The market is continuing her move to the downside. This is why we "WILL NOT ESTABLISH A POSITION ON FRIDAY". We will be watching the Emini and other Indexes for a reversal from the support area on Monday. We WILL NOT enter a trade without a trigger. Knife catching will kill your account. It is not recommended. Be patient!!!
the support area on this chart was popped like a balloon last week but it is holding well today. let's see how stocks open in cash market. If we move back above 1985 recovery rally might need to go to 2032 b4 bigger sell-off.
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OffTheFloorTrader CoolCreekCTA
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good chart, didn't see it earlier but pretty much traded in sync with it. I'm long from 1881, looking for target of ~1970 in the cash SPX, that would just about fill the gap on this chart if ES_F goes to 1969. I'm selling at ~1966-68 if it gets there.
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OffTheFloorTrader CoolCreekCTA
Thanks CoolCreekCTA...very nice entry and target. We are long a small amount for a bounce only. If they take out the 1948 level then the squeeze will be on and the weak hands will be shaken should get your 66-69 levels fairly quickly. If they don't do it Thursday we may have to sit through a small pullback. Great trade!
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It fell through the floor but bounced off the basement. What do you think? The basement is the new floor? OK to go long?
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Hi Will...Yes, it fell through. If you are not long by now then it is much higher risk at these levels. CoolCreekCTA's comment below had a nice entry and target. Pullbacks can be bought as long they don't take out the lows. We are short term bullish but over all bearish long term. Please use a trigger to initiate any will give you a defined other words you will be risking a small amount to make a very nice chunk of change.
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Will Wong OffTheFloorTrader
If you are long term bearish, how about let this rally reach its peak at some of the resistance shown and short it at those levels?
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Great questions...that's the idea...but the burning question is...where's the peak? When we see 100 point swings we will trade for pops into major support/res. We are at one of those levels we pull up stops and see if the bulls squeeze the weak hands or we get stopped out. If we get stopped we will re-assess. If they squeeze'm then we will hang on for the next resistance level around the 2020-2030 area. You always have to be assessing. With the volatility and violent swings you have to be nimble or stay flat until it dies down. We DO NOT take trades blindly off of levels, especially in this environment. Hope it helps.
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True dat!
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Knife catching will kill your account. - great advice! but new traders wont listen))
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