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
Comments
MarketSwingPlayer
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Time to look for a shorting opportunity. Price action looks very nice. :D
Thanks for the tip, Yes, I look at weekly and daily charts.
MarketSwingPlayer
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FYI. I sold my long positions yesterday.
MarketSwingPlayer
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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.
sunny
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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.
MarketSwingPlayer
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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!
MarketSwingPlayer
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P.S. I believe spx500 similar to SPY.
sunny
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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
MarketSwingPlayer
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Yes, they offer leverage, but I just have a cash account. Don't like margin calls. lol