Jump to content

US 500 Double Top??

Recommended Posts

If the price stays the same on the daily chart today and I know it's a big if, has that formed a double top?

US 500_20190314_12.05.png

  • Like 1

Share this post

Link to post

This level seems to be a strong area of resistance, 5th test since October. Short from here?

Capture.thumb.PNG.20caf76838e91e19add7be6836abec33.PNG 2018. 

Share this post

Link to post

@Nelsy-Boy, @andysinclair and @Caseynotes,

This is a very interesting thread. From a technical analysis perspective one must seriously consider the high probability of a downward move based on the chart alone. Most chartist would possibly agree that the odds are favouring a short move. I personally think that as well.

However, the one thing I have learnt is that never let personal opinion cloud your judgement. I appreciate this is very difficult and at times I find it difficult too. It is important not to let emotions interfere in trading decisions. Though I personally feel that US indices will be heading lower the price action does not warrant any initiating of a short trade. I am not disagreeing with anything in this thread.

@TrendFollower suggests one may want to consider waiting for a trend reversal confirmation before initiating any short trade. 

@TrendFollower likes to look at MACD and Donchian Channel (got that from Turtles by the way) for any trend reversal indications. 

  • Thought provoking 1

Share this post

Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.