Disclosure: Just sold my day trade longs. Would have updated over the past two days but just been too busy! Great days though, also haven't been posting because I have been testing some experimental indicators I made which seem to be helping when it comes to day trading.
Once again, I am only day trading in this market until all the fundamental issues are cleared.
In the midterm, we are coming up against major resistance. With the confluence of the double top, the resistance areas, and the resistance clusters, I would say the probability is a retest of our support level (Which looks super janky now that I put it up but which is too late to edit! Damn! Use the line, not the color) before rising. It does look, though, that the overall fundamentals are turning positive, so given good earnings starting on friday, we should be able to break out of this wedge, but most likely not until those numbers start coming in.
In the case that we do break through our current resistance, my next sell or short point would be at the 100SMA (green dots). If we fall, I would pick up shares at support or 200SMA/EMA, as long as the fundamentals have not taken a negative swing.
MACD looks a little iffy RSI Overbought The last thing is a StdDev I am working on. Fun to kind of mess with. Better on the 1min.
I am now out of the market for the rest of the day because STUFF TO DO! But, I would be a bit short here at this short term double top. I will continue updating!
Per usual, this is not meant to be financial advise and is for entertainment or educational purposes only. I am just a dude who likes charts and pretty red green color patterns :).
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Update: As price opened right at the SMA/EMA Channel, I bought the open.
Not advice or a recommendation.
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Update: Took profits on the double top. I should a
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New week, Similar chart. We have a moving average battle going on which could conceivably push the market hard either in either direction. The bulls only have the 100SMA, 50EMA, and 50SMA as resistance holding them down, whereas the bears have a mix of 20's, 50's, and 100's. There is a bit more support then there is resistance, but this seems to be outweighed by the A) Negative divergence in the 1-Hour MACD B) Oversold RSI and C) rising wedge formation being created. Overall, this market COULD go either way, but from where I sit (from the day trading perspective, which I will be doing until the overall market has direction) we are much more likely to have reached the HOD then the LOD. My stop loss is the 50 EMA and my take profit is around Friday's close.
Per usual, this is for informational, educational, or entertainment purposes only and is not advice or a recommendation for investing, buying or selling.
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here is the intraday chart
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Well Holy $*** quickest stop out of my life. Not sure what happened (away from news currently) but the quickness of the jump makes me assume it was a small fundamental change (news). From here, if we can hold the 50 EMA, I would be long to the 50 SMA. If we cannot hold it, the previous trade will be re-entered.
Update: Shorted the possible double top. Will continue to short until price breaks the 100SMA.
Not advice or a recommendation.
troyroy
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Apologies for the broken update, accidentally pressed enter. I took profits at the double top. I should have sold at the first gap fill, and actually had a limit order out to, but I put my order too far above the gap fill level and apparently someone else beat me to it. It bounced all the way back down to the opening price (the same pattern it made yesterday) so I bought more upon double bottom. This time when it approached the gap fill line I took profits a little early, because I want to keep them this time :).
I am out for the day, as I have other stuff to take care of, but I would be short here strictly on a intra-day risk reward basis, as close to that gap fill line / SMA as possible, with a VERY tight stop and switch to long if we break it, as we could be making a bullish cup and handle.
Ah! I took a snapshot of my chart and now it's gone! Im sorry guys... Im a mess today. Thankfully it hasn't completely ruined the trading :).
Per usual, this is not meant to be financial advise and is for entertainment or educational purposes only.
Not advice or a recommendation.