This is not a bullish configuration. SRS looks like death on all timeframes. SRS is in a downtrend, the wedge is in a downtrend. This is considered a bearish configuration, however, yes anything can happen.
Are there any absolutes? I am not going to add to my charts my proprietary indicators, just the basic ones....I realize what trend each is in....and I also added on very short leash, not looking for much....I could be dead wrong, OK have stops set
I don't want to run with the herd, this is good for me....I'm not on any side.....nothing and n pattern is 100% ever
Come back and post after I put up my results....I am out in open so I would be on record right or wrong....doesnt matter
Expanding on earlier bullish and bearish configurations, look at intra day five minute IYR and SRS. 2 more good examples. IYR breaking up and out of a bullish triangle, and SRS out a bearish configuration. Not to say where the day ends, but real time patterns at work. IYR currently doing a double top 48.40 area. If the market gets going today in it's very overbought condition, which I doubt, but is possible, IYR will follow, and maybe out of the larger triangle in time.
This is not a bullish configuration. SRS looks like death on all timeframes. SRS is in a downtrend, the wedge is in a downtrend. This is considered a bearish configuration, however, yes anything can happen.
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http://www.leavittbrothers.com/education/chart_patterns/wedge_bearish.cfm
Are there any absolutes? I am not going to add to my charts my proprietary indicators, just the basic ones....I realize what trend each is in....and I also added on very short leash, not looking for much....I could be dead wrong, OK have stops set
ReplyDeleteI don't want to run with the herd, this is good for me....I'm not on any side.....nothing and n pattern is 100% ever
Come back and post after I put up my results....I am out in open so I would be on record right or wrong....doesnt matter
There was a time, some guy who didn't have to, helped me out. I am glad he did, and I am glad I listened. Have a good day and best of luck on trade.
ReplyDeleteExpanding on earlier bullish and bearish configurations, look at intra day five minute IYR and SRS. 2 more good examples. IYR breaking up and out of a bullish triangle, and SRS out a bearish configuration. Not to say where the day ends, but real time patterns at work. IYR currently doing a double top 48.40 area. If the market gets going today in it's very overbought condition, which I doubt, but is possible, IYR will follow, and maybe out of the larger triangle in time.
ReplyDelete