too many strikes against the bears right now. perhaps we begin a new advance from here, or maybe it rallies thursday, gets overbought real fast and turns down sharply again. right now i give it to the bulls, but i have an open mind and plenty of dry powder to work with if the market can tip its hand.
My trading plan right now
Started by
lawdog
, Jan 15 2017 09:33 AM
711 replies to this topic
#432
lawdog
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Posted 23 March 2017 - 07:22 AM
i am looking for a setup to short again. this setup will consist of overbought short-term indicators, e.g. a/d volume oscillators, mcclellen oscillator, call/put ratios, etc., accompanied by the market's failure to reclaim all the losses from tuesday. i will hold my longs today and give the rally a chance, but will be looking for the bounce to fail, setting up some more declines, which could be fast and very profitable. but for me, the short is not quite there yet. might take all day and into tomorrow a.m., which would be ideal and provide good opportunity for perhaps 2% more to the downside, with an intra-day overshoot, perhaps with a big monday drop, continuing into tues. assuming the market remains weak, we may be close to another nice multi-week rally, taking us to 2450. but i'm getting ahead of myself.
#433
lawdog
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Posted 23 March 2017 - 07:28 AM
ff poll;so far not a single call for higher mkt today; i voted partial long and neutral on the day. would not be surprised with early rally that fades away later. but i will give the rally a chance since that would confound the most people right now.
#434
lawdog
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Posted 23 March 2017 - 07:56 AM
if market shows losses today, and if intraday readings reflect the losses, i look to double my longs holdings position. possible small gain at open, drop 5-7 spx points, that's when i increase my longs. will, of course, post it here real-time. kind of staked about a chance for 15 to 20 point spx bounce today and into tomorrow. traders should be looking more for long setups, but a quick early downdraft is very possible, but don;t plan on it holding the losses.
#436
lawdog
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Posted 23 March 2017 - 08:33 AM
took the bait at -5 spx; now 21% long
#438
lawdog
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Posted 23 March 2017 - 08:40 AM
got the early drop i hoped for; nice recovery so far; continued bounce not a sure thing; it's usually not that easy.
#439
lawdog
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Posted 23 March 2017 - 08:47 AM
would like to see spx at 2360 by tomorrow am, if not before; would likely take profits there. but that assumes i have profits. that opening drop was the best thing for the bulls
#440
lawdog
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Posted 23 March 2017 - 08:49 AM
we hold here, that might run some bears in, protecting their tuesday profits. sfsg
