Even with no NYAD divergence we can get a 10% correction. Just looks bad to me, NYMO et al always gets a bounce
but were severely in sell territory.
Dangerous market here
Started by
CLK
, May 17 2019 05:46 PM
6 replies to this topic
#2
CLK
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Posted 18 May 2019 - 11:13 AM
The VIX seems to be in a more bullish setup, but I think we need some serious bullish news over the weekend into Monday
to turn this back up.
I'm ready to dump 2/3 longs here if much more selling.
#3
LMF
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Posted 18 May 2019 - 01:03 PM
Lately I've got 2 yellow stickies on my trading screens.....
1. Think like a criminal (from da chief).
2. Inventory drives everything (market maker)
It's still not as easy as I would like....but comes with the territory.
On Friday they held TQQQ above the bullish 60 minute trailing stop. My last line in the sand, which usually holds. It was on a bearish 60 min stop from Dec2 to halfway thru the Dec15 session. The current 60 min bullish stop has to hold from here, or it's gonna roll over. Pretty simple....
#4
CLK
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Posted 18 May 2019 - 01:08 PM
Yes, but a criminal would take out your stop then take it over 2900.
#5
LMF
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Posted 18 May 2019 - 03:16 PM
Be ready for it......it's been done before for sure. Right now TQQQ looks like a big HS top forming.....right shoulder forming. But my gut says that it has to be a continuation move eventually. The recent low came in higher than the low in late March. Point figure downleg on TQQQ would be at 58.....and they like to test the stop even down to 58.01 even. They can make it turn handsprings to get the inventory they need.....
Edited by LMF, 18 May 2019 - 03:21 PM.
#6
cycletimer
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Posted 18 May 2019 - 09:37 PM
Cycles: Bradley turn was Friday (5/17), + or - a day
Cycle Turns on May 22/23 and June 5th. Anyone’s guess is as good as mine. Ideally the early June turn marks a LOW and its onward and upward to new al time highs into late July....
Cycle Turns on May 22/23 and June 5th. Anyone’s guess is as good as mine. Ideally the early June turn marks a LOW and its onward and upward to new al time highs into late July....
#7
CLK
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Posted 20 May 2019 - 09:05 AM
Successfully lost half my account trading IT longs due to the Trump/China mess. Got some July SPX calls and couple SPY puts.
Done making trades for a month at least unless a scalp, 2950 and I'm ok. I think we are going to 2700 though folks. I will make
money there. Meanwhile I scalp the futures. Trump destroyed the market, only one can save it is the Fed cutting 1/2.
