44 replies to this topic

[12SPX]

Yep, not quite to a sell yet:

 

I'm curious why does your upper dashed line not go across the peaks whereas the lower one does?  If it did the same thing wouldn't the indice have broken to the upside, is it because they all need to be inline with distances?

[tsharp]

 

Yep, not quite to a sell yet:

 

I'm curious why does your upper dashed line not go across the peaks whereas the lower one does?  If it did the same thing wouldn't the indice have broken to the upside, is it because they all need to be inline with distances?

 

 

I created a parallel channel... that's all, so for me, a push above the upper parallel channel line would be a strong case for much higher prices, rather than a potential EDT for at least a ST top.

[12SPX]

Awwww thats what I thought, thanks for showing me that!! 

[redfoliage2]

SPX likely to be above 3700 next week ..................

Edited by redfoliage2, 04 December 2020 - 03:30 PM.

[sixpack]

Based on my observation a couple of days ago I started buying again. Next week has the potential to move sharply higher. No guarantee. December as a whole looks to be up still, but could cool off a bit once a decent high is made.

[OEXCHAOS]

You are dead right.  The best trades are often busted trades in the other direction.  Right now the DJIA daily chart is either forming a rising wedge which should break down sharply or a rising catapult which should shoot the index higher.  Given the high bullish sentiment numbers, betting is probably for the break down, but if it turns out to be a break out to the upside, it will force all those shorts kicking and screaming to buy back at sharply higher prices.  Only time will tell. 

 

Stig Olassen (sp?) pointed that out to us years ago. I think it's a brilliant observation and thank you for reminding us!

 

M

[slupert]

 

 

Yep, not quite to a sell yet:

 

I'm curious why does your upper dashed line not go across the peaks whereas the lower one does?  If it did the same thing wouldn't the indice have broken to the upside, is it because they all need to be inline with distances?

 

 

I created a parallel channel... that's all, so for me, a push above the upper parallel channel line would be a strong case for much higher prices, rather than a potential EDT for at least a ST top.

 

ot a bad spot for a Monday Jump the creek at 3700. (JMHO)

[tsharp]

Not yet sure, as momentum is VERY tired here... this is the SPX weekly with Andrew's Forks showing a pause where it should... imho, a gap across would be rather bullish:

 

 

[salam]

Mark, you make a valid point when S/R are horizontal.

 

when in a rising wedge, I tend to scale in and exit my losing trades when the rising trend line is rejected. 
 

at present I am averaging 3685 price. And will be scalping long and short Monday 
 

key for me, is not to overleverage. Money management is vital, but also accepting losses within a clear overstretched market.

 

With that said, loss management is by far , the most important.

 

Be patient with winning trades. Be very very impatient with losing trades 

Edited by salam, 05 December 2020 - 08:08 AM.

[salam]

Not yet sure, as momentum is VERY tired here... this is the SPX weekly with Andrew's Forks showing a pause where it should... imho, a gap across would be rather bullish:

 

 

T sharp, ty again for sharing.

 

3700 and Dow 30k are huge psycho logical numbers

 

futures rejected 3700 after the close Friday .

 

I will cover my shorts on a move above 3700 Monday

 

all I see at the moment is irrational exuberance !  

Edited by salam, 05 December 2020 - 08:13 AM.