5 years ago
Friday, September 17, 2010
Another Head Fake
There's a triangle on the SPY chart from 11 a.m. to present, it just broke to the downside as conventional TA would suggest, we know what happens though so be on the look out for an upside head fake.
6 comments:
Looks like another ascending wedge started around 12:50 and it broke a little to the bottom and now they are trying to run the top. Maybe giving the bulls hope that it broke down
from experience then, we look for a breakout to the upside and reversal below the wedge.
And there's the upside breakout-step 1 complete
Rising volume on an apparent failure of the breakout back inside the wedge-step 3 in progress
are these market makers/specialists predictable or what?
Step 3 complete- there you have it-the market maker initiated false breakout "Crazy Ivan" clearing of stops/orders
Nice analysis, I had to step out to a meeting, but watching it unfold on my phone.
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