I have had enough damage done from marrying myself to an analog that I approach them with caution these days. Just like Elliott Waves, analogs represent for me enough disappointment that I view them with suspicion. The difference, though, is that in my opinion Elliott Waves are greatly for explaining what happened (after the fact), whereas analogs can actually have some utility for predictive value.
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.
GS About to Start Wave 3 (by Leaf_West)
Because I know Tim is a big supporter of EWT, I thought I would put up a post on GS …
I'm long GS and I am watching here as the stock looks like it has completed a Wave 2 retracement, and is about to start a 3rd wave push higher …
GS 10-Minute Charts
Wave 2 pull-backs are very emotional as buyers and sellers battle it out … they typically end at the 78.6% Fib level as GS just did .
The 2nd wave ended right in the projected target zone and is now on the cusp of breaking a down trend line.
GS 60-Minute Chart
It has to be determined whether or not the 3rd wave is just that … a 3rd wave in a corrective bounce, or whether it leads to a 5th wave push higher. We can figure that out when the 3rd wave is over and the pull-back begins.
Here is the Contraction Pattern I am hawking right now … it looks like it is going to pull-back before breaking the move higher.
GS 3-Minute Chart
Cheers … Leaf_West (please visit me at my blog (http://blog.tradingwithleafwest.com/)
Dow Support Levels/ Scalping (by eMiniSchool.com)
Over the last few months we have been talking about the .35% symmetry support. As the market was falling in August it seemed impossible for the support to hold but it did and from the support we have rallied 1500 DOW points.
It seems like we would have to pullback from where we are now but if we look at the 30 Minute chart you can see the .35% has held again at the 11,600 level. As long as we stay above the 11,600 this market does have a shot at making a new high above the 12,900 high. As of right now the bigger trend and 30 minute trend is stll up.
It seems like we should pullback but if we can follow through today to the upside we could get a short squeeze from the overbought daily levels as the weekly and monthly chart kicks in. The next two days are going to be very important. Right now the daily NQ candle looks like a DOJI but we still have a few more hours left in todays session.
This is our last bigger picture update from yesterday http://wwweminischool.wordpress.com/2011/11/08/what-if/
** If you are intrested in day trading www.ScalpingTheMarkets.com is having a free Webinar this Thursday. To join just go to the site and register as a free member and register for the Webinar.
Which Type Trader Are You? (by Market Sniper)
This post may offend many and that is not its intention. This is a think piece I have been formulating in my mind for quite some time now. Its purpose is to get you to think about your trading methodology(s) and setups in a critical light.
To my way of thinking, traders who utilize technical analysis all fall into three broad groups (traders who use purely fundamental analysis are excluded from this type of grouping).
The Prognosticator
In this group I include Elliot Wave traders, Gann traders and astrological traders. These traders trade in the future. Based on what they say may happen and some go as far as to say what WILL happen. When a trade is a failure, they use misinterpretation of past price action as the excuse for the failed trade. It seems that Elliot wave traders (mostly sellers of the system) are in a constant civil war as to "correct" interpretation. Gann followers can spend their entire trading life searching for his "missing" piece. A lot of legend has been created around WD Gann, promulgated by promoters of his methodology. WD Gann was prolific in his writings and covered a multitude of areas. Regardless of what happens next, some part of his work can be given credit for "calling" the "move." Too bad we lack foresight to know which one! He is also been credited to have died with a tidy fortune due to his trading. Interviews with his son (who happened to have been in the banking business) revealed that he died in modest means and made the bulk of his money promoting his ideas over his life time. The foremost (and longest being tracked) in the astrological trading group is Arch Crawford. In over 25 years of his trading service, he has had flashes of brilliance. However, according to Hulbert, his record, overall, has well under performed the market during the long period tracked. Prognosticators rely on interpretation of price. So much for the prognosticators.
Greek Referendum Plunge (by Springheel Jack)
There's little appetite for austerity in Greece, as we've all been seeing from the intermittent riots over the last few months. The Greeks announced yesterday that they would be putting the latest Euro bailout and greek partial default plan to a referendum and obviously the plan may get rejected. I have found no date for this proposed referendum looking round this morning, so this bump on the road may affect markets for quite a while yet.
Kudos to my friend Alphahorn for calling the high and going in heavily short there. He's given me permission to post his current primary count after yesterday's bearish break and he is expecting new lows from here on that count:
