This is not a journal per se, as much as it is how I see the market. I will take a review of all the threads about buying and selling and simply post a chart pic of what I see. That is all.
All well and good rcg, but how does showing a trend (past ) on a chart provide an edge in entry? thanks!
It's this edge thing that has you crossed up Surf, the charts I post clearly show no edge was necessary, when price turns up in a fashion that may suggest more buyers than sellers, then go long, or vice versa.
Red bar at the top is weakness in price. But this not regarded as price has not broken any previous high. Still in an uptrend with an opportunity for price to challenge the top.
Penny stock, that someone is touting up there. HEB Buy at 0.53. Target must be met in eight weeks of 0.64 cents. Stop will be 44 cents.
Okay Surf says that chartists cannot trade, I know that I and one other trader has taken him up on this challenge. I will do so here, the other trader will do at a time and place of their choosing. This is a chart of the snp, commonly traded with the es futures. Right now, there is no action. This week and last week fall within the shadow of the week starting 2/21. Day traders have prolly been getting chopped up. The trend is clearly up. with no evidence of a reversal, but the opportunity for the high to be tested. We will see what tomorrow brings.
What does the chart tell you today? Any technician would have been long and strong up til yesterday. What now?
Gap down is enormous, if I were in this positon, I would have to hold until I see that this gap is not going to fill. Price will most likely attempt to fill the gap, lets see what the following weeks bring. This is however one great example as to why I do not trade stocks.