Johnny Rock's comeback

Discussion in 'Journals' started by johnnyrock, Jul 20, 2017.

  1. speedo

    speedo

    That's not a signal
     
    #201     Aug 11, 2017
  2. johnnyrock

    johnnyrock

    Wouldn't that qualify as relevant, considering real life feelings if fear and greed?
     
    #202     Aug 11, 2017
  3. speedo

    speedo

    For your sake, I hope it plunges...I just don't see the R/R rationale from a technical perspective.
     
    #203     Aug 11, 2017
    Overnight and johnnyrock like this.
  4. Overnight

    Overnight

    Are you forgetting that yesterday we had a 150 point NQ sell-off, and it has recovered only ~24%? Not to mention...Have you ever heard the term "Friday-afternoon rallies"? I think those happen more often than "Friday-afternoon selloffs".
     
    #204     Aug 11, 2017
  5. johnnyrock

    johnnyrock

    Lol. You may be right. I have been reading Farley's book again and attempting to play off tje ebb and flow of range expansion/contraction.
     
    #205     Aug 11, 2017
  6. Not a signal, but the risk of holding overnight dictates the closing price. And in this case, it's over the weekend and a particularly risky one at that.

    Combine that with the 2:30 tech peak, rising VIX, divergence between Finance and Tech, and there's a pretty good bear case for the end of day.
     
    #206     Aug 11, 2017
    johnnyrock likes this.
  7. speedo

    speedo

    I only take technical trades. I'm not smart enough to figure out the meaning of life everytime I take a position. As to overnight risk, it's a bull market 'till it ain't.
     
    #207     Aug 11, 2017
    johnnyrock likes this.
  8. I agree with you being bullish--am myself in fact. But I suspect we'll go down, not up during the last 15 today...that said, I can't say I agree with J-Rock's time stop in consideration of that.

    Today is a good day for mid- / long-term profit taking, with a perceived risk that could spiral out of control hanging over the market. Traders may rule the day, but institutions rule the close.
     
    #208     Aug 11, 2017
    johnnyrock likes this.
  9. johnnyrock

    johnnyrock

    If I followed that advice, I would literally be rich! Although this trade is actually trading with the very short term action of late. IMO, a large descending triangle broke down on the 240' chart. As far as tje bull market is concerned, this is not even a blip.
     
    #209     Aug 11, 2017
  10. johnnyrock

    johnnyrock

    Instead of closing this at 3:45 I am going to let this run into the close. The price stop remains the same.
     
    #210     Aug 11, 2017