Replies to post #11477 on 123Tom's TA study group

[sab63090]

My first reply was apparently not sent to you....but I appreciate your comments, however disagree with your comment on double tops...they only have to be near the prior high! We called those which hit at a lower level (hooks) in commodity trading...I agree with Tom's potential double bottom effort, too....$7.18 or your right below that seem reasonable.....Kentucky was using the bottom of the BB as a good spot....$7.45, also reasonable.....Old Mystic was using $8.00 which seemed OK, too....I will stand aside at this point and observe. Regards.....

[123tom]

I guessed wrong for today's move...
It popped back up instead of down.
So for now ,we're looking at a pivot low 7.60, which is a lovely measurement of 2 dollars from the 9.60 shoulder top. I like seeing these kind of target moves...they seem so planned and contrived... 1 dollar and 2 dollar, then bounce 50%, then reverse and move 1 dollar , etc... just like a computer algorithm would be programmed to do. Yes, I'm still cynical about the wall street trading game. It always factors into my trading analysis.
So now,the chart pattern could be considered a Range pattern with this latest bottom at 7.59, it's in the zone ,alongside the past bottoms, 7.55 to 7.18, 7.30 area. I'm not sure I agree with your view of the 10 dollar double top... I think it was a 10 area spike double top fake out surge, both times. And one of those games that we've seen many times, the fake out and whipsaw reversal... so I might place more credence on the secondary resistance peak around 9.60 as my peak to measure the real technical trading... and it looks computer algo perfect for the bottom yesterday at 7.60.... how easy is that.
Now if the computer can just run on moron setting... we will see a 50% retrace hit 8.60 and reverse back down. But all kidding aside, I'm watching for this just to see if it could be a template. 7.60 was not a bad target to buy. I was deciding to be a little greedier and wait for one more tumble.
I'm looking at the chart as a Range Pattern now.