Stopping out traders left and right here I'm sure. There's a bid in this market, though. And an upside bias for the day. But probably not the day to get greedy on the long side. I'd be happy with 66.
When it comes to TL's I have two words - Tom DeMark. His technique is mechanical, reproducible, not arbitrary but is rules based, including qualifiers when to trade them and when to fade them.
Me think the market just wants a green day, as long as it is green to break the five day losing streak, it is a thanksgiving level all over again, nothing significant. Just got 7 points this morning on the long green bar, no trading since. BTW, new issued 4 week T bill rate is the lowest in a month, knowing the fed will hike 50bps next week, the market is rotating to safety anyway.
If it were that simple, everyone would be raking in money, since his materials are in public domain. Or have I missed something?
@vanzandt has been swigging eggnog and smoking mistletoe! Fact is, no matter what trendline method, and regardless of who developed it, the line is just a line on YOUR screen. Nothing more, nothing less. It is 100% dependent on the user of the line to bring meaning or not. A line on YOUR screen is just a line on YOUR screen. Eggnog, mistletoe... and lines!
That can be said about many of his (any other trader) techniques. I've been trading TD Sequential profitable for 20+ years. And I'm surely not the only one.
Damn, Schitzy, you get your own theme song tonight! Hot damn, that is in the affirmative of your direction! Yes sir! May fortune favor the foolish into the PPI print!