Recap of MU with a Contrarian Point of View
MU After hitting the high of 63.42 market pullsback to breakout point of 50.00
The pullback likely would have stopped you out
That pullback also provided a reversal pattern
Depending on your rules most would not have bought that market until it went above the 50 day EMA
Me I would have bought near the 46.64 level anticipating the change in trend
Now that we are moving higher
I will be anticipating strength from the bears to get short at 63.42
Who will be buying here the momo traders and those who trade with the trend
The swing points to me act as tops and bottoms as a reversal zone
Ironically bulls should be able to make new highs by “following the trend” but when they don't as a contrarian the odds are in my favor to short
The pullback likely would have stopped you out
That pullback also provided a reversal pattern
Depending on your rules most would not have bought that market until it went above the 50 day EMA
Me I would have bought near the 46.64 level anticipating the change in trend
Now that we are moving higher
I will be anticipating strength from the bears to get short at 63.42
Who will be buying here the momo traders and those who trade with the trend
The swing points to me act as tops and bottoms as a reversal zone
Ironically bulls should be able to make new highs by “following the trend” but when they don't as a contrarian the odds are in my favor to short
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