I meant it in a general sense, as in all the stock operators who bought on Friday. They are the bulls. (Well, I am sure there was some short-covering for profit as well, but, you know.)
Charts that Matter
- Thread starter Rams Fan
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I meant it in a general sense, as in all the stock operators who bought on Friday. They are the bulls. (Well, I am sure there was some short-covering for profit as well, but, you know.)
What do you base your trades on then?
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I see your points\
+i would not trade what i see off your barcharts also/LOL.
Barcharts are way to hard for me to read, even though IBD newspaper uses them with thicker lines/ thicker close price= easier to read.
SPY closed above 50 dma, Ok \
but still downtrending\bear trending below 200 day moving average.
Glad i got some SPXU , UPRO + SPXL profits; cut a loss on XOM, but good XOM uptrend.
And its fine with me if you want barcharts.
I don't mean to imply I have access to super-secret data that no one else does. What I mean is that though I do refer to data points that could be charted, I am entering because of price action itself. Is the market being sold? How is the volume? What does the depth of market look like? For example, on the day of the low, I was short SPY. I closed the shorts and soon after went long. Shorts were covered in the 353's and the longs were filled 352.50. That switch was made because of what I saw in terms of market activity that morning, and not because of some chart pattern per se. Does that make sense? I'm trying to make sense, for what it's worth.
I see.
So, now that we’re done with October what do you see next?
I’m stalking a short here. Not the big short, but probably some pulling back at least.
Nothing has changed since yesterday that I can see.
Some strange moves in treasuries today though. I'd keep an eye there throughout this week.
The rally didn't continue as you anticipated, though. Sunday opened gap down and we've traded lower since about 1 % down from Friday's Close. No biggie, though. Could be consolidation.
Do you find it helpful to track/watch treasuries for trading the indices?
As I replied to @Ayn Rand, I posted monthly and weekly charts, and those two paths outlined are anticipated to unfold over at least a few days, probably weeks, possibly 1 to 3 months.
I am still long. As I said in my replay to Ayn Rand, SPY could drop 10 points and not do any damage to either of the two paths outlined on either of the charts in the original post. Today was just an inside day closing in the upper half, possibly the upper third of the range from last Thursday's low to Friday's high.
Weekly and monthly because I'm working a multiweek swing, not a day trade. When I day trade, it is because I thought I had a swing entry, and I was wrong, so I either close the trade or outright reverse.
If the breakout path materializes, I will get even longer. If instead price gets sold as it attempts to reach breakout, I can close the longs and get short at just about a moment's notice, as was the case on 10-13.
See my reply to Ayn below:
I'm not trying to act as though I have a clue, because I don't. The bond market is more important to the functioning of the world economy than the stock market, so I'm keeping one eye on treasuries throughout the day. This is the first inflation driven bear market I've experience. I believe that 2000, 2008, and whatever that 2020 thing was were each, arguably deflationary. And I mean it - I am not trying to act as though I know something others don't. As a matter of fact, I am watching Treasuries because I don't know what is going on over there
I agree about the pump, though it is also possible that they just tighten and coil it up until Wednesday at 2PM New Yorker time. I am of a mind at the moment that no matter what the Fed says stocks are going a higher at least in the near term.
I always like to see how others draw their trendlines. If you're able and willing, go ahead and post your chart here.
Thanks.