MarketSwingPlayer
Long

SPY - Hot potatoe trendline - Notice how price react

AMEX:SPY   SPDR S&P 500 ETF
341 30 1
Notice how price react to the inner trend line . Price seems to avoid closing on this line for some reason.
When crossing trend line price like to gap up in up trend or down in down trend. Let's see if price gap up over the line
Nice gap up! :D Cheers
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wow nice call. your call was based on price action on this trend line alone?
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Thanks, yes it was just base on price action and the trend line. I was bored so stared at the chart for an hour and started seeing things. lol
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sunny MarketSwingPlayer
What broker do you use to trade SPY? I have not tried this before, but waiting for short opportunity. Clearly, it may be a while?
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I use Scottrade. I like Etf's. :D
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sunny MarketSwingPlayer
Im curious to know where you see S&P today. After the gap up, is the previous resistance support? I cannot find information about orders at levels online. Do you get this with your broker?
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There is new resistance at $170.95. Spy retested price break out yesterday by going down and now trying to retest breakout high price. Price now trying to break above resistance. Yes I have software from broker.
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Yes previous resistance is now support. New support levels are now at $170.04 is price go down.
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sunny MarketSwingPlayer
do you look at RSI? this is a weekly chart of SPY
SPY
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SPY took all day to get past resistance of $170.95. geesh. Noticed 3,500,000 block trade after hours at $170.29. So the big boys must know something about FED taper meeting Wed?
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Correction: Noticed 3,500,000 block trade after hours at $171.29.
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RGAH MarketSwingPlayer
Hello, I am a begginer, how can you get to see this 3.500.000 block? thans a lot!
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I watch the sales and times sold ticker through my broker.
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The hot potato trend line propels price from the bottom and the top of the trend line. lol I ignore lagging indicators. Just price action baby. Make money like the pros. Very Nice Ride. Cheers to all! :D
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Caution: Notice how price moved so fast and SPY is now close to the trend line. Obviously it can breakout. Can't wait until the stock can be shorted. Probably can short within a week or so. Price and volume will give me the signal. :D
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MarketSwingPlayer PRO MarketSwingPlayer
Correction: Price action and volume will give me the signal.
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Price is going down now per my morning commentary, but I did not think it would happen so soon. :D Will still wait to short because usually another try at the high is inevitable.
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sunny MarketSwingPlayer
I have fxcm and they offer a spx500 though I wonder if its linked to the real market. Anyway I shorted blindly at the top for 5 points only 1734 to 1729 then again today 1725 to 1700. Had no idea it would come off so much more. great work Sam. But I am not sure well get another test of the high this month. More fed speakers on Monday so anything is possible.
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First of all congrats on the short. That was simply fantastic price action there. I could not believe it went down so much in one day as well. So you short at the top now, just like the BIG BOYS! ... lol Just simply awesome, Cheers. This was a huge down, plus price is close to the hot potato trend-line. ha, ha. Due to price action, seems like more selling is due, before up and then down again. I will just wait for price action to tell me if price will retest the high, but in my opinion, time to go down for a while overall with some up momentum and then down to the trend line or near it in the end.

I am wondering if we gap down under the hot potato trend line on Monday or Tuesday. ha, ha
Let's see.

Cheers to you!

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P.S. I believe spx500 similar to SPY.
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sunny MarketSwingPlayer
It was luck to sell it near the top. lucky to be awake and looking at it so early in the morning! I was just fading the post fomc move. I need to learn to hold these things. Also, fxcm's spx500 doesn't always update every minute. Its frustrating to see the price not get updated for 5 minutes at a time sometimes. does your broker offer leverage for any instruments? thanks
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Yes, they offer leverage, but I just have a cash account. Don't like margin calls. lol
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Good morning, I opened an account at fxcm. Thanks for the info, will play around with demo first before going live probably mid week.
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I short the USD in demo account because was near top of pivot on bull flag at approx 11 pm then went to sleep.
Sold when up $200 lol when woke up this morning.
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sunny MarketSwingPlayer
ok great! interested to know how you like it.
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My account was activated this morning, I will play around first then
I will let you know.
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FYI. I sold my long positions yesterday.
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Time to look for a shorting opportunity. Price action looks very nice. :D
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sunny MarketSwingPlayer
sometimes these guys have stock analyses and helpful. do you look at weekly charts? http://www.forexlive.com/blog/2013/09/20/reversal-threat-growing-for-us-stocksthreat-growth-for-us-stocks/
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Thanks for the tip, Yes, I look at weekly and daily charts.
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