T-REX Journal

note: Stopped out of last weeks trade @ 3pt profit target.

 

TODAY'S PULSESCAN SWING VIX (INDICATOR - (See “Rules” for the indicator below)


*The Red (Scan) Line indicator is now gaining downside momentum while the Yellow (Pulse) Line indicator is starting to head back up. Notice the negative divergence on the Blue line crossing below the red line. Topping out curvature downward slope fully formed on the blue line leaves to question whether or not this market has topped short term. However, the current market condition could prove to be a rare situation where the market climbs as the Swing Vix continues to fall into oversold territory then explodes to the upside. Possibility: as the Swing Vix begins to climb the market could then rally toward unbelievable highs as then the Swing Vix would heads into overbought territory.

 

Resistance: 1024.75

If the market manages to get above this level without putting in a new low by 2:30pm.............STRONG BUY!!!!!!!!!

If the market CAN NOT get above this level and puts in a new low at or before 2:30pm...........STRONG SELL!!!!!!!!!!!!

NOTE: Because of time constraints I may or may not be able to post my decision at these times. If that happens and I make a trade......for sake of fairness I will not count it amoung the track record of this journal..."Fair Enough"!!



p.s. 38.2% Fib Retracement on Daily Bars: = 1008.75!!!!!!

a strong support could be made at this price level. (may be a good buy off support). We will wait and see how today plays out.

 

According to your daily market forecast aren't you currently long from 1024.25?

 

and with a 7.25 protective stop at 1017?

 

No. I specifically stated that if the mkt was trading below the entry price to STAY OUT!!!!!

 

I do see that in the forecast. However the market did trade twice up to 1025 and I'm just trying to understand what criteria you would use to actually enter at 1024.25. (eg. exceed it by at least 2 pts. etc.) Thanks.

 

Thanks for your question.

Today's criteria was very easy. On a day like today when the market is trading near or below recommended entry point you STAY OUT! . The rationale is that you are already in a position to buy off support. If the market is already there then chances are since we opened below Fridays support/close then that would signal that further weakness is coming after the open.

Remember back when I first started this thread I introduced the Overnight Support/Resistance strategy. Well the rule is quite simple. sell support breaks and buy resistance breaks. Ofcourse you dont use those overnight numbers as entry points necessarily but there are times when that could work.

Today was not that day.........stay flat until further details!!!!
Buying this market today could be hazzardous to your wallet!!

 

TODAY'S PULSESCAN SWING VIX (INDICATOR - (See “Rules” for the indicator below)


*The Red (Scan) Line indicator is now struggling to gain upside momentum while the Yellow (Pulse) Line indicator is starting to head back up. Notice the positive convergence with the Blue (momentum/velocity) line indicator crossing above the red line. The bottoming out curvature upward slope now fully formed on the blue line leaves to question whether or not this market has now both topped and bottomed short term (consolidation/trading range market). Prepare for continued uncertainty and unusually difficult trading environments.