1 Day followed by a 3 Day Bearish Island Reversal
For all the BTFDer’s trying to figure out where to "go long”….please take a break right now and stop trying to pick a bottom.
IMO a dangerous flush down could form from this type of set up.
Might I remind you of the same bullish set-up that formed from the Covid low:
IMO a dangerous flush down could form from this type of set up.
Might I remind you of the same bullish set-up that formed from the Covid low:
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Scaling into a short position now with a SL at 3670 based upon the following
Remember, nothing is guaranteed in trading. This might NOT turn out to be a 3 day island reversal if the gap clears but if it is then watch out below.
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Average entry was 3636. SL moved to 3630.
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Remember: Island reversals are powerful but they must remain an island to maintain the power
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What a day today...quite a vicious reversal! Moved my stop this morning to yesterday's high so only a very small gain realized. As I've said before...the bulls need another 2-3 days of thrust action and then a solid HOLD upon consolidation for me to be a bottom believer! 3 day island reversal still exists in SPX however DJI island no longer exists as the gap was cleared so this has me a little perplexed therefore I'm back to SOH until I see a little more action.