Hey Scott, this could have been long or short, right? Depending which way the momentum started to carry it. To me it seems more bullish since it's getting coiled at the highs.
i honestly don't know what a bull flag setup looks like. i am not versed in the names of all those patterns and don't study them. i do however know what real momentum and action looks like. in this case as soon as i saw X it struck me as a classic short as you will ever see. why? i seem to recall the market pointing down at this moment, ATI and STLD(other steel stocks) already moving lower, i am not 100% sure but think so, and my old gut feeling that took in many intangible factors and signals and said GO SHORT.a successful trader simply must listen to their gut feelings. i remember labelling this chart capture "X classic short" because that is what it said to me.
X classic short setup led to...
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Hey Scott, this could have been long or short, right? Depending which way the momentum started to carry it. To me it seems more bullish since it's getting coiled at the highs.
what made you think this was a short? i would have thought it was a long bull flag setup
i honestly don't know what a bull flag setup looks like. i am not versed in the names of all those patterns and don't study them. i do however know what real momentum and action looks like. in this case as soon as i saw X it struck me as a classic short as you will ever see.
why? i seem to recall the market pointing down at this moment, ATI and STLD(other steel stocks) already moving lower, i am not 100% sure but think so, and my old gut feeling that took in many intangible factors and signals and said GO SHORT.a successful trader simply must listen to their gut feelings. i remember labelling this chart capture "X classic short" because that is what it said to me.
Ok, note to self... Have to keep an eye on the sectors. Thanks Scott
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