2578.5 bull-bear line is crossed. Now i wait for a buy setup. Will update when i get one.
Posted 15 November 2017 - 06:00 AM
Gap down x4 at support!
break of this may presents a good risk reward IT buying opportunity pre thanksgiving in the 2545-50 area today or tomorrow...which should hold till xmas new ATHs.
Cant see a 100 point down...yet.. but now Ive said it it will probably happen.
Edited by salam, 15 November 2017 - 06:00 AM.
Posted 15 November 2017 - 09:03 PM
An hourly close of 258.75 or higher stops the downtrend, right now I call an IT correction. There were zero fully longs in the polls,
that would indicate an important top.
This system doesn't use a hard static stop, it is based on price staying above or below a certain level on an hourly close. So if price goes over say at 11:02am then you will not take the signal until it prints at 12:00pm. So based on that, theoretically price could within that hour greatly exceed your stop, well you just have to deal with it and wait or take the loss. Chances are SPY wouldn't go more than a point past the stop in an hours time, most likely less. If you take the stop before the hour closes, then it may come back down in the next five minutes never to return, and you were stopped out outside the parameters of the system.
Posted 16 November 2017 - 10:17 AM
exited puts overnight, back on this morning at 2580 strike plus a small profit.