Be weary of the current state
I'm creating this chart to help remind us of the current state. We are low volume. Volume is decreasing. We are entering an area where we have to both challenge resistances, a pivot, and a long term trend isn't far above either of these places. This is where volume must pickup - or we see what a hammer affect is (I don't want to see a hammer effect). Keep an eye on the volume. We have seen this play out before...multiple times. If you choose to "Make it Mine" You will can go back and find more examples of the pattern I'm showing you. They have so far in 2018 all lead to falls.
Try to ignore the "head and shoulders" crowd today. You will see that there are 2 different head and shoulders formations. On the shorter timescales you'll see a bearish H&S. On the longer timescale, the right shoulder is nearly finished on an inverted H&S which is bullish. All this does is add to the confusion. All this should do is add to your discipline, and trigger your use of orders to protect your stack.
To "make it mine" and share back charts, or discuss these patterns with me - above this write-up is a "share" button. Its 2 lines with 3 dots. If you click the share button (to the left of the thumbs up) a new subwindow will open. From here choose the blue "Make it mine" button, and you will have a copy of this chart. Please, share it back. Seeing a tweaked version of my chart today - showing me you guys are working through this stuff - would be the biggest compliment of the day!
Regards!
I'm creating this chart to help remind us of the current state. We are low volume. Volume is decreasing. We are entering an area where we have to both challenge resistances, a pivot, and a long term trend isn't far above either of these places. This is where volume must pickup - or we see what a hammer affect is (I don't want to see a hammer effect). Keep an eye on the volume. We have seen this play out before...multiple times. If you choose to "Make it Mine" You will can go back and find more examples of the pattern I'm showing you. They have so far in 2018 all lead to falls.
Try to ignore the "head and shoulders" crowd today. You will see that there are 2 different head and shoulders formations. On the shorter timescales you'll see a bearish H&S. On the longer timescale, the right shoulder is nearly finished on an inverted H&S which is bullish. All this does is add to the confusion. All this should do is add to your discipline, and trigger your use of orders to protect your stack.
To "make it mine" and share back charts, or discuss these patterns with me - above this write-up is a "share" button. Its 2 lines with 3 dots. If you click the share button (to the left of the thumbs up) a new subwindow will open. From here choose the blue "Make it mine" button, and you will have a copy of this chart. Please, share it back. Seeing a tweaked version of my chart today - showing me you guys are working through this stuff - would be the biggest compliment of the day!
Regards!
