MarketSwingPlayer
Short

Do you notice how price is moving in this channel?

AMEX:SPY   SPDR S&P 500 ETF
695 36 1
Do you notice how price is moving in this channel? Do you notice how it bounce of the sides? Do you notice the direction of price depending on right or left channel bounce? Where do you think price will be tomorrow?
I am going to guess on this one. Towards left channel underneath price above. :D
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Price action: Price was down and bounced off support. Bargain hunters, professional traders and traders came into play. Price surged then came near the pink hot potato trend line and the surge ceased. The hot potato trend line became resistance. If you look above the pink line that is supposed to be resistance or the pivot point not the hot potato trend line. Shhhhh, but we know it has a powerful force. So price is trying to find a way by going sideways but then once price try to leap over the hot potato trend line the channel in green is resistance. Professional traders know that channel is thier and sell. By the time the other investors realized they got played and price is falling they sold. That is why the candle is so long in the end. So we rest on support again, may just range on Wed.
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Easy money today yall. When price hit right channel went short and collect money in 15 - 20 min. The stock market is our atm. lol
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osci MarketSwingPlayer
3 years ago
really a great channel and play for you!
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MarketSwingPlayer PRO osci
3 years ago
Yes, got lucky with this channel. I hope it holds up today, if not may mean price will go in another direction. :)
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MarketSwingPlayer PRO MarketSwingPlayer
3 years ago
I am truly blessed, not lucky. :D
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Oh well, I will see if I will need to draw a new channel next week. End of month fund managers, moving price for now. lol :)
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Looks like price was trying to come back into the channel, but the fund managers had to invest 500 million today. I guess they was trying to buy big bulk under cover. Now looking at price yesterday and today, I can see where they purchased.
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Ok, Price broke out of the channel. What lessons did we learn from this?
1) Channels are an excellent way to identify patterns with price.
2) How to identify when price will be changing soon in another direction. a) Up b) Down c) Range or consolidate
3) Price action and channel can detect immediately that the price direction may be changing a lot faster than indicators.
4) How to identify price patterns on chart where Institutions are buying large block trades of 401k's, etc and in order to take advantage of price swings.
Cheers! :D

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osci MarketSwingPlayer
3 years ago
gm sam! 4) how can one identify price patterns where large block trades are bought? could you pls name those chandles where this can be seen? how do you know that fund managers had to invest 500 millions?

a german fund manager posts every day vids. he uses trade navigator as statistical tool and told yesterday that on the last days of a month the fundmanager are trying to lift the prices a bit to get a better monthly- result. in the new month prices tend to track again the before-lifting-path.

tnx vy much!!!
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MarketSwingPlayer PRO osci
3 years ago
Good morning,

I will add some notes to the channel chart shortly. Cool thanks for letting me know what is going on with fund managers. That is very interesting. :)
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You can recognize the candle price pattern where fund managers try to buy blocks undetected by looking at the candle and times above around 12 noon on the 25th, and then during the open 26th as an example. You can see the large green candle (price surge), doji candle (inaction) , then large red candle.(price going down, block buying paused until later) Price rose and dropped very fast.
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MarketSwingPlayer PRO MarketSwingPlayer
3 years ago
Plus notice how they use support and resistance to try to go undetected. 30 min up , 30 min doji, 30 min down back to support. repeat..
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osci MarketSwingPlayer
3 years ago
yes i can see them now too :-)). they are almost identical and they volume is meager compared to other green/red candels of comparable size. tnx :-)
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MarketSwingPlayer PRO osci
3 years ago
Yes, you are absolutely correct. We had low volume, so we can see the price surge easier. :D
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MarketSwingPlayer PRO MarketSwingPlayer
3 years ago
Notice the surge of buying at end of day yesterday. That is the last block I saw purchased via price action and my broker time and sales. So investors are thinking a rally is going on and we are going back to the top until they wake up the next day.
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osci MarketSwingPlayer
3 years ago
....they wake up the next day." .....and start to shiver as they see the pre-market data in the red.
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MarketSwingPlayer PRO osci
3 years ago
Yes, I was an expert at buying at the wrong time. I was brutally punished and squealing like a pig. hmmmm We all have to learn the hard way. That is just how life is. The stock market is brutal, So I don't try to guess if price is going up or down, I let price action tell me where it is headed then I just follow. lol :D
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osci MarketSwingPlayer
3 years ago
tried to figure it out for myself in the different timelevels, but failed. how did you specify the horizontal trendlines at: 170.95, 169.62, 169.40, 168.74? found no really fitting candlebodies/-wicks for those lines.

at 169.38 i have the 23,6% fibo.

i am trying to find my way of trading with options with a small acount. but i am investing pretty much time in learning. in fact all day. i decided to focus on price action and keep on track of the economic fundamentals for long term options. as i do no daytrading due to the restrictions with the small account - i concentrate right now on finding the proper entries/exits for holding options at least one day.
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MarketSwingPlayer PRO osci
3 years ago
Just draw your line where you see price bouncing off the line or where the action is meaning you see price bounce off most of the time. Some price/candlesiticks may go above your line and then later go back under. But I draw based on action and bounce. Very effective. There is no rule, it is called a trend line cause price like to bounce off and go in another direction.
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MarketSwingPlayer PRO MarketSwingPlayer
3 years ago
Trend line and channels can be adjusted or tweaked. There is no perfect line. Just look where you see price bounce and go elsewhere. :)
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MarketSwingPlayer PRO osci
3 years ago
Practice trading first with fake account. :D
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MarketSwingPlayer PRO osci
3 years ago
Yes Price action is the way to go with channels. I wish someone taught me that when I got started. You seem on track. I study the charts frequently too. Nice hobby I have. I like to find out how things work. Good Luck and be careful.
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MarketSwingPlayer PRO osci
3 years ago
Here is a nice website about drawing your lines. http://priceactiontradingsystem.com/using-price-action-to-day-trade-failed-second-entries/
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MarketSwingPlayer PRO MarketSwingPlayer
3 years ago
Nice video at bottom of page.
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osci MarketSwingPlayer
3 years ago
tnx vy much sam for the link AND explanations :-)
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Your welcome, I want us to be rich! We can help each other :D
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osci MarketSwingPlayer
3 years ago
yeaahh! thats the kind of mental attitude i appreciate - to help each other- there is enogh for all and there is more than one can eat :-)
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MarketSwingPlayer PRO osci
3 years ago
Amen! :)
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Seems hard to keep price in the channel. May want to fulfill a wave before going back down.
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Anyways, long to $171ish the back down to trend-line. Long for now.
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MarketSwingPlayer PRO MarketSwingPlayer
3 years ago
Correction: Anyways, long to $171ish then back down to trend-line. Long for now.
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MarketSwingPlayer PRO MarketSwingPlayer
3 years ago
These are only for experienced traders that know how to play support and resistance only. Not a call to go long
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Attached chart to new channel chart.
Channel trade SPY in up or downtrend - Day Swing Trading Test
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Here is the new Bull Trap Channel Chart! Gap down -
SPY - Is this the bull trap channel?
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MarketSwingPlayer PRO MarketSwingPlayer
3 years ago
SPY - Is this the bull trap channel?
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