See some buying but not agressive ...
Maybe it would turn out to be a nothing day ... close at the pivot?
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See some buying but not agressive ...
Maybe it would turn out to be a nothing day ... close at the pivot?
I don't understand why you think they would defend 74 - surely they would defend this 71 region which i more important.
It it holds and buyers are strong this could lead to a big bounce in the evening. However, i am not holding my breath - would much more prefer to keep going with shorts. Would love for this to break down hard today.
Just a reminder: if the market fails at the previous day's high, the previous day's low often becomes the target. 1265 as the day's low and a close at the pivot would not surprise me.
This is not a prediction, but something to keep in mind.
This is not a prediction, but something to keep in mind.
Kamek,
Sounds like you are trading to NOT lose instead of trading to win. This is a big hurdle to overcome for most traders including myself.
As long as you have proper position size, a stop on SPY above the HOD is not a lot of money to lose if you get stopped out.
After you get a big 5min down bar in your favor like at 11:25ET, it would be okay to move your stop to breakeven.
Also, notice how the market couldn't get SPY back above 128. I use round pyschological numbers as stops. I would move my stop to 128.20 (give a little bit of room in case they try to run a few stops)
Right now, if you were to take a long (I'm not) I would setup the trade so that my stop is at 126.80, below the LOD and a round physchological number.
Jag
Sounds like you are trading to NOT lose instead of trading to win. This is a big hurdle to overcome for most traders including myself.
As long as you have proper position size, a stop on SPY above the HOD is not a lot of money to lose if you get stopped out.
After you get a big 5min down bar in your favor like at 11:25ET, it would be okay to move your stop to breakeven.
Also, notice how the market couldn't get SPY back above 128. I use round pyschological numbers as stops. I would move my stop to 128.20 (give a little bit of room in case they try to run a few stops)
Right now, if you were to take a long (I'm not) I would setup the trade so that my stop is at 126.80, below the LOD and a round physchological number.
Jag
74 and below is trend buy zone for 15/30/hourly for mechanical systems
If these systems show up they would bid and a trail of their volume will show.
Notice how 74 acts as the break out point now for the buyers
Gentlemen, snakes and vermin:
If the pivot holds resistance, having only received a bounce to the gap and now to the pivot from yesterday's trendline from the afternoon dip, then we're back in the bear.
All musings long past this point if bulls fail is nothing more than a bull bias and evidence of a) your losing money chasing the bear, or b) your not trading live at all.
If the pivot holds resistance, having only received a bounce to the gap and now to the pivot from yesterday's trendline from the afternoon dip, then we're back in the bear.
All musings long past this point if bulls fail is nothing more than a bull bias and evidence of a) your losing money chasing the bear, or b) your not trading live at all.
What's with the attitude again? we all have different time frames, targets, strategies, tolerance to risk... It's you again the market, you against yourself. Not against the posters here.
We are all here to exchange views and opinions in a constructive way. Somehow you seem to miss that point.
I suggest you work on this attitude of yours if you still wish to have social interactions and I mean not only on the internet.
Good Luck Brother.
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