SPX-SPY Megaphone Pattern details continued Part 2 of 2
Details of the Megaphone Pattern Set up here. Zoomed in to the 30 minute chart.
I'd like to buy for a quick trade near the point indicated. Just a quick call option set up I think to the ideal sell zone above.
This sell zone should be a really good set up for a longer term short sell as discussed in previous post. Don't want to get to greedy on this quick trade call option, but I'm going for it. (If it breaks last weeks lows I'm out )
Now for the bigger play....
I really want to take the low risk sell zone as shown. Could be a really good money maker! If correct, we should NOT see the market make new highs. (that would mean the expanding top pattern is in play)
As I am in/out of the office this week, I'll try to do more play by plays with charts, but I will be gone again for another extended trip traveling for a few months.
Exciting times ahead, and hope everyone makes a lot of $$$!
Good trading my friends!
Old Fart
I'd like to buy for a quick trade near the point indicated. Just a quick call option set up I think to the ideal sell zone above.
This sell zone should be a really good set up for a longer term short sell as discussed in previous post. Don't want to get to greedy on this quick trade call option, but I'm going for it. (If it breaks last weeks lows I'm out )
Now for the bigger play....
I really want to take the low risk sell zone as shown. Could be a really good money maker! If correct, we should NOT see the market make new highs. (that would mean the expanding top pattern is in play)
As I am in/out of the office this week, I'll try to do more play by plays with charts, but I will be gone again for another extended trip traveling for a few months.
Exciting times ahead, and hope everyone makes a lot of $$$!
Good trading my friends!
Old Fart