In addition to reacting off the lower and upper bounds of the 3/24-Present Channel (shown in purple here), watch for price reactivity to the channel's midline (shown in blue). On several occasions, price has either retreated from the midline on test from below or bounced off of it on test from above (red arrows). Given the fact that the purple channel has an...
The hardline (flat) provides strong support. The softline (upslope) provides weak support. I still believe it is a long until the upslope line gives way. We may experience another low test in 2050's, but I would not bet on it.
It's my first day back in a while, but that also is a hard line.
I allow myself 2 shots and I've given 2.5 points already. That's a hard line at 2088. Long 2088.25, Stop 2087.
I see the line at 2096 as a contrived S/R. Same with what's at 2100. However, at this time, it is safe to move the stop up a couple ticks to 2088.5. That's first. Second, I set the first Profit Take for 33% at 2101 because of position management rules. Third, when and if 2101 comes in and my position size is reduced, I will move my stop to breakeven 2091.
Risk 3 points for a trip back to 2100 and beyond
Vix back to mid 12's where it was last market peak..then it dipped to upper 11's and took off..This may be early but its a heads up to catch a 1 to 3 month vix/market cycle...I'm neutral at the moment laying in wait ib a daukt to take vix products long..for a cycle.
SPX is in uptrend, breaking away. As long as the line at 2060 holds, it's a long. Just ride along using fair risk management. The way I see it, this is the breakout happening now to higher levels. This consolidation is over.
Today, hmmm, as if we could go down but just in case look at 2091 as over under, and just below that at 2088, now if we hang out at the 88 level for 30 plus minutes than i look towards 2086 and 2080. Now back to reality when buyer step in above 2091 my idea will be to stalk long to 2106, and 2116, with the possible hint of blow off at 2145. We are due for retrace...
until we can clear the range of the prior day we will be in a outside in chop zone, so just play safe!
Look at this chart and see the symmetry... ...kinda mystic to me. So, what to do here? Observe! P! mytradingcoach.teachable.com
today, looking at 2047 as the point buyers must get serious, and if they do will look for 2052 and 2056, failing buyers showing up and sellers continue to take over then will look for 2035, 2025, 2015. i think we open with a pop up and then see continued down, this is my first idea and will be monitoring 2047 for that short possibility as you notice these post...
See comment in the chart, why i'm in danger eating my one foot! §8-) P! mytradingcoach.teachable.com
The Russell is back inside the shoulders of the weekly head and shoulders. This could be seen as very bullish. For now pullbacks are buyable.
THE END OF THE 2ND BAT / W? - .786 fib retracement from our highs since the 225 tick move down in August (2116.75) - Top of our "tidy channel" - Smaller green candles each rising day shows weakning momentum, doji showing indecision - Loads of price action between 2100 and 1800: - As of now, short at the top of this channel, long at the bottom, unbiased in the...
Such pressing we can observe in the ES will lead most often to a brak in the opposite direction. That what my stats are telling me. Allways keep in mind that stats are...only stats... P! 4You: mytradingcoach.teachable.com
The legacy of Newton, Babson and Andrews - Action/Reaction . >>> Price is going back to center over 80% of time. <<< And here we have it again, and again, and again.... Many Traders looking for the quick & easy money. Trading with Action/Reaction and the Forks can be easy too. But first one has to learn how to apply these tools to the markets. That's why i...