Things are getting Real. Prices having an extremely difficult time getting through the asteroid belt of resistance. The black channel trend line from the top has proven to be a sweet spot to sell. Selling the asteroid belt will keep working...until it stops working. The triple spring wicks bottom is quite impressive but its force was pushed down by the magical...
Bulls got a nice bounce from that intersection level and definitely won the day trade on Wednesday. Despite the bottom found, followed by the pop, I'm still viewing the double top as the boss. Therefore I'm still inclined to sell rallies. 53.00-53.25 will be an area of interest for me to sell.
Double Top still dictating the show and 50.00 is where it wants to go. The circled base build up is a bit concerning for the bears but my bet would be that trend line doesn't hold. Once broken, 50.00 should come sooner rather than later.
Double Top + Rounding Top = Depleting Saudi Arabian bank accounts. Playing the short side has been paying out the best interest. The support at 50.00 isn't even a super attractive level to long but I think a short term long play might actually work because: - Prices have basically dropped $4.00 in 48 hours - 50.00 is old resistance - 50.00 is a psychological...
All this congestion at this area tells me two things: 1) It's a good place to sell. (duh) 2) If Dow 20k does happen, it will blow through it w/ tremendous force. Makes the day trader's job easier knowing where the stops are and where risk lies. I'll remain aggressive w/ the short plays while taking calculated risks on the buy scalps in hopes for runners. The...
The Dow 20k story is losing its steam. I'm more likely to play the short side more aggressively than looking for longs. With volatility so low, the scalp game is weak and is like watching paint dry. So I have my levels and will play those for swings as long as everything lines up at the time.
Same story today for me...Double Top running the show. Looking to sell pops to play the short game swing...or playing long scalps in attempts to catch runners. Some support 51.00-51.25 but 50.00 is the downside target.
What happened to dow 20k? What was a squeeze on shorts on Fri can easily quickly become a squeeze on the longs today. The white lined channel was supposed to be the stairway to Heaven, but looks like St Peter locked the door on the Bulls.This first bull zone is worth a shot. If dow 20k is in our destiny then you'd be long at a great level. I
Double top is still what I perceive running the show. I like playing from the short side (despite being long currently hoping to catch a runner). I hope for a pop so I can sell at a more lucrative level, somewhere between 53.50-54.00 depending on how things line up.
If anything can break us through the asteroid belt of resistance blocking Dow 20k, it would be NFP. Likely sideways trade until then with small scalp opportunities but I'm keeping my eyes on the white lined channel. Could be the stairway to Heaven. I'd love to be able to catch a long runner going into the # but ready to trade both directions as always.
Mind your channel and trendlines. Money to be made in both directions. Bounce off the lower channel trendline can cause some damage if it gains momentum. But at the same time that double top is still running the show. Taking calculated risks here w/ hopes of catching runners.
Fairly dry, boring index trade. 40 point range for nearly a month and barely any action after FOMC minutes. Dow 20k remains the focus and target. Scalps in hopes for grabbing runners is my style of choice in this environment.
The double top is still the headliner here that I have my attention focused on, although support has been found at a suitable area. Yesterday's pop is trying to gain more traction but I'd like to take a shot at a short somewhere around 53.50-53.75, maybe sooner, depending on how things line up.
Not much action overnight. I anticipate price to simply shadow CL until FOMC minutes later this afternoon. Might be the catalyst to finally bring prices to Dow 20k...I'll have to possibly dig out my "Dow 20k" Hat and tshirt...may have packed it away w/ my Christmas decorations by accident...
Double top followed by nasty sell off yesterday. The level where it found support is along old down trend and minor uptrend intersection. Level has a chance of holding but if not, then I can easily see another vicious red candle possibility like yesterday. Selling rallies or buying a bigger selloff will be my play today.
All the heavy hitters will be back today. Sunday (Monday*) night gap higher open accompanied w/ some decent follow thru seems pretty bullish to me. We should get some nice setups w/ the return of volume. I'm prob biased to buying a dip so I'll be vigilant for that play, but also won't hesitate to take a short on a 8-12 tick wave move to the upside.
Nice bounce off the previous downtrend to propel over a $1.00 rally. I'm currently short inside the wick with my stop at B/E. The chart suggests resistance at 55.25-55.50 so I'll be looking to play from the short side, but safely, in this area.