Vertical trendlines are subjective. They are not definitive. What is definitive are horizontal trendlines. Hard numbers, if you over take another, there is no questions.. its definitive. While I am a huge fan of vertical trendlines and the things they can draw, I like it for when they are completed and we are heading in the opposite direction. I know so many people think a trendline was broken, we are in a bull market.. but lets look and I am winging this, I am not spending all day looking at tickers, I would rather slice my wrists than do that... but lets look at two that come to mind...
If we do over take the previous high on the last bounce.. I will then look for a higher low but because a vertical trendline broke, while I see the concern.. lets see if that vertical trendline just needs a new angle to it or if it is to be discarded all together.
Like I said.. there is a time to go in hard on the market and a time to play it cool and let things play out for a bit. This is a week to lay low and really see how things continue. If we do run tomorrow I am looking for a sell off to end the week. I would be very surprised to see the market run hard and just go sideways or continue. But hey, it is the market so play it cool for now... there will be a drop coming. How big of one? I know what I am looking for and you should too... see if it happens or not and make a play from there. If you are bullish and think this is the time to buy, I think you are buying the peek. If you are bearish... there is a drop coming so hang tight. Catch you all at the end of the week. I spent 2 hours on the markets today and that's and hour and a half to much. Play it cool though.. lay low for a bit.
Take a look... Shake Shack.. what were people thinking?
Ring Central.. what were people thinking?
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Your new trendline may end up looking something like the red one... my point is.. dont just rely on a vertical trendline. Its a developing pattern Pay more attention to if we take out the high from the last bounce in February.
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My arrogance seems to be working. Who cares about SPY .. it will be coming down before people know it and back in the teens. In the meantime onward... oil. Keep an eye on those boxes. You can lock in some of that money .. trail this at this point. Dont let it out of that green box. Look for the reversal.. you then can go short.
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- Not a Doofus unlike many that troll this board lol
The stock will close inside my shaded area this week. If it were to do something stupid like break 441 and close above it , that will not happen this week. If it does I give up my name and will request it be changed to “Doofus”... Anyway look for the drop to end the week and if not look for me under my name change, assuming it goes through to Doofus.
biasedsenpai
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@BubbleEconomy, I dont think he will have to do anything. Im expecting to begin sell off starting tomorrow we will see our first red daily candle after a string of green. We should still end the week inside his box.
Original_Stock_Whisperer
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@biasedsenpai, I as well.. if we don't I am just throwing in the towel for a while.. lol. Laughing as I say this because I am sure we start selling off to end the week.
@BubbleEconomy, I am still smarter than 98% of the people that post so there will be no name change. If you have taking any loses because you panic that is on you. You are doing options on to short of a leash then and need to play further out exp dates. If you are doing short term for like the end of next week you should be doing spreads to capture upside and downsides. There will always be a range. Maybe you dont nail both but you should nail one of them and still be ahead.
BubbleEconomy
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@Original_Stock_Whisperer, i dont trade based off of TV posts, but i do like to point out unplaced arrogance. you said you would do it if you were wrong.
abigreen
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@BubbleEconomy, arrogance in trading is a double edge sword.
Original_Stock_Whisperer
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@abigreen, @BubbleEconomy I am laughing hysterical. So lets recap the last 10 weeks ... I have lost on 3 trades... one was BA.. I was up 1200 bucks on that and it went against me. All in all because I had added on.. I lost on the add on I did but still profited on the original trade. Due to the add on I gave back like 100 bucks from previous profits. 2 other trades I lost on. All together my losses on trades are $235 bucks. My profits over 50,000. Not much money, at least not for me. But clearly my profits are way greater than my loses. No wash sales either. People need to be careful of them. Call me arrogant. Call me what you will. At the end of the day, I am making way more money than my tiny small loses. Ill be called arrogant all you want.... I am better than 98% of the clowns that post their laughable charts on here. (take a look through the posts on SPY, NIO, pick a stock.. have a good laugh at the posts, I do). I do this for kicks, not for income. I think I am pretty damn good at my little side gig. When the time is right, I will just dump a ton of money in and check back in 2 years. Maybe do a trade for a week or two rinse and repeat. But none the less.. arrogant. Ok. Ill take it. I will keep being arrogant too because I know what I am looking for. I also know how to handle it if things dont work out how I am looking for them to. I understand the mechanics behind the chart and the market.
The stock will close inside my shaded area this week. If it were to do something stupid like break 441 and close above it , that will not happen this week. If it does I give up my name and will request it be changed to “Doofus”... Anyway look for the drop to end the week and if not look for me under my name change, assuming it goes through to Doofus.