Margo's Swing Journal
- Thread starter margo_trader
- Start date
yes please let us know if you are OK.
if you can't type just click the mouse once for yes, twice for noNo, a 5 second chart and the daily charts are indistinguishable. Its when you get to the nanosecond chart and intratick trading that the real distinction is evident.
Are you kidding me, when did I go short? When the last up move began to roll early last week.
I said the bullsih action since Jan 2 makes a breakdown unlikely. Do you know that the breakdown is at the neckline? Do you know what the neckline is on a H&S? Having that view is not inconsistent with going short when the indicies were extended, at key fib retracements, fear was absent as indicated by the VIX making new lows, and tepid P/C ratios.
The S&P is tracing more of a channel than a H&S. But if it breaks, i'm short. I don't care what assessment I made two weeks ago, I only care what market is doing and managing my trades.
And if it makes any difference, it looks like the Oct lows are in sight, unless the market begins to trade to the upside soon.
But I am sorry if I offended any of the people anxiously awaiting new calls from Margo.
Faster,
Your posts are great. I wish I had the time to come over and read them all.
All is well here. I can't imagine why anyone would think I've been insulted. I've been busy is all.
Good luck with your trading and I look forward to more of your posts.
Your posts are great. I wish I had the time to come over and read them all.
All is well here. I can't imagine why anyone would think I've been insulted. I've been busy is all.
Good luck with your trading and I look forward to more of your posts.
Quote from FasterPussycat:
yes please let us know if you are OK.
dgabriel,
No doubt they are in sight. IMO, it has the potential of being much worse. Time will tell.
Margo
Other than a handful of long term setups, there isn't much on my radar that's at an actionable level. Here is one that I'm short that I'm not entirely sure about. I'm short from Friday at $54.70. I'll blow for the loss on a strong move with volume over the upper bearish wedge line, $55.25 or so, with an initial target at $50.50 (apprx 50/200 MAs) on the first batch. IMO, it still carries an adequate risk/reward ratio.
Another construction stock that I DON'T have a position in as of yet. Objectively, the LOW RISK trade is to short AT the upper trendline with a tight stop compared to shorting on a triangle breakdown.
A few weeks ago someone on ET said swing trading really shouldn't be considered trading. Whatever you want to call it, this kind of chart is every swing traders dream. It's a weekly in a large H&S pattern. It may not work but it's still low risk as heck with a huge potential return. I'm already short from last week FWIW. As long as it stays under $80.00 on a closing basis, I'll stay in it. Intermediate term target in the low $50.00s.
Another whale stock I've been short for a couple of weeks that's still at an actionable level. As long as it stays under $95.00 my position on it will not change......a puke to the mid $30s in the cards.
If you think this is in ANYTHING other than the distrubution phase, I'd love to hear your argument for thinking something so ridiculous. I'm hoping some idiot will push it up to the shoulder hights where....you guessed it....I'll pull out my ass baton and give it a few whacks. Unfortunately, it's a bit thin so it'll be subject to some wild swings.