folks to trade what they want to see instead of what is really in front of them.
You can do TA on the PMs. You just have to be very careful how it is interpreted. This latest slam-down is an example where the TA of a paper pricing mechanism is in a parallel universe to the actual value of the commodity. Only suckers sell into a secnario like that, and the buyers see thru the Boole sheet. If you believe the TA on the PMs all the time, then might as well believe the Govt Statistics. The BB sell signal is there but does that mean sell? Hell NO.
Well I wasted my day holding confidently FXP. Then there was the Benny BS.
Have we learned NOTHING?? Dino the experienced trader has clearly stated that the first move after the FED is always correct. Squii, otoh, stated the amateur vision... fake out. I saw the BS retrace in full disgust, knowing with confidence that this was nothing but the FED Friends & Family popping the indicies on NO GD Volume, to wipe out the short stops. The first move is correct, the second move is the bastards trying to shore up their failed model, and the third move is where you make your money. I went for volatility rather than outright SP shorts. EMU might as well put his head back in the GD sand for a while, until the bombs make his {GD} (for consistency - lol} ears ring. Now we have all the clowns out, the Lion is loose, and the Elephant in the room has waked.
You have to understand, the paper price which is being traded, is in no way related to the value. This can't last. You can go wank yourself trading paper or you can accumulate and hedge. These geniuses can't seem to understand a wooden nickel has NO VALUE. The Value has been consistent for 5000+ years. Get a grip.
It just baffles the mind where "analysis" will see a H&S pattern. They seem to pop up like UFO's. And this one does not even qualify as an Ugly One ! What's really sad is this is a bearish pattern and the analysis will probably be right but for the wrong reasons, making this analysis look better than they really deserve. An Elliottwave service should know better than to mislabel this pattern so badly.Thus leading folks to trade what they want to see instead of what is really in front of them.
ReplyDeleteyes You're right you can't really draw a decent neckline on that ! does look toppy though
DeleteSzechuan Meatball:
ReplyDeletehttp://scharts.co/159GxQz
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Knee-slapper of the day. Lara does a count on Oil (3 down next).
ReplyDeletehttps://www.youtube.com/watch?v=1NWtj_Y__OE
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Uvee buy signal update:
ReplyDeletehttp://scharts.co/104xSIj
Hints to me we might be flagging in the middle of 3 down on SP.
BTW - Gold has a BB sell signal.
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I thought you couldnt do TA on gold ? :-)
DeleteYou can do TA on the PMs. You just have to be very careful how it is interpreted. This latest slam-down is an example where the TA of a paper pricing mechanism is in a parallel universe to the actual value of the commodity. Only suckers sell into a secnario like that, and the buyers see thru the Boole sheet. If you believe the TA on the PMs all the time, then might as well believe the Govt Statistics. The BB sell signal is there but does that mean sell? Hell NO.
ReplyDeleteTC saying bear mkt rally to 1420 according to HD :-)
ReplyDeleteWell I wasted my day holding confidently FXP. Then there was the Benny BS.
ReplyDeleteHave we learned NOTHING?? Dino the experienced trader has clearly stated that the first move after the FED is always correct. Squii, otoh, stated the amateur vision... fake out. I saw the BS retrace in full disgust, knowing with confidence that this was nothing but the FED Friends & Family popping the indicies on NO GD Volume, to wipe out the short stops. The first move is correct, the second move is the bastards trying to shore up their failed model, and the third move is where you make your money. I went for volatility rather than outright SP shorts. EMU might as well put his head back in the GD sand for a while, until the bombs make his {GD} (for consistency - lol} ears ring. Now we have all the clowns out, the Lion is loose, and the Elephant in the room has waked.
TC can ... hehe
ReplyDeleteWe've got a cat MIA. I have important matters to attend to.
TC - Couldn't manage his way out of a GD wet paper bag with 3rd Gen Night Vision Scope and a Light Sabre, with the Force on his side.
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Ha ! Thought that might get a reaction :-)
DeleteYou have to understand, the paper price which is being traded, is in no way related to the value. This can't last. You can go wank yourself trading paper or you can accumulate and hedge. These geniuses can't seem to understand a wooden nickel has NO VALUE. The Value has been consistent for 5000+ years. Get a grip.
ReplyDeleteNEVER counter a comment with "you are right."
ReplyDeleteGD IT YOU!! are right, You argue the context. JC Boy, you snoozin in Statistics?
a HnS does need a neckline and that doesn't have one so I think he is technically correct
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