So, we absolutely struck my target zone of 3913-3930 yesterday. I waited for confirmation we'd spin around, and went long at 3945. As I said I cashed that out at 3988 just because I didn't want to hold into the close. That provided a 2 hour lower high uptrend mark, and I waited to see if we would cross that later once things opened back up, and got long yesterday evening again at 3978 into today. I'm currently holding that trade.
The Long Position;
I still believe we need to correct the violated trends of the 3hr/4hr/6hr. The 3hr has thus far not shown up yet when we were at 4000ish, we will see when it does.
Additionally, I explain in my video, but I wrote a script that shows MACD Momentum, and indicates buy (or long) and sell (or short) signals off that information. I used to use this to trade exclusively over a year ago, as it shows MACD Trends, but overall didn't feel it was a good primary use, because many times it would show a buy signal after a significant move upward and things might reverse. What I learned over time however, was the gem of this script, was really in the divergence of the signal vs price. Basically, if it gives a buy signal while price is moving down, price either goes flat, or does reverse to the upside. Likewise if it provides a sell signal as price has been going up, that also indicates a reversal or at least price flattening.
Some dates this has occurred over the last year;
2/7/2023 - Sell Signal on Upward Price
12/27/2022 - Buy Signal on Downward Price
9/29/2022 - Buy Signal on Downward Price
8/18/2022 - Sell Signal on Upward Price
8/4/2022 - Sell Signal on Upward Price (this one didn't work)
6/6/2022 - Sell Signal on Upward Price
5/25/2022 - Buy Signal on Downward Price
Others before that worked the same way. So yeah, if you look, those were great signals for a reversal. Well we just had one on 3/1/2023, a buy signal on downward price movement.
The Short Position;
I could see some momentary downside to correct the 30m/1h/2hr so we can have some higher lows that lead us upward. I think any downward movement at this point will be short lived for the time being.
Economic Data;
We have ISM Non Manufacturing Data today. I don't know it'll be a catalystic driving force, but... there is some potential for market movement.
Earnings; There are no Earnings today.
My Sentiment into today;
Shorter Term - Neutral
Short Term - Neutral/Bullish
Medium Term - Bullish
Long Term - Neutral
Safe trading! Remember that risk management plan!
The Long Position;
I still believe we need to correct the violated trends of the 3hr/4hr/6hr. The 3hr has thus far not shown up yet when we were at 4000ish, we will see when it does.
Additionally, I explain in my video, but I wrote a script that shows MACD Momentum, and indicates buy (or long) and sell (or short) signals off that information. I used to use this to trade exclusively over a year ago, as it shows MACD Trends, but overall didn't feel it was a good primary use, because many times it would show a buy signal after a significant move upward and things might reverse. What I learned over time however, was the gem of this script, was really in the divergence of the signal vs price. Basically, if it gives a buy signal while price is moving down, price either goes flat, or does reverse to the upside. Likewise if it provides a sell signal as price has been going up, that also indicates a reversal or at least price flattening.
Some dates this has occurred over the last year;
2/7/2023 - Sell Signal on Upward Price
12/27/2022 - Buy Signal on Downward Price
9/29/2022 - Buy Signal on Downward Price
8/18/2022 - Sell Signal on Upward Price
8/4/2022 - Sell Signal on Upward Price (this one didn't work)
6/6/2022 - Sell Signal on Upward Price
5/25/2022 - Buy Signal on Downward Price
Others before that worked the same way. So yeah, if you look, those were great signals for a reversal. Well we just had one on 3/1/2023, a buy signal on downward price movement.
The Short Position;
I could see some momentary downside to correct the 30m/1h/2hr so we can have some higher lows that lead us upward. I think any downward movement at this point will be short lived for the time being.
Economic Data;
We have ISM Non Manufacturing Data today. I don't know it'll be a catalystic driving force, but... there is some potential for market movement.
Earnings; There are no Earnings today.
My Sentiment into today;
Shorter Term - Neutral
Short Term - Neutral/Bullish
Medium Term - Bullish
Long Term - Neutral
Safe trading! Remember that risk management plan!
Comment:
ISM is in, and most businesses expanded. Bad News, Good News? Who knows, as you could make a case for either (inflation vs recession).
Comment:
3hr uptrend signal stuck (lower high) at 4013.
I will be waiting to see if we get a 6hr now.
I will be waiting to see if we get a 6hr now.
Comment:
6hr Uptrend struck now also. I've cashed out for a $3000 day. Not shabby
4hr has signaled a lower high at 4006