Tuesday, October 20, 2009
TD Sell setup
I don't think TA is the end all of trading, but it helps. One of things I like to look at are Tom Demark (ego, huh?) indicators. With a new closing high yesterday on bar 9 of the TD sell setup, the sell setup has been perfected. A sell countdown begins today, meaning we are likely to sell off soon within 4 trading days. Another arrow in the bear's quiver.
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2 comments:
I've been short since last thursday man.
I'm almost confident we are going to hit the dung pile in the mkt any second now.
I'm glad to see that we are finally generating some more volume today than we did over the past 2 weeks, its a good sign that supply is meeting the demand. Another day of strong volume while we chop around intraday would be a good time to start shorting.
I think the top will form this week, either Wednesday or Thursday, and most likely a blowoff in the middle of the trading day with a weak close.
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