In the 3-day Chart (SPX) below, notice how the first half of the day was part of a descending triangle and the second half of the day was the end of an ascending triangle. This is why I look at different time frames because a pattern on one timeframe may actually be part of something bigger on a larger time frame.
In the 10-day Chart (SPX) below, we can see that we're still in the symmetrical triangle. The only difference is that we're riding along upper resistance.
3 comments:
Hi John,
Do you think this market (SPX) and DJX will break out or break down from here? Both form the same symmetrical triangle as in your chart. Is that 50/50?
it's still too early to tell, but right now, it favors more on the breakout (to the upside)...greater than 50%.
Another Victory day Trading based on JOHN's Advice. As he stated in his commentary the market was currently in a neutral stage. It could break out or break down. I took the advice and stay in cash for most of the day. Then 30 mins before close, I was lucky to get a taste of how John's coaching will be like. I was alert by John that the market will go parabolic from now on, and suggest to me to scale in and ride the trend. And the result was I went long 30% and made $1200 within the last 20 mins. If you guys want confirmation, the following was the conversation we had! Please pay attention on the timing and match it with dow's chart. Dow was at 250ish to 270 before it spike to 410 in less than 15 mins.
****** = John and Tradermarket247 = ME
****** (12:14:05 PM): This is it
****** (12:22:40 PM): Here's the critical point
Tradermarket247 (12:22:48 PM): what?
****** (12:22:49 PM): This is where it end or begins
****** (12:23:02 PM): The triangle is at its last point here
Tradermarket247 (12:23:27 PM): k
****** (12:35:36 PM): we're good now
****** (12:35:48 PM): patience is key
Tradermarket247 (12:36:29 PM): k
Tradermarket247 (12:36:33 PM): cant' heard that more
****** (12:36:51 PM): now
****** (12:36:55 PM): the vix will go parabolic
****** (12:36:59 PM): and so will the market
****** (12:37:10 PM): I'm gonna go make some pasta
****** (12:37:27 PM): see, wouldn't u think my coaching program is worth it?
Tradermarket247 (12:37:48 PM): dude
Tradermarket247 (12:37:51 PM): i always say it's worth it.
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