Friday was a flawless trend movement; Reversal setup beginning

So I had said that a perfect scenario to have a real rally, would include coming down low enough to grab the 6hr downtrend mark. I would have been satisfied with the 4hr, but again, had mentioned a perfect scenario would be that 6hr.

Once we hit the 6hr, as expected it has gone a bit lower, but we have managed to flatten out and get above the trend line just a bit.

There is a bit of a mix signal coming as the 1hr and 2hr are showing bullish, even with the 3hr and above still showing bearish. I expect some whipsaw action, with the first movement being upward to get at least a 1hr uptrend, which will be a lower high. I'd evaluate at that point where we might be going next.

If you aren't interested in watching the video, trends are as follows;

Last Macro Trend Signal Spots
30m - 3713 Downtrend (10/07/2022) Lower Low
1Hr - 3769 Downtrend (10/06/2022) Higher Low
2Hr - 3745 Downtrend (10/06/2022) Higher Low
3Hr - 3677 Downtrend (10/07/2022) Lower Low
4Hr - 3714 Downtrend (10/07/2022) Lower Low
6Hr - 3759 Downtrend (10/07/2022) Lower Low
12Hr - 3814 Uptrend (10/06/2022) Lower High
Daily - 4041 Downtrend (8/26/2022) Lower Low
Weekly - 4366 Downtrend (2/14/2022) Higher Low

I go over it in the video, but I do believe that ultimately we need to snag a weekly uptrend signal soon, as we've technically been oversold on a weekly uptrend since February of 2022.

My current sentiment is;
Short Term; Bullish
Mid Term; Neutral/ Bullish
Long Term; Bearish
Safe Trading, and remember your Risk Management Plan

Comment:

Just to add to why we are clear to go up in the short term... Monday we rallied as we were oversold and so we rally to get back into a zone.

Tuesday we rallied because of hope that the job market was cooling.

Friday we took that price action out of the market when we learned that the job market is not cooling.

To think we could go further down than Friday, you'd have to believe that Friday wasn't able to finish pricing in that unemployment data, and after a 3% drop in a single day, I'd like to think that was priced in.

There is no data to price in today that is really relevant. The next major data point will be PPI, but CPI is the day after and that will be glanced over most likely other than a brief blip on the radar for trying to predict the CPI data coming the next day.

So basically, I think currently, we have everything priced into the market, which just leaves investors deciding what to buy, and not so much giving anyone a reason to sell.

Comment:

We just got a 30m Uptrend. I'd really like to see a 1hr. The 2hr one is where I am not 100% certain we hit and exactly how far up it will be if we do hit it.

Comment:

I've cashed out. I forgot to mention I had gotten in at 3638, pretty close to what I had on Friday that I didn't like over the weekend. I'm gonna take the $1200 I just got and kinda watch this zone we are in to see how things work out.

My trade has given me a 2hr sell signal (turned to strong downtrend while moving upward), even though I'm looking to see us go up to get a 2hr Uptrend signal. Gives me mixed feelings.

Comment:

Well that sell signal seems to have been spot on... however I still think we hit a 1hr and 2hr uptrend. So, I'm looking for us to make some new lows today, and then see a rally at LEAST a 1hr uptrend.

Comment:

Mmm, I've gone long at 3625, at least briefly here to see what happens.

Comment:

Stopped out for lunch money

Comment:

Drats, I was looking for a minor signal to decide to go in at 3616, but it didn't come so I didn't. Oh wells

Comment:

So while I didn't get that small signal I wanted earlier at 11... I did just get it now. So I'm long 3614, at least for now.

Comment:

I trailed my gain and just let it sell me out at 3639. That is about a $2000 day, I may be done for today, though I think it moves higher during the remainder of the session.

Comment:

Mmm... looks like I was incorrect on how the day would end. Can't complain, because that means we are still poised to snag a 1hr or 2hr uptrend. I'd like to see if we can get into that 3600 or below zone tonight before the US opening tomorrow, the farther down we manage to move, the higher the chance of being able to make a few grand at least when it bounces up to snag those trends.