The Trouble With Scribbles

--04/29/2015Current position is short from 4484.75. protective (not reverse) stop is 4524.00
--04/30/2015. Afterhours pm. Stop remains the same
--05/05/15 late RTH Price is 4412.00 Stop lowered to 4469.00
--05/06/15 Afterhours AM. Price is 4413.00. Buy stop lowered to 4434.00

 

Nearing oversold now on the 60 min Cash chart. Exercise caution. However, if trading the daily frame or higher, we are nowhere near oversold

 

5 and 15 are well outside the Bollinger Band. Likely to see at least a bounce back in. Would use the 1 min chart for this.

 

Too bad you closed all of this out at 4480 . . .

 

--04/29/2015Current position is short from 4484.75. protective (not reverse) stop is 4524.00
--04/30/2015. Afterhours pm. Stop remains the same
--05/05/15 late RTH Price is 4412.00 Stop lowered to 4469.00
--05/06/15 Afterhours AM. Price is 4413.00. Buy stop lowered to 4434.00
--05/06/15 Morning RTH. Staying short with same stop for now.

 

For those that like the Head and Shoulders pattern, we have broken through the neckline on the daily. I don't use the Head and Shoulders pattern.

 

--04/29/2015Current position is short from 4484.75. protective (not reverse) stop is 4524.00
--04/30/2015. Afterhours pm. Stop remains the same
--05/05/15 late RTH Price is 4412.00 Stop lowered to 4469.00
--05/06/15 Afterhours AM. Price is 4413.00. Buy stop lowered to 4434.00
--05/06/15 Morning RTH. Staying short with same stop for now.
--05/06/15 afternoon RTH. Took profit at 4358.00

 

Romik (t) Bullish signal exists on 5 and 15 . It does not agree with the 60 although the 60 is deeply oversold. Likelihood of a bounce is high here.

 

Those aren't my type Ishmael, personally I wouldn't trade them.

 

Thanks for the posting. Can you elaborate a little on how the lines that are drawn on weekly, daily and hourly came in to play here to help discover this trade? Thanks--Izzy.