Short Term Low This Week/Chop Until November Low
Okay been busy with a bunch of family/holiday/wedding stuff so good times. The problem is that all gets in the way of trading lol. So time to get back to business:
Review:
So we did end up having a pretty important event Oct 13th as per last post; I've learned to never underestimate the major targets even if they don't confirm my bias. Right now I've been scalping but I might hold off this week due to life things as well as the fact that I'm opening a new account for options trading heh.
Preface: Continue to ignore doomers talking about a 50% crash.
I apologize for the scrabble looking mess but in my defense this week looks pretty chaotic as well as next week. Interestingly this week could potentially have a short rally. I was hoping we would have it last week but it ended up being really just that one insane day.
One key I want to point out is that we're right at support right now. It will take a lot of selling pressure to go much further down. In all likelihood once we breach a few weekly reversals the decline should be over. Expect people running around screaming the sky is falling. That should be the buy signal lol.
Anyways I don't have a trading idea per-se as really it just looks like chop until November 21 which is what I'm really after.
Daily:
- Oct 17th, 20th, 24th are near term targets: We're going to chop back and forth opposite direction each day most likely.
- The strongest target is the 24th.
- We have daily volatility targets appearing right out the gate until Friday.
- Bullish divergence has formed on the daily level.
- For legibility sake I've left off Daily reversals.
Weekly:
- This week (Oct 17) looks like a possible minor low so maybe scalp or swing small.
- Oct 31 points at a high followed by a decline. Could be a good short for the following 2-3 weeks.
- November 21st remains our major target for THE bottom. Probably related to Russia.
- Bullish divergence has formed on the weekly level.
- There's a panic cycle November 7th lol. Wonder what that could be.
Monthly:
- November is the target for the bottom. Again, probably because of Russia.
- December could have a pretty violent swing on a weekly level while still following the monthly trend sort of like September.
- January looks like a temporary target or continuation.
- We almost certainly ARE going to elect a monthly bearish reversal: As in we are going to close at least below 264.50. The decline is still in full effect regardless of the noise on the daily timeframe.
Okay that's all. May the force be with you.
Review:
So we did end up having a pretty important event Oct 13th as per last post; I've learned to never underestimate the major targets even if they don't confirm my bias. Right now I've been scalping but I might hold off this week due to life things as well as the fact that I'm opening a new account for options trading heh.
Preface: Continue to ignore doomers talking about a 50% crash.
I apologize for the scrabble looking mess but in my defense this week looks pretty chaotic as well as next week. Interestingly this week could potentially have a short rally. I was hoping we would have it last week but it ended up being really just that one insane day.
One key I want to point out is that we're right at support right now. It will take a lot of selling pressure to go much further down. In all likelihood once we breach a few weekly reversals the decline should be over. Expect people running around screaming the sky is falling. That should be the buy signal lol.
Anyways I don't have a trading idea per-se as really it just looks like chop until November 21 which is what I'm really after.
Daily:
- Oct 17th, 20th, 24th are near term targets: We're going to chop back and forth opposite direction each day most likely.
- The strongest target is the 24th.
- We have daily volatility targets appearing right out the gate until Friday.
- Bullish divergence has formed on the daily level.
- For legibility sake I've left off Daily reversals.
Weekly:
- This week (Oct 17) looks like a possible minor low so maybe scalp or swing small.
- Oct 31 points at a high followed by a decline. Could be a good short for the following 2-3 weeks.
- November 21st remains our major target for THE bottom. Probably related to Russia.
- Bullish divergence has formed on the weekly level.
- There's a panic cycle November 7th lol. Wonder what that could be.
Monthly:
- November is the target for the bottom. Again, probably because of Russia.
- December could have a pretty violent swing on a weekly level while still following the monthly trend sort of like September.
- January looks like a temporary target or continuation.
- We almost certainly ARE going to elect a monthly bearish reversal: As in we are going to close at least below 264.50. The decline is still in full effect regardless of the noise on the daily timeframe.
Okay that's all. May the force be with you.
Comment:
Didn't bother trading today. Expect a reversal down tomorrow.
Comment:
Shorted the gap down today. Account up 5%.
Comment:
We'll have a nice rally tomorrow I expect with a drop in volatility and a short term top Thursday.
Comment:
Made a mistake this morning: we did close lower on the day in the previous session. I was looking at the 15 minute chart. Today will be a reversal down with tomorrow being a local bottom. Apologies frens
Comment:
I don't have time for a full update but Socrates is giving major red flags therefore I strongly advise AGAINST GOING LONG IN THIS CURRENT RALLY.
Daily: Knee Jerk High
Weekly: Reaction High
Monthly: Temp Low Possible Decline After Reaction High
Quarterly: Temp Low Short-Cover Reaction
Sit this one out or go short. In fact I would consider shorting the open tomorrow regardless of earnings. There *might* be a temp low on the 28th.
Daily: Knee Jerk High
Weekly: Reaction High
Monthly: Temp Low Possible Decline After Reaction High
Quarterly: Temp Low Short-Cover Reaction
Sit this one out or go short. In fact I would consider shorting the open tomorrow regardless of earnings. There *might* be a temp low on the 28th.
Comment:
Went hard into SQQQ $50 1% stop.