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Strategies & Market Trends : Classic TA Workplace

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To: jjstingray who wrote (110787)	12/29/2004 3:13:55 PM
From: ajtj99	Read Replies (3) of 209892

I'm sure that setup has engineered some rising support. What's particularly compelling is the rounding bottom pattern. I guess we could argue about what kind of extension we might expect in light of this formation, but in the end, I think it will end up with 3-white soldiers on the hourly. Maybe jj could use his Andrews Pitchfork in there and get us a better read as it appears he has an established position. One play could be a Bear Spread on a back test of the gap after an upthrust. However, we need to be conscious of a blow-off possibility, followed by some distribution. I'd also like to see how that channel line acts when it's probed from below. If it does the three white soldiers, I'd be interested if they're engulfed later as well. I like the play on the double top as well. I think that's probably going to be overlooked by many. The downside I see is that this could end up with an abandoned baby. We'll see. Great find, and lots of ways to approach this and come away flush!

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