BOT YM 24c @ 23,500 YM June....... As documented in ES Journal. SLD... 12 @ 23, 895.... + 395 pts x 12 cars SLD.... 6 @ 23,925....... + 420 pts x 6 cars SLD..... 6 @ 24,100...... + 600 pts x 6 cars AVG ... 24c x 452.50 pts Way too early on second exit at 925 ... as this trade could`ve have really been exceptionally more profitable than what it was.... Entry was pin point as I pride myself on that... the second exit not so much... recognizing ones flaws & correcting them is the most critical part of refining ones methodology... getting honest with oneself is where it`s at! Still patiently waiting for this Bearish Triangle build out off of the Diamond Top... Plenty of action Long & Short on this build out ... seizing opportunity from both sides of the plate vs waiting for this imminent 350 Handle ES/ 3500 Pt YM move to come to fruition.... Regardless of the break, there will be money to make on this mega move.
When Spooz Top talks, Pekelo listens. There are probably no more than 3 people here whom I pay attention to, and one of them is myself. But anyhow: Is there any good reason why you used YM instead of ES?
It's a cleaner setup. FWIW, I don't think any of the indexes are going to crack. My reasoning is NQ has already broken through a pretty major supply line, And a mini one with RTY (which is about to retest). The ES has been is the weakest of the bunch in this correction (that's where my short play is). I'm planning on building my longs tomorrow on the NQ (after a retest of Friday's close).
Thanks Peek.. Appreciate it, man. Like Tree stated, it was all about the cleaner, more defined chart & better set up. I`ll switch up from time to time when i`m not seeing/ feeling the Spooz charts. 6 of one... half dozen of another. Good to have you back posting!
What are you seeing on the charts today? I can't get a good read. Gotta think Trump saying (2PM on Iran) whatever the market thinks would be "the worst case scenario" is priced in. Seems like it wants to go up but its holding back.
The market never gave me the chance to sneak in, which is probably for the best.. I'm still bullish, but I'll explicitly wait for the breaks (moving to RTY over NQ for the long side, as it's a clean triangle), the concerns are - That parabolic that started this whole thing, that's bad news now, or later, but it certainly hasn't been worked off yet. And the other one is that all of the the majority of the volatility has been to the downside on volume in this correction. That's not to say that It wansn’t priced in.. see CL. They just didn’t care in equities
We are coiling up here ... patiently awaiting this imminent explosion move... Nice 20 Handle scalp from 82 TL Kiss yesterday that I missed due to real estate endeavors, which is fine... We may get a catalyst here that will move the markets in a big way once we resolve this wedge... That said, Just waiting for TL Kiss/ Low risk entry or Complete break of this 350 Handle/ 3500 pt Dow Range... So currently flat with a short bias but will switch to the other side of the plate should we decide to Rip North.
Our Daily/ Weekly Diamond Top has now transitioned into the Monthly Chart... Showing even more significance now within the larger time frame... Just to put into perspective of how far we have climbed... We can technically trade down to the 2100 level on Spooz & still maintain the TL/ Uptrend on the Monthly Charts.... Perma Bullys have lost site of gravity & have been spoiled far too long... We are Sooo over due for a Reversion to the Mean.... This appears to me as a nice set up for that to occur!
Nice analysis of your diamond top assessment Spoozy, especially pointing out we could see a multi hundred point drop and still be in a long term (monthly) uptrend. Hope vol kicks back in over the next couple of weeks leading to that scarole...