hahaha

I do blame the leprechauns. Them and their pots of gold. Had to ’spread the wealth around’ to the stock market yesterday.

Right on! No point in fighting price higher. Ultimately, demand won the day yesterday. Especially toward the end for whatever reason. But the charts gave plenty of non-biased, objective information.

I mean, the day started off with a Three-Push Reversal pattern – that should have hit me in the head as an early signal, but sometimes biases are just too strong. That’s why trading is hard!

I should do a formal post on that. It’s a trade I created/discovered (I even polled the readership as to what to name it) that reflects the highest probability of a trend reversal, boiled down to a specific trade.

It’s when – in this case – the 20 EMA crosses above the 50 EMA (the “cradle”) and where price pulls back to find support at this level. A doji – a candle of indecision – increases the odds that support will hold.

And if it doesn’t hold, the stop-loss is very tight, giving good risk/reward.

Glad to see someone else saw the H&S. Was neat forming because it is rare on intraday charts. Oh well.

I continue to think we’ve moved into confluence Fibonacci resistance at the 775/778 level. If that breaks, then we hit 800 quickly for the next confluence resistance.

Until then, we just wait. Could be a bull trap, could be the real thing.

Same here. For me it was more than one stop-loss, as I shorted both EMA pullbacks, only to be nailed on both. Then I sat aside most of the rest of the day, not willing to believe the ever increasing prices.

Yesterday was an anomaly for sure. Still not entirely sure the reason. Let’s see if it holds or if it was a bull trap.

Cheers

Thanks for posting your insights.