DaddySawbucks
Long

SPX: Alternate Bullish Hypothesis; Cup & Handle in Weekly!

TVC:SPX   S&P 500 Index
Chart shows all. At the indicated futures price, ES mini-Futurz trades exactly at the gap fill price and upper support TL at 3080; Trend has been UP;;
Fighting the Trend has proven Disastrous since 23 March!! FGS be carefull my Dear Bears!!!

I am closing all my shorts at the open; take what the market gives and expect the opening gap to close quickly IMO! Taking a small long in the open!

Jobs report = more good bad news; also:
"Philadelphia Fed said manufacturing activity in the region was much stronger than had been anticipated. Its June reading rose solidly to 27.5 from -43.1 in May."
https://www.marketwatch.com/story/dow-fu...
Trade active: LONG QQQ 244C, SPY 310C, IWM 141C IN JUL EXPS; SHORT THE WEEKLIES IN $3 BULL SPREADS
Trade closed manually: It moved so damned fast I made money coming and going and I'm out for the day. Not gonna be a piggy! GLTA!
Comment: Stay in cash until we get a clear direction. Makes a higher low intraday. Can go either way atm; poor R/R IMO.
Trade active: Took a small pos in SPY calls long the 29Jun 312, short the 22Jun 316 in bull spread; just 6 contracts
Trade closed: stop reached: Stopped out in PM.
Comment: I'm NOT reversing short here after stopping out the longs; intraday price formed a Bullish Butterfly 'M' pattern. See if it lifts Friday again.

I hate to trade Fridays and get stuck in a pos over weekend, anything can happen!
Comment: Closed flat after all EOD. There is a bull flag flying, see idea below; IMO after grinding a bit for another few sessions the beast will surge to a blowoff top.

Shorting is not advisable IMO; and I am a perennial Bear.
Comment: Yeah pumping the futurz dammit! They gonna BTFD IMO.
Trade active: Played Fade the Gap, a favorite game and recovered all the stop-loss plus more bank! Bullish IMO; not holding over the weekend though, GLTA!
Trade closed: target reached: On Fade the Gap I don't always expect to return to starting price; it gave back 15 pips and I closed out.

DO NOT SHORT THIS MONSTER!! YOU WILL GET KILLED IMO!!!

Price formed a bull flag which broke out north today and is setting up for the final blowoff top and gap close at 3330; I do not recommend shorting at this juncture, it is making a measured move of same expected height as 15-16 June, for ~220 pips!!!

Comments

good job
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Look for a measured move from this descending bull flag / wedge:

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Losing is an understatement
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Thank You. Yes, Fighting the FED has proven to be a losing battle.
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DaddySawbucks Trader865x
@Trader865x, $2 trillion got injected, the PPP plan was badly abused, ofc banks loaned the money to affluent clients who had low repayment risk; they promptly rolled it into share buybacks ffs.
+1 Reply
Trader865x DaddySawbucks
@DaddySawbucks, Yes. Bullish Until The FED says otherwise or their methods lose effectiveness over time. Bought 1 Sep Call On T. Low end of channel. Feedback welcome. Learning Options.
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