Probably meaningless since we no longer have free markets.
https://www.investop...er-candlestick/
#5: "Filled or red candles with no higher shadows identify a strong downtrend: Stay short until there's a change in trend."
Posted 25 September 2020 - 04:27 PM
Probably meaningless since we no longer have free markets.
https://www.investop...er-candlestick/
#5: "Filled or red candles with no higher shadows identify a strong downtrend: Stay short until there's a change in trend."
Posted 25 September 2020 - 05:44 PM
Thank you for sharing.
with the 100 point S&P reversal in two days, I was kinda expecting Da Chief to post a snort or three, but there is still time.
A quick update on my position.
I am disappointed I missed a long cover opportunity premarket today.
I got stopped out of my SPX short entered in the 3266 area on break of the 3279 cash resistance. That was a heavy and painful 13 point hit.
The market recaptured and then closed above the 5dma, but failed to close above 3300.
My Vix eTF remains in profit and I added, with a sigh on the close.
A weekly close above 3320 gets me bullish again.
Otherwise, expect volatility and swings to persist into October.
Edited by salam, 25 September 2020 - 05:46 PM.
Posted 25 September 2020 - 06:19 PM
"A weekly close above 3320 gets me bullish again."
That's interesting. Oddly enough, a print above 3329 might actually turn me more bearish by voiding my initial projection, which has a worst case target of 2700, and yielding a new projection with a worst case target of 2283 (to be reached some 6 months from now).
Posted 25 September 2020 - 08:41 PM
"A weekly close above 3320 gets me bullish again."
That's interesting. Oddly enough, a print above 3329 might actually turn me more bearish by voiding my initial projection, which has a worst case target of 2700, and yielding a new projection with a worst case target of 2283 (to be reached some 6 months from now).
Bullish ST to expiration.
My expectation is a rejection in the 3320-30 area, sideways chop then a hard down October
Posted 26 September 2020 - 09:53 AM
Thank you for sharing.
with the 100 point S&P reversal in two days, I was kinda expecting Da Chief to post a snort or three, but there is still time.
A quick update on my position.
I am disappointed I missed a long cover opportunity premarket today.
I got stopped out of my SPX short entered in the 3266 area on break of the 3279 cash resistance. That was a heavy and painful 13 point hit.
The market recaptured and then closed above the 5dma, but failed to close above 3300.
My Vix eTF remains in profit and I added, with a sigh on the close.
A weekly close above 3320 gets me bullish again.
Otherwise, expect volatility and swings to persist into October.
This is why I like profit stops even if there only 1 pointers. I had two 1 pointers yesterday then got in at 3218 and rode it to 3290 was a nice trade! With algo's and stupid traders the market can turn on a dime.