I had a buy stop order before Yellen's speach because the market corrected a bit because of the Iraq war, returned to value and rejected local support 3 days in a row. The weekly bearish divergence is confirmed so my eyes are wide open, this is not a trade to keep for weeks.
Comments
ZigaZaga
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You were right about this. TV should have a button for that. Do you still expect a return to value at 16711 and below in the coming months?
vlad.adrian
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Yes, the market is so over-extended I can't believe it. Everybody is bullish, Seasonals are in place, as 4th of July is coming. Starting next week, I expect a shorting signal that will confirm a daily bearish divergence, and re-confirm a weekly. That is the most bearish signal in my system! Look for 1% moves on all 4 indices for confirmation, it's a trick I learned from gary smith's book ;)
ZigaZaga
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I have a mountain of books now. Wish there were condensed simplified versions of these texts. Writers get paid more for publishing bigger volumes, unfortunately. Any Amazon links would be appreciated. In any case, here's what I've charted:
Yes, I watch all major markets. Europe looks pretty bullish for the next few days. I dont have links to amazon, but I can give you some book titles if you want.
Regarding charting, well it's more complicated. Thing is you need a trading system. I did not understand that at the beginning. I was looking at charts and looked at anything I could get my eye on like triangles, elliot, candles, divergences, stochastic reverseal all this crap. Find a way to look at markets, only one way, where you look for specifics at every chart. This is something that losers don't understand, that there are more ways to make money in the markets, and they start trashing an idea just because they don't agree. A proffesional trader will never trash an idea that he sees, because he knows there are more ways to make money in the markets.
vlad.adrian
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opened the position at 16780 on the 18.06.2014, and closed it on 24.06.2014 at 16801. Prices started stalling and my scenario was for a strong rally, without any hesitation.