Ladies and gentlemen, Is the top in? Double top and failure to tag the daily highs on this last leg up. Very similar price action in all three indices today. Maybe we`ll pause @ 43 before going higher. Volume is still very low.
Long @ 1345,50. Stop @ 1343,50. Target 1350. Price found support at 43 and broke out. EDIT: Stalled at the daily highs and las week`s mid. A break of this level should give us 1350. May take a cheaper exit if we reverse now.
The word choppy just got a new meaning Triangular formation on the 5-minute. Curious if we`ll see a meaningful breakout either way by the close.
So far, so good, amigos. I have to say I find it very interesting that today`s high was last week`s range exact 50% level. To the tick! 1343 is the pivot point from last week`s range and acted as support on this choppy afternoon that I should never have traded in the first place. It will be interesting to see what the t-day boyz have in store for us tomorrow. Perhaps they are sneaky and take out 1345 overnight and gaps up tomorrow. Opinions?
You are chasing. When price runs 9 to 11 points up and you buy and chase you will get stopped out over and over again. Vice versa on down moves. This is emotional fear and greed trading controlling your actions If you want to survive over the long haul and be profitable, you must buy when the majority are selling and sell when the majority are buying. The reason so many fail is because the emotional aspect of being able to pull the trigger in these situations goes against everything you have ever learned throughout your life. NEVER EVER CHASE PRICE WITH A TRADE