Trends showing up; 30m dip could be your reversal sign
So all the trends at 12-Hour and below are still showing up. The only one to change position was that 30m, it flipped down, then back up.
A key thing to watch for today to look for price falling is going to be if a 30m bar drops quickly below 3938 before we have enough upward momentum. If that happens, draw a line from the close of the 30m bar at 7/20/2022 at 03:30 EST that closed around 3938 to that bar, and be careful about going long below that line, as below that bar will be signs of a bearish reversal. Above the bar you can consider being long, although I'd look trend wise that anything below 3960 to 3940 is just a no go zone, but that swings above 3960 have the potential to climb higher. The highest I think this rally can go though is going to be 4030, and I'll only look at changing that depending on where the Daily Uptrend signals.
After a solid day yesterday, I'm going to just take the day off to get some things done around the house. If I get done early I may trade the second half of the day, but I just think the beginning of the day may be dull as buyer sentiment is slowing down but I think people want to see 4000 now before they try to sell the rip.
As for those earnings, of noteworthy today I'd look at Danahar (BTO), Phillip Morris (BTO),AT&T (BTO), and Union Pacific (BTO) as ones to watch. If you aren't aware, BTO means they report Before The Open, and if one refers to them as AMC, it means they report After Market Close. Companies are not allowed to report Earnings during market hours due to issues of volatility, something I always found ironic as the Fed always does their rate decisions during the market being open.
So there you have it, all trends are in an up, except the longer Daily and Weekly, which are still in a down. It is possible that Daily Uptrend signal flashes today, although honestly, I'd look at that as a bearish reversal at this point unless it proves itself otherwise.
A key thing to watch for today to look for price falling is going to be if a 30m bar drops quickly below 3938 before we have enough upward momentum. If that happens, draw a line from the close of the 30m bar at 7/20/2022 at 03:30 EST that closed around 3938 to that bar, and be careful about going long below that line, as below that bar will be signs of a bearish reversal. Above the bar you can consider being long, although I'd look trend wise that anything below 3960 to 3940 is just a no go zone, but that swings above 3960 have the potential to climb higher. The highest I think this rally can go though is going to be 4030, and I'll only look at changing that depending on where the Daily Uptrend signals.
After a solid day yesterday, I'm going to just take the day off to get some things done around the house. If I get done early I may trade the second half of the day, but I just think the beginning of the day may be dull as buyer sentiment is slowing down but I think people want to see 4000 now before they try to sell the rip.
As for those earnings, of noteworthy today I'd look at Danahar (BTO), Phillip Morris (BTO),AT&T (BTO), and Union Pacific (BTO) as ones to watch. If you aren't aware, BTO means they report Before The Open, and if one refers to them as AMC, it means they report After Market Close. Companies are not allowed to report Earnings during market hours due to issues of volatility, something I always found ironic as the Fed always does their rate decisions during the market being open.
So there you have it, all trends are in an up, except the longer Daily and Weekly, which are still in a down. It is possible that Daily Uptrend signal flashes today, although honestly, I'd look at that as a bearish reversal at this point unless it proves itself otherwise.
Comment:
I'm actually going to adjust my No-Go Zone. To be on a safer side, I'd almost look for swings above 3970 as signs to go bullish on the day. I know that 3970 to 3940ish seems like a huge no go zone, but I think anything between there at this point just look to scalp and take small quick gains on lower timeframe trends or something.
Comment:
There it is. That 30m Downtrending line showing possibly lower, lows. Draw the line to the base of that, it's not a very steep line, but anything under that I'd consider bearish. As for Bullish, I'd still be looking at around 3970 and above. Anything in between to me, is using short 1m, 3m, 5m timeframes to scalp.
Trade active:
I bought in at 3968, but I am not holding it. Sold it out at 3981. Makes my daily target. Not bad considering I wasn't around until that downward movement.
I'm sure we could go higher, again, I'd say no higher than 4030, or even lower if the upward Daily trend kicks (I am going to look at that as initially a reversal), but even with that, I'm not sure how much up I want to be involved in because when it comes back, it has the potential to come back pretty hard as we've seen in the past this year.
I'm sure we could go higher, again, I'd say no higher than 4030, or even lower if the upward Daily trend kicks (I am going to look at that as initially a reversal), but even with that, I'm not sure how much up I want to be involved in because when it comes back, it has the potential to come back pretty hard as we've seen in the past this year.