We have a Sym Valley Broken Sequence on the Daily today...That chart was provided a few days ago. I expect a reversal off of today's High on the Daily. Because of the Daily Sym Valley I expected the trend traders to buy the market back after the 1230 Sym Valley sell off at what ever support mechanism could be found. How much higher will they go, who knows? But I think we are close to ceilings for this rally. We have a Sym Peak Broken Sequence at 1500.
I thought they might end up closing at or near the 1230 High of 2059.75. It got there and of course it was bought back, but we still have time. 1600 Q Valley set up the 1530 High and that is when some covered and started selling. 1500 Sym Peak was a classic continuance as they sold it off but it was bought back too on the 1500 bar. Our Daily Bollinger Band Moving Average is not far away.
Nice reversal off of the 1600 Q Valley Low to new Highs which I should have known would happen in these market conditions.
You can see the turn was made at 830 on the Sym Valley. Now will it hold through the morning opening and continue up? Will the market break 2062.50, then follow through and continue down, or will that be an area where buying kicks in again if they get there? When trades are made always protect yourself. We are in a Q Peak at the moment which may cause the market to reverse and go back down, that is why I play the various scenario's in my mind to avoid losses and make money.
Personally I always have a 5 point target for all intra-day trades. Depending on market conditions I may have to take 3 or 4 points, and I am not shy about taking a break even trades. Right now a break even stop is in for the 830 trade.
Stop hit for break even trade. A 5 minute Bollinger Band was sold hard. Now will I re-enter, maybe. Looks like all they were going to be able to do was overlap the range of 830. This happens all the time, now up up and away? We'll see.
If it breaks the 3x2 and Bollinger Band Moving Average on the 5 minute chart then it will likely go higher. Right now trend traders will keep selling it until they are taken out.
Here is a real high risk trade, if it comes back up buy 2062.50 and if it takes out 2059.00, you're out.
Has to break the 5 Minute 3x2 at a minimum to have any chance, which they just did, otherwise they will continue to sell it. All of this is based off of the 830 Sym Valley.