Sorry for the lack of an update. Too many Heinekens.
https://assets3.cbsnewsstatic.com/hub/i/r/2011/06/30/6923e8da-8ba1-11e2-9400-029118418759/thumbnail/620x465/ab35d352686ba50ebec294a9eb5a488b/passedoutdrunk_iStock_000014886350.jpg
On Friday we had a "slow down" beer candle. Remember that beer candles open at the halfway point of the body of the preceding candle (the average of the open and close) and close at the average of the high, low, open and close of the current period. It's an average of the period you are looking at. And we've been watching daily beer candles with our money invested at the confirmation of the start of the trend and waiting for a confirmation of reversal to sell. So a slow down is noted with the blue arrow. We didn't quite hit our resistance point, but got close enough. And for the second candle in a row, the body was smaller than the preceding one despite no lower wicks and continuation of uptrend. We did not sell. But we start to get cautious.
For today's update, we have out FIRST lower wick of the trend. While not always a sign of reversal, more times than not, it is the first signal. See the left pointing red arrow at today's candle and the up pointing red arrow showing a lower wick'd green candle during an uptrend. We do like that this one was small. Might be consolidation. We are not sellers yet. But we are watching very closely now. What we want, for us to stay invested, is the body of tomorrow's candle to go higher than the top of the body from the highest candle in this trend, which is Friday's candle. That would signal confirmation that the uptrend is more likely to continue than not. If it doesn't get there but also refrains from having a lower wick, we stay invested but stay cautious. If it doesn't get there and DOES have a lower wick, we get up on our toes and ready to exit in case of emergency. And if it finishes red we bail. Because even if the trend continues, a red candle is a massive signal of a reversal of trend.
With our long term resistance line and our short term resistance channel still not being hit, it is likely that we will either continue upward until one is hit, or continue upward at a decreasing pace until reversal. A break of both resistance lines with no lower wick will be the most bullish confirmation we can get. And we might even add to our position.
https://i.imgur.com/WAV3R7e.png
https://i.etsystatic.com/6958638/r/il/ef850b/921859168/il_1140xN.921859168_ompr.jpg
https://assets3.cbsnewsstatic.com/hub/i/r/2011/06/30/6923e8da-8ba1-11e2-9400-029118418759/thumbnail/620x465/ab35d352686ba50ebec294a9eb5a488b/passedoutdrunk_iStock_000014886350.jpg
On Friday we had a "slow down" beer candle. Remember that beer candles open at the halfway point of the body of the preceding candle (the average of the open and close) and close at the average of the high, low, open and close of the current period. It's an average of the period you are looking at. And we've been watching daily beer candles with our money invested at the confirmation of the start of the trend and waiting for a confirmation of reversal to sell. So a slow down is noted with the blue arrow. We didn't quite hit our resistance point, but got close enough. And for the second candle in a row, the body was smaller than the preceding one despite no lower wicks and continuation of uptrend. We did not sell. But we start to get cautious.
For today's update, we have out FIRST lower wick of the trend. While not always a sign of reversal, more times than not, it is the first signal. See the left pointing red arrow at today's candle and the up pointing red arrow showing a lower wick'd green candle during an uptrend. We do like that this one was small. Might be consolidation. We are not sellers yet. But we are watching very closely now. What we want, for us to stay invested, is the body of tomorrow's candle to go higher than the top of the body from the highest candle in this trend, which is Friday's candle. That would signal confirmation that the uptrend is more likely to continue than not. If it doesn't get there but also refrains from having a lower wick, we stay invested but stay cautious. If it doesn't get there and DOES have a lower wick, we get up on our toes and ready to exit in case of emergency. And if it finishes red we bail. Because even if the trend continues, a red candle is a massive signal of a reversal of trend.
With our long term resistance line and our short term resistance channel still not being hit, it is likely that we will either continue upward until one is hit, or continue upward at a decreasing pace until reversal. A break of both resistance lines with no lower wick will be the most bullish confirmation we can get. And we might even add to our position.
https://i.imgur.com/WAV3R7e.png
https://i.etsystatic.com/6958638/r/il/ef850b/921859168/il_1140xN.921859168_ompr.jpg
“Give it hell Heinekandle, I’m enjoying it.”
- Farmer @ Johnsongrass, TX
“No secure borders, no alpha military, no energy independence, no leadership and most of all no mean tweets - this is the worst trade I’ve ever witnessed in my lifetime. ***Put that quote in your quote/signature section HeinendKandle*** LOL!”
- also Farmer @ Johnsongrass, TX (obviously in a worse mood)
- Farmer @ Johnsongrass, TX
“No secure borders, no alpha military, no energy independence, no leadership and most of all no mean tweets - this is the worst trade I’ve ever witnessed in my lifetime. ***Put that quote in your quote/signature section HeinendKandle*** LOL!”
- also Farmer @ Johnsongrass, TX (obviously in a worse mood)
