Great call on the 3115, @IB_Dude Like I said - I didn't see us trade that high up if lower on the day, but we certainly did.
Check Market can be nuts like that, man. I don't wanna sound cookoo, but I felt this script was written last week. There are certain days when I just see the action very clearly. Now watch them undo all this mini selloff O/N. We are at a key price band and it would be silly for bulls to just roll over here. B1's folk will try to build another floor, but let's see if external factors play a role. Side note: I can't place a finger on it, but option pricing and volume have been a tad screwy the last few days. Another opportunity to learn something
I want to check, too! Care to share on that script if it's not a secret? So far, this week is roughly playing out as anticipated, but one thing is to see it and another is to trade it/monetize it with real bucks on the line. I was short earlier as posted on that screenshot, but if I were to hold through all this - I'd have the market move 13 points against me to hold it. Just don't have the stomach for such swings when day trading with size.
Certainly a check! This will be a great point to try and sound smart by saying I worked out some proprietary stuff with solid statistical foundation, but nah. It's just based on volume, price action observation, RSI observation and patience. I've long felt the market was frothy (still is), but I fought the Fed in 2009 and I have the scars to prove it, so I ain't fixing to do that shit again. So seeing the bullshit move above 3000 over the Memorial day break and subsequent close above it confirmed that the market wanted to touch a longstanding trend line I've been watching for a while. Said trend line is currently at 3112. I am a seller above that line and planned to close out with a solid close above it (>3130). Target was as I mentioned 3088 (also coinciding with trend line). Disclosure: The two aforementioned trend lines are forming a wedging on the 240 and I'll be watching with great anticipation. While today might be red, I still don't see weakness per se. It's still pretty controlled action. I think it was Vanz who said TA price levels are like fences. I couldn't have said it any better. I would post my chart once I get back to my office. I also don't post trades often because I'm not always at my desk, so I often just set my orders and go away. So to come back here and say "hi guys, I was short at 3117.50 and 3127.50" could come across as nonsense. Correct. I can't list how many technical setups I have stalked and traded only to bail early, sometimes seconds before the anticipated move manifests itself. But I take solace in being able to see the move and be better prepared for next time. The market is full of opportunities if you don't blow out your account.
Sounds good. Feel free to post a chart later if you want. Generally, I find it more interesting to know what people think or see than a mere trade. Yes. I think that's just how it is for most of us. Right now I'm mostly focused on daily consistency and generally don't swing for the fences, but I hope to eventually increase my daily take. Today, I was simply too early and didn't reconcile my charting which was screaming long and my statistical/big picture analysis which said a sell today was very likely.
boring day for my trading. I would have added at some point (3100 ish, maybe?)but was busy. Still holding this...
Welp I scented danger in the air and swiped (grabbed fast) a large swag ( a big haul) off the betting table into my booty (bag of nefarious goods [stolen largely from the noobs - thx noobs!]). Applogies for the Ozzy slang. A swag in Australia is a sleeping bag suited for sleeping in the bush / outback.