Looking at the SPX chart here on Oct 12th 2010, we can see the index has reached our next larger resist area posted in the last article, 1169 - 1173. So far the bears have not been able to breakdown any major short term support areas. From the right shoulder on the SPX, the index has gained [...]
http://www.canadafinance.net/inverse-head-shoulders-pattern/ The Link above is from Sept 20 2010 illustrating the breakout over the right shoulder of the Inverse Head and Shoulders pattern originally discussed on Sept 14th. Today the SPX closed over a trendline which held the bulls back for about 10 days. Over todays close at 1160.75 , 1169 – 1173 is the next [...]
There is a big battle going on at the larger trendlines. The SPX upper flag trendline and a potential right shoulder area are giving the bulls a very tough time. As for the Head and Shoulders pattern, price wise we are at the left shoulder levels exactly, time wise we did exceed the perfect spot, [...]
These are charts of the SPX and DJI. On Sept 21, I posted that a potential trendline was nearing on the SPX and DJI indices. 14:36] <ninja> 818 – 25 next DJI resist area imo [14:42] <ninja> is testing the tl fwiw SPX 47.7′s [14:45] <ninja> this is a HUGE area for SPX imo [14:45] [...]
http://www.canadafinance.net/the-two-big-potential-patterns/ On Sept 14th I posted an article about 2 conflicting patterns, (above link). As the week progressed the indices continued to hold support and consolidated higher. Today the indices broke out over important resistances, as seen on an updated chart of the SPX. This breakout has potential to be longer term bullish, however there [...]
The Sept 14 logs are coming a bit late, but we can still examine what occurred that day. The strategy I have described to you worked very today as you will see below. If you are reading this and are wondering what strategy I am referring to, please visit this link. http://www.canadafinance.net/a-stock-trade/ [08:37] <ninja> 18 [...]
A Head and Shoulders potential is possible. A close over 1124.80 would make this pattern invalid in my opinion. IF, the S&P head and shoulders is to work, 1113 area needs to break. The bears could start gaining control then, and further downside is possible.
Click on image for a better view! The above chart is a daily of the DJI. The larger pattern displayed is a potential Head and Shoulders pattern. This is shown with the blue trend lines labeled 67 and 69 bars, these are the shoulders. The next pattern possibly developing within this pattern has potential of being another [...]
In the last article I posted a strategy and an example of a trading opportunity from a real time chat room. Today and going forward, I will post excerpts from these logs, for both stock trading opportunities and market conditions, supports and resistances. From Sept 09th 14:44] <ninja> has more of an upside possible imo [...]
Let us begin with a trade in stocks. Most of my trades are breakout plays. By this I mean, if XYZ has resistance at $10.00, a Breakout will be over $10.00. I would consider buying at $10.05. A stop loss area is a must, and I try to post an area that XYZ should not [...]
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