Saturday, November 21, 2009
11/21/2009 That's how to spot a top
There you have it! Great looking setup don't you agree? All kinds of "analysts" could say all kinds of things about WHY the CL market dropped... 'The oversold dollar rallied pushing commodities lower' or 'The fundamentals and crude stockpiles don't support the price'
I took the same exact chart from earlier this week but just changed the colors of the lines. I wanted to take the red line off of it too because I was only using that line to make an example and I didn't want people to get confused. Honestly, if you used either line you made money, its just that you would have been in the red at first.
The long white line outlines the clear support and its a classic looking top. I am making this post for my reference as much as yours. I like to save these charts and go over them from time to time. It keeps you sharp, and so does writing a blog. The blog also makes me feel accountable for my results. If you are struggling as a trader, SERIOUSLY you should have a blog or journal at least. ESPECIALLY this is your only stream of income. I assume most of you got a little "side hustle" going on though ;)
Thanks for reading hope you made money!