Near-perfect pennant pattern
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Thought this might be of interest to technical aficionados – image shows NASDAQ 2min chart from yesterday, v nice text-book example.
We all know that, in theory, pennant formation is “always” a continuation pattern but it’s reassuring to see it play out in the real world.
Confusing as hell when you’re in it – in this case 4 hours of lower highs AND higher lows – then the perfect breakout above 15450 at around 19:50 UK time.
Gotta trust the theory.
PeterSt thanked this postGreat stuff and happens most of the time when things turn out well for a day. Btw, I see this happening after lunch time in the US.
If it does not happen (always waiting for it) things will turn bad.… If it does happen I’ll have another beer and stop paying attention. Like yesterday …
OUCH !!But this is a quite rare after-market happening, in this case caused by SNAP and Intel. The upside : it counts for the figures for today. So all opportunity to recover.
Thank you for a nice post / subject !
PS: The 1st attachment was meant to be the second, showing today’s “recovery” (for as long as it takes).
I was wondering why it fell off a cliff so dramatically just after the close – assumed it must have been due to bad results somewhere.
Not really bad results, but merely a less than good prospectus (not related to Guidance really). Intel was at -9%. SNAP at -30% !!.
The situation was extra-ordinary (rare) because I sat there watching my phone regularly (like each few secs after closing, knowing that I have SNAP and was eager for the Q results) and with my eye on the first immediate drop of 25% to over 30%, I saw my quite unexpected gains for the evening (see your OP) vanish in one blast, with only the luck that this gain has been there;
Only at 00:00 (23:00 for you) I saw what happened really : the whole Nasdaq had collapsed (sort of), while I thought that the loss was all caused by the SNAP I own (who ever calculates with -30% ?!?).Anyway, one of the things we need to take into account are the large ones which influence the whole index (like Apple, Intel, MS, now Tesla). So if they come with Q figures, be prepared that one can draw down all (or lift all). That is what happened here, in my view.
PS: The attachment want not really intended (recovery of SNAP so far). No clue how to remove an attachment afterwards, after posting.
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Topic Details
| Forum: | General Trading: Market Analysis & Manual Trading |
| Language: | English |
| Started: | 10/22/2021 |
| Status: | Active |
| Attachments: | 4 files |
