60-Minute Chart Entries for Double Down Explosion Pattern
I’ve been writing about how I’ve been focusing on slowing down entries, by using 60-minute charts. Thursday, I showed some daily charts inETFs, TWM, SRS, and SKF, that bounced after falling for quite some time.
Here’s the 60-minute charts for each on that day. You can see that the trend changes to the buy side when the 2nd higher pivot low is put in. A stop is placed under that pivot low, and the ETF is sold in partials according to your trading plan for selling. Those selling plans may include the first lower low candlestick, pivot, or something else.
I placed the SKF chart in the appropriate trading patterns section here to reemphasize how the pattern can be used.
July 27th, 2008 at 8:13 pm
Congratulations on enterning at a very good price on SKF as it was coming back up from being oversold
going into trading this week at 132.60 on SKF is a fairly low risk entry point.
Now that the yen carry trade is starting to unwind, having attained and gone through Peak Currencies, the stock market is “set to fall”. So going into trading this week at 132.60, which was Friday’s close on SKF, is a fairly low risk entry point.
Lots of detailed analysis and charts on the attached website link about the value of short selling the market with the Proshares Bear Market ETF SKF