Recent content by ET2017

2nd batch of short SPY @227.41

Short SPY @226.90 as a swing trade

Trying to go against short-term direction is always risky in trading business. Today is another example (see red circle) for traders who can't identify short-to-medium term direction. That said since ST direction is down, I'd look for opportunities to short instead of long during next few...

I keep this daily chart as simple as possible, but good enough to help me finding out market direction within short-term time frame in order for me to use swing signals to trade along. The only thing I'd like to point out from this live daily chart is that I'd be very careful to bet on the...

You guys can just go to his profile page where there is a link to his blog to see what he is up to. P.S. I hope he won't mind that I copied below screenshot directly from his blog.

My 2 cents tell me that his short position is quite safe with swing signals showing bearish Monday/Tuesday. Beyond that, short-term signals are still with bulls for now.

IMO a first touch on upper BB in many cases is usually a breakout point with a lot of momentum and it doesn't often roll over right away, which might take days or weeks to do so regardless of overbought/extremely overbought conditions. Please notes that it's not the same with first touching on...

That is based on my experience for years while observing/trading this market.

I agree with you. Another bullish sign to support your current view is that first touch on upper bollinger band means more up ahead. So, trying to counter-trend trading here is a risky business. In the meantime, I expect market to pull back first before betting on the upside.

If you've been trading this market for years, you'd notice that Friday tends to be a strong up day. I mean for the whole day.

My statistics show a high probability of pulling back early next week before rallying further on the upside??? I guess I'll wait until either Tuesday/Wednesday before betting on the upside. Done with posting. Happy weekend to all.

9 up sticks on 15-minute chart + overbought + green histogram crossing below 0 = a great and reliable setup for day traders & scalpers to make a quick gain. Your fingers have to be quick though :D

Bears done for today???? :D

I think it's a great opportunity for day traders/scalpers to short for a quick gain here.

SPY seems to get stuck between price chanel and moving average on this daily chart. I guess this is a good opportunity for day traders and scalpers to make some donuts, but it's not for me because my trading style is swing to short-term. :banghead: