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My trading plan right now


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#691 lawdog

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Posted 26 April 2017 - 11:44 AM

sold down to 25%



#692 lawdog

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Posted 26 April 2017 - 01:57 PM

obviously I don't have a strong conviction of the direction of the market from here. I doubt the market itself has much conviction, considering the gyrations today. On a short-term basis, it is somewhat obvious that the market is overbought, but that might just mean the markets advance more slowly. I felt early in the day the market needed a breather and got it when the spx dropped about 6 points, so made a few bucks on the trade out then back in at lower prices. But now I am at 25% long and don't want to get caught in a decline resulting from some overbought conditions. My guess is that we firm up and make a run to 2400 soon and get some selling there. The Dow and Naz broke through some round numbers, not so sure spx will clear 2400 so easily, but some consolidation could set us up for a nice run in May to 2450+. Have almost no interest in shorts other than a quick 1 hour trade. intermediate term indicators are no where near overbought, so if we can reset the short term indicators without losing the market on the upside, I can make some money on further runup in spx.



#693 lawdog

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Posted 26 April 2017 - 05:38 PM

glad to have reduced my positions today while market was holding some gains. would hope for some early weakness on Thursday to get back to 45% long from current 25% long, assuming things set up properly. Do not believe this advance is finished; typical rejection upon getting close to spx 2400.



#694 Rich C

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Posted 26 April 2017 - 05:45 PM

I started to lighten up a bit today.


Blogging at http://RichInvesting.wordpress.com

 

My swing trades typically last a couple of weeks to a couple of months. 


#695 lawdog

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Posted 26 April 2017 - 08:10 PM

Think we have some good gains left in this market which should materialize in May. I hope for weakness on Thursday, but it is possible today is the only weakness we get. I only have 25% long and want to be at least at 50% if this market goes thru to new highs and onto 2450+ on spx. The market may force me to pay up from today's close to reinstate my positions. So far it worked for today, but this market can jump any time. I would be buying on weakness if I am lucky enough to see weakness. As always, will let you know what and when in the morning. Hope we don't get a gap opening of more than 5 spx points. Probably won't. Would really hope for a gap down of -5 spx points, continued weakness to get down -7 to -10 spx points (probably wishful thinking) then get back up to 55% of max position.



#696 SemiBizz

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Posted 27 April 2017 - 08:33 AM

SPX still has a consolidation due at 2385.71...

 

We'll see if we get it this morning or not...

 

 


Edited by SemiBizz, 27 April 2017 - 08:36 AM.

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Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"

Volume is the only vote that matters... the ultimate sentiment poll.

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#697 lawdog

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Posted 27 April 2017 - 08:36 AM

up to 45% at spx 2388.



#698 SemiBizz

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Posted 27 April 2017 - 08:50 AM

The wild card here is the Nasdaq... a runaway train.

 

Using some geometrics...

 

I came up with a short term resistance at 6043

 

BINGO...

 

Next one now not  til 6073.... napoleon.gif


Price and Volume Forensics Specialist

Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"

Volume is the only vote that matters... the ultimate sentiment poll.

http://twitter.com/VolumeDynamics  http://parler.com/Volumedynamics

#699 lawdog

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Posted 27 April 2017 - 09:00 AM

glad to see naz100 picking it up again. 



#700 lawdog

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Posted 27 April 2017 - 09:13 AM

added 10%; now at 55% long. may still see today some backing and filling, but i belief risk/reward still favors bulls.