I am not adding any long term positions. I am adjusting some Delta as we move up. Trade short time frame trades until the consolidation is exceeded. When this breaks out I think we could see a nice sized multi day move so be ready.
If the candle forming today closes inside the top 30% of the prior candle i will be using it to trigger trades tomorrow. Will update this idea as the market develops.
The chart tells the entire plan. I do look for around 20 minutes plus of trading time into a level for me to call it broke. I give the idea about a 55% chance based on early action.
The green line is my line that is a bull bear line and if we hold above will be looking for a place to get long. Below this line my long conviction is gone.
Let keep an eye on prior high and if that is exceeded then long trade is back in play!
The arange circle is the area i will be looking to see if we get supporting action. if we do get support with impulisive moves on monday will enter a trade. however if we go sideways with lower drift, my long would not be starting till around Tuesday.
This week looks to be ending as a inside week and so was last week. I need market to pick a side next week or expect more grinding slightly bullish chop.
I will look for a further move to fist target then see if we reverse and fix lower structure or alternatively keep moving much higher before trying for that lower target. So Tuesday look for a bit more to the long side, but not be dumb if market disagrees. Will follow the action but using my targets as trade expectations.
As long as we stay in this box the trading is tight and fast with no direction or big moves. Looking for it to break before getting excited at all
the conditions have met for me to take a option spread short, I can do this with debit put spreads or credit long spreads or a combination of both. using both will reduce cost. The key is at this point keep risk well in control.
from a long time back published these megaphone patterns, we are now moving all the indices into the expanding top. Have been leaning long most day trades but now as we get to the two topping areas if market shows weakness will go short.
Trading short from range tops and longs from range bottoms, This is a chop zone and will keep trading this way until range breaks. The range may expand before breaking so be on the outlook for that.
will be watching red line for break to up side to target next higher red line. A break lower will toss long out the window.
There is a down channel that now has just brought us back into a very big up trend. Today will be looking to see what the market is going to do in relation to last week. Last week we had negative month, negative week and negative day after day. Today has anything changed? Only thing i have to ask my self.
Just noticed this so had to share it. Does not mean much till we get there and see if the market is respecting that or continues down. All i do all day is collect data points, then let the market tell me it cares about my data.
Market is in a very big sideways range and then over the last 3 weeks has been engulfing each prior week. The trade to me is back inside the expanding range. Keep an eye on very big picture weekly, Monthly to see if overall sideways trend changes. outside the daily action a bigger trend should develop.
Below today's large down move is a high volume target. Then just below that is a low volume area, know for fast travel. I will be watching how the market opens, and if moves more down and gets into the low volume you could see 380. Today got very sold and may see some dip buyers but will wait for morning to set stage for next few days.
Yesterday almost stayed inside mentioned range. It did provide some excess so yesterday could be a temporary low. End of day had large amount of stocks moving up. I will still be watching same range as yesterday, but looking for a bit higher high and or a bit lower low. This will be driven by the spots outside yesterdays range. Only thing on chart that is changed...