MurreyMath
- Thread starter traderbambu
- Start date
Quote from ArchAngel:
Odd -
So much for the S&P being overbought
That's the problem I mentioned with the 16 bar daily frame - the 32 frame shows the better perspective on the multi-month price action - you probably also got an immediate frame shift this morning too that blew out your previous picture on the 16.
Temporarily stalled at the 914 and especially the 921-923 resistance levels (not Gann-based, they're shown by the charting software I use).
Getting into the overbought zone now though (might already be putting in short term top already, but if not the 950-954 area seems like the outside max this go around). Plus so far we've got crappy dollar action and the VIX near November lows.
Might be time to grab some index puts??
BTW, the 905 area held up in this morning's action which is what concerned me about your planned short at 908.
Arch, my target to short was never hit. I was specific about where my entry would be. I am not sure about what you mean by 905 holding when it was never tested
At any rate, today action prompted a frame shift, so the action is now testing the 7/8 line of the new frame. I will looking to short again tommorrow at 909.03.
Quote from oddiduro:
Arch, my target to short was never hit. I was specific about where my entry would be. I am not sure about what you mean by 905 holding when it was never tested
At any rate, today action prompted a frame shift, so the action is now testing the 7/8 line of the new frame. I will looking to short again tommorrow at 909.03.
Actually your target was hit (check the low of the ES daily bar - 903.75) but I suppose if you don't look at the ES until 9:30am you would have missed it. The ES morning price action tends to be developing starting around 7am. By then prices were already below your 908.4 level and consolidating around the 905 support zone (which was what I was referring to).
Where's your target short of 909.03 coming from for tomorrow?
Would have thought you'd maybe be looking for a swing short around 937 or maybe a short below 921.75 or 918.75.
The low of the symbol $spx.x was 908.59 at the open, so you are right. It did not trade lower for one tick, so I ignored it. One of those intangibles that I failed to mention.
Also I made a typo, on that last post. I should have typed 929.00.
That will be my entry, if it opens there and trades one tick lower.