Post by Dogon566Today in the markets we closed with a large candle.
Watching $Bank today, especially during the late afternoon sell-off.
I drew another line to show a descending triangle formation after my
original symmetrical triangle formation was broken to the down-side.
I noticed Hayseed had a line here but i didn't want to include it
until the index made a third touch. Well, today that happened.
Usually descending triangles are bearish, I've noticed, so now I'm
watching for more downside. There is plenty of support, however, as
shown in the orange rectangle.
I like to watch candlesticks, also. The purple oval shows a tweezers
top, the pink shows a bearish engulfing pattern with a mini-bear flag
and the blue shows two examples of hanging men tops. I've noticed
with the hanging man if it is repeated after the first one, that is
saying "Notice Me! - this is your LAST CHANCE!" Candlestick
formations usually require confirmation the next day, and have to be
taken in context with the prevailing trend.
I hope you find this helpful. Let me know if you would tweak this
chart. Thanks!
http://www.freetradingvideos.com/vlog/default.asp?category=1