Head and Shoulders patterns abound. The neckline (support) on one has been broken, and the other is still in play.
Here is the short-term head and shoulders pattern that was broken on Monday…
But even more importantly is the long-term head and shoulders pattern that has formed over the past year, that had been violated back in late June, only to result in a bear-trap, that resulted in a nice 12% rally for the markets. Let’s hope that doesn’t happen again. We did dip below the long-term pattern this morning after the New Home Sales report came out, but has since rallied back some to where it is now – trading in a nice wedge pattern (intra-day) above the neckline.
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In today's episode, Ryan answers the questions of one listener ranging from his transition from paper trading to live trading, and swing trading to day trading. Also addressed is his approach to trading, specifically Fibonacci retracement levels and why Ryan prefers Pivot Points instead.
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