Agree. I believe in context which is why I needed to know what the NAME of the trading instrument to at least be able to look at the chart myself. Now that I know its the SPY...I can start somewhere instead of following the chart blindly without any other info to the story.
Looks like the markets are slowly recharging and engorging towards new pop in the afternoon around 2-3. new chart with analysis. I also have a pending limit order to open a starting position (short puts) on SPY. I bought some long calls 216 strike for 8 cents each as well.
Your TA is leading you to chase. This is just guessing on your part. Sorry to be negative here but as someone who trades purely by TA I think your "algo" is late to the party and not worth listening to. It should have told you to sell at the top of this move down not after much of the move has already occured.
And by the way that "galloping horse" crap sounds like someone trying to bait people into believing this so called analysis with stupid names to a formation that does not exist. That's not even a pattern I am familiar with.
Irony is obviously lost on this crowd Market Erection and Market Ejaculation.. I like it! I wonder what the interpretation of the Market Whore's Boobies will be.. Perhaps wait for confirmation?
Not at all. It looks like an hourly chart showing a tired market and your "algo" should say to sell at that point (mid chart). Not after several red candles in a row showing broken support. Not an "algo" I would pay attention to.
Where do I say sell? Those texts are to point out. notice I pointed it the erection and look at the top which means post-ejaculation market drop. and we went down past 224. now my new analysis show a slow rise post refectory period in the oval drawn. 225 around 3:30 today
Right now traders are just screwing around, watching youtube videos and joking around and eating lunch. the Oval drawing is the period where this occurs, snorting cocaine in the bathrooms and occasional midget throwing parties. Expect volume to pick up later and we ramp up to 225-225.3 once they finish wasting time and get back to work. I would extend it further but cant do it yet. but you can expect this till around 2:30 oops I just realised I was tuned to CNN all day, just tuned to CNBC to listen to the fools talking crap. Yup, Larry Kudlow repeating the same shit he does every day like a windup doll. Well at least all my closing orders filled early this morning. hopefully my new orders get filled today. either side would be fine both even better .
Perhaps another market "erection". But what if it is prematurely followed by a market "ejaculation". Could be troubling!