Yeah, this looks like a blow-off spike to end this rally from the SPX 2600 low
Could be wrong ....but don't think so
Posted 07 November 2018 - 03:44 PM
Yeah, this looks like a blow-off spike to end this rally from the SPX 2600 low
Could be wrong ....but don't think so
Posted 07 November 2018 - 06:09 PM
Ride it up, Ride it down, just go with the flow!
Usually, the down market trades produce larger profits but today's humongous rally was an auto profit-maker once you kept
going with the trend up, exited on pull-backs, and entered again.
I had 17 NQ trades, 14 longs and 3 shorts, and I could have made the same profits with 8 or 9 trades but my
modus operandi is to be more granular with NQ day-trades rather than staying in these trades as long as possible and risking sudden moves in the opposite direction.
I hold net 9 QQQ puts, should have bought more but could not spend more time in modifying & fine-tuning the orders.
Posted 07 November 2018 - 06:32 PM
MACD on SPX went above A (labels in green) today, one possibility is to emulate what it did last time (see "W" shape in early 2018), which would be to move up to B (midline in trend), then back down to the support line it recently touched, then up again. Another would be to just pass through B and rise to C (upper trend line) where it would start dropping. I think with these trend lines here being downward facing, eventually the top line will be so low the index runs out of gas.
Posted 07 November 2018 - 06:56 PM
if any of u know anything about the mclellan oscilator and its history u would know that this was the kickoff to well above all time highs