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China Sport
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Bintang
Elite |
12-Jul-2009 18:45
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Better entry point will be after the confirmation of a key reversal day .
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Bintang
Elite |
12-Jul-2009 18:39
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China Sports 's formation now after some good dicussions , it can come to a conclusion , it is neither a flag pattern nor a rising wedge formation , it is only in a simple downtrend formation within the downtrend channel . Any rebound will be stopped by the upper line of the channel or by any of the EMA which is heading down . The lower line of the channel will provide temporary support to the falling price . | ||||
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fartist
Member |
12-Jul-2009 18:36
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Okay another qns here guys, would it be a better entry to buy at the downtrend lower channel support or at the horizontal support? Which support holds stronger? Thanks! |
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fartist
Member |
12-Jul-2009 18:22
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Thank you both rich tan and bintang, i got what you guys meant :)
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pilotfish
Senior |
12-Jul-2009 18:14
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Hi richtan, Sorry for misleading. CSI forming a bullish wedge. Need at leats 2 more waves, it may take one or months time for the wedge to be fully formed. By then we will be able to see the potential for this counter. This is what I see... Just my view. Will try to post the chart once I am free.
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Bintang
Elite |
12-Jul-2009 17:50
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Hi richtan , is the rising wedge also a bearish wedge ? | ||||
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richtan
Supreme |
12-Jul-2009 17:46
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I did a google search on "bullish wedge pattern": http://www.tradingpricepatterns.com/bullish-wedge/
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richtan
Supreme |
12-Jul-2009 17:42
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Hi pilotfish, Can kindly post your chart to show the "bullish wedge" as I can't figure it out. Btw, a rising wedge is bearish.
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pilotfish
Senior |
12-Jul-2009 17:38
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Hi richtan, Noted with thanks. CSI formed a wedge. Yes. pivoting failed at 13.5 cents 12.5 provides another pivoting. See how it goes on Monday. It is not a rissing wedge. Rissing wedge normally signal the bull trend is ending. The name for this wedge is commonly called bullish wedge which signifies a bear trend is ending soon that is probably the reason a positive divergence was noted earlier. Just my view...
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Bintang
Elite |
12-Jul-2009 16:01
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OK , richtan , thanks , I check it out .
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richtan
Supreme |
12-Jul-2009 16:00
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U are welcome, still learning, everyday is a learning process, still continuously referring to TA books n do google search on those terms.
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richtan
Supreme |
12-Jul-2009 15:58
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Hi Bintang, I dun think it is a rising wedge, check TA books or do a google search on "rising wedge pattern" n u know wat I mean.
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Bintang
Elite |
12-Jul-2009 15:45
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Yes , richtan can provide a clearer chart pattern , and explains more in details . Thanks richtan , n hope fartist gets the points . | ||||
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richtan
Supreme |
12-Jul-2009 15:43
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Hi pilotfish, If u are using the free chartnexus software, there is an indicator called "volume ma", the default is set at 14ma.
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Bintang
Elite |
12-Jul-2009 15:39
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This is confirmed not a flag pattern , flags appear regularly on daily charts , but because of the short time they take to develop , normally less than 4 weeks , they are rarely seen on weekly charts , n never happen on monthly charts . China Sports is not in the flag pattern . It looks like forming a rising wedges chart pattern . This is only from my observation , n only my point of views . | ||||
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richtan
Supreme |
12-Jul-2009 15:38
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Ooops, sorry typo error, it had broke the support at 14 (not12.5)
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richtan
Supreme |
12-Jul-2009 15:37
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It is basically a confirmed downtrend as it is below the 3 emas n the ema is downtrending n it had broke the support at 12.5. It had previously tested the 3 emas n failed to break above n resume the downtrend. Unless it broke above the 3 ema n formed higher high n higher low or test the 3 emas again as support. The downtrend had formed lower high n lower low. The trend is your friend, so never go against the trend.
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fartist
Member |
12-Jul-2009 15:17
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Take chinasprots for example is this flag still valid cause from what i see its spiralling down till it may even hit the support level at 12.5 cents. So would you consider this a flag or a downtrend? thanks! 
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Bintang
Elite |
12-Jul-2009 15:06
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A flag pattern represents a pause in a quick n vertical, up or down move in prices .Prices move sideways forming a flag- like pattern, break out from that pattern ,n then continue in the same direction as before . Volume is extremely heavy before the flag formation begins , as pattern is forming , volume deceasing to a very low level . Finally , volume explodes as prices complete n break out of the flsg pattern .
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fartist
Member |
12-Jul-2009 14:33
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To all TA experts down here, I have a qns regarding flag. I understand a flag could be a signal that its a minor pullback and could further head upwards after it. But what if the flag is along and prolong one that looks like a downtrend instead? What factors should I consider that it's no longer a flag but a downtrend? Thank you all for your time :) |
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