The double-bottom I was looking at yesterday morning on the ES 60min chart failed, just above the trigger level which is where these patterns generally fail when they do, but the 60min RSI positive divergence I was looking at increased into the low just above 1680 and we have seen a very strong bounce from there. The obvious target is back at a retest of the highs, and an IHS has formed that targets new highs. ES 60min chart: (more…)
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Continuing to Short the Yen
The toughest projections to make are corrections after the completion of a major directional move. Shallow? Deep? 25%? 60%?
Such is the case with USD/YEN in the aftermath of the start of a new up-leg from its June 13 low at 93.79 to its July 9 high at 101.50. (more…)
Momentum: By Definition it is Hard to Stop
Excerpted from NFTRH 250 (August 4, 2013)
Momentum:
- the quantity of motion of a moving body, measured as a product of its mass and velocity.
- the impetus and driving force gained by the development of a process or course of events. (more…)
I Hate Truncated Tops
While this top we have in place right now has not yet confirmed itself as a top, the only way to consider it a top of all of green wave (3) or yellow b would be with a truncation in place. Those that have been with us for a while know that I am not fond of truncations, as they are very unreliable trading cues, and are often invalidated as tops. (more…)
