Balance is but a brief transition between extremes.
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Basis: glish & bluerobot
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Wednesday, May 08, 2002
Islands in the Sun
Then there is the story of the islands... The question left hanging about the measured gap move is, "When should the rally be shorted?" Well, clearly that depends on your trading time frame, blah blah blah. But! There are MLs to signal the ends/beginnings, which are now in play across all
But this post is about islands. We have two recent islands: March and April.
- 3/8, a short two day island which gapped up on Friday and completed over a weekend when it gapped back down on Tuesday the 3/12; and
- 4/22, a longer 4 day island, which gapped up on Tuesday 4/16 an completed with a gap down the following week on Tuesday 4/23
I admit to being biased that we are building an island rather than starting some new big bullish leg. So, that the gap/island scenario is the map I'm using. Now time to focus on real price action. Good trades to all!
At last, over the rim
of the waiting earth
the moon lifted with
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows