friday trading

Well Hidey Hi Children :)

'kay I am gonna do a quick update of the POTENTIAL hugely complex three peaked domed house pattern that I have been following on the SPI for a few months now (sheesh, almost half a YEAR)

The pattern has morphed a lot as I have been following it... n without a doubt trying to trade it is nuts... but... it has ben vaguely helpful... that I can't deny.

Firstup here is a link to a description of the pattern at Bukowski's pattern site...

Three Peaks Domed House pattern site reference

And here is the latest "join the dots" chart on the SPI daily:

The red numbers are conjectured locations of turn points as per the above link, the purple are ones I have Decided "fit" and have been satisfied.

The most important number is that there 23 as this is the High of the pattern and also as per the link above contains a time component in its calculation...


(from link above) "14-23...The move from points 14 to 23 takes 7 months, and 8 to 10 days."  Which according to my calcs brings us to early march... and from other sources I am told that at least on cycle guru also has a non-related turn date there....

Anyways... Suggestion is... we are heading for the 21 level now, a neat confluence with the top of the dashed line channel could be cool :)

Be that as it may though, shorter term, IE intraday orientation for today... mmmmm the old "trick trade" of trading in the direction opposite to the manner in which the US indices finished (they finished strongly UP) has me itching to short from open this morning, possibly helped by the fairly consistant "friday effect" we get here in Aus where Friday's action OFTEN sees a down day (which often is a great excuse to go LONG after close :)

'Course I am a well known Dunder head so for goshes sake don't go shorting just cos what I say about today is what I say.. I am wrong more often than right in the short term, and tho tis okay for me to take the licks when wrong please don't take the licks on my behalf.

safe trading all

;)