Price TA Identified The Top Before 500 Point Drop Yesterday..

[rb7]

SPX at its 50 day SMA.

I'm going to buy small ES to start sometime between 15:51 EDT and the Globex close.

I'll watch to see how ES opens Sunday night.

A green day on Monday would be the sign that it isn't wrong to be long.

I'm looking for hundred(s) of points up.

If a rally doesn't materialize that dotted line below is the 2022 high.



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So you think it's a bull signal when the price is crossing the 50D SMA on the downside?

 

[Rams Fan]

So you think it's a bull signal when the price is crossing the 50D SMA on the downside?

You don't like TA in hindsight. You don't like TA in foresight.

What do you like?

And I did not say anything about a signal. I did more or less explicitly allude to what might constitute a signal. But that made no reference specifically to the 50 day SMA.

I am long ES and holding through the close and weekend.

 

[Laissez Faire]

You don't like TA in hindsight. You don't like TA in foresight.

What do you like?

And I did not say anything about a signal. I did more or less explicitly allude to what might constitute a signal. But that made no reference specifically to the 50 day SMA.

I am long ES and holding through the close and weekend.

Price? Stop?

I like the entry, but can’t help but wonder if this correction will continue. Might see some buying next week first regardless.

Good luck!

 

[Rams Fan]

Price? Stop?

I like the entry, but can’t help but wonder if this correction will continue. Might see some buying next week first regardless.

Good luck!

I bought a handful a bit early when price traded 5150. I added in the low 5160's on the pullback in the minutes following 15:51. My average is 5156.

No stop in the market for now and I'll wait to see how it opens. A red close Monday, unless well off the low of day, would be bad voodoo.

I welcome any luck the market throws in my favor!

 

[rb7]

I bought a handful a bit early when price traded 5150. I added in the low 5160's on the pullback in the minutes following 15:51. My average is 5156.

No stop in the market for now and I'll wait to see how it opens. A red close Monday, unless well off the low of day, would be bad voodoo.

I welcome any luck the market throws in my favor!

You don't like TA in hindsight. You don't like TA in foresight.

What do you like?

And I did not say anything about a signal. I did more or less explicitly allude to what might constitute a signal. But that made no reference specifically to the 50 day SMA.

I am long ES and holding through the close and weekend.

Sorry if I misunderstood you.
When I read 'I'm going to buy small ES' I thought you were going to go long.
And I understood also that you were referring the to 50D SMA.
Again, my bad.

And I was asking a genuine question.

Are you the same guy as Scat but under a different nick?

 

[Rams Fan]

When I read 'I'm going to buy small ES' I thought you were going to go long.

I did go long. I just wouldn't call a moving average a signal. I think of it as more of a mean reversion indicator.

Are you the same guy as Scat but under a different nick?

No lol.

And I was asking a genuine question.

And I am sorry if I misread your intent.

Trade on and trade through!

 

[NoahA]

I did go long. I just wouldn't call a moving average a signal. I think of it as more of a mean reversion indicator.

Its a solid setup, and we know damn well how the Sunday night open might be a huge gap up if nothing happens over the weekend. Then you might easily be 100 points ahead while everyone is trying to figure out if the gap up open will keep running or retrace. But its 2 days of being stuck in a position if bombs start dropping! LOL...

Excellent transparency on your call though! If it gaps up on Sunday, Scat will say buying at the close on Friday is a great long entry.

 

[Rams Fan]

The point is the upward wedge forming before that plunge was a better TA signal to go short once it crossed the rising trendline and you still could have caught a large piece of downside. The line you drew was not as obvious leading into it but the rising wedge was clearly forming.

The line he drew was, is, and always will be meaningless, imo.

+100 on the rising wedge you noted.

Here's one, hindsight, yes, but also foresight if Monday sees a bit more selling and a test of this weeks low:

The NQ trading range has a lower level that I've marked at the lowest daily close since the range started to develop. That level is 18063.50. Each time price has traded below that level intraday, the market has rallied hundreds of points.

IF NQ trades below 18063.50, I will be a buyer if it rallies back above that level.

I do not know if NQ will trade below, trade below and reverse, trade below and collapse, or gap up and never look back. But I do know that I have an excellent set up to trade if price trades below the lowest close and then comes back up through it.

Also, the day after the lowest close saw the lowest daily open since the range developed. That makes that level between 18063.50 and 18073.50 especially interesting from me. If price closes below that level, then I'd be looking for what happens next.

 

[tony.m]

The win rate with this KISSA$$ TA is like 10% His A$$ TA lines only look good in after the fact.

 

[schizo]

Its a solid setup, and we know damn well how the Sunday night open might be a huge gap up if nothing happens over the weekend. Then you might easily be 100 points ahead while everyone is trying to figure out if the gap up open will keep running or retrace. But its 2 days of being stuck in a position if bombs start dropping! LOL...

Excellent transparency on your call though! If it gaps up on Sunday, Scat will say buying at the close on Friday is a great long entry.

Ugh, so we all thought at the close. Now we hear Israel is on high alert for possible Iranian attack over this weekend. Hopefully, he'll be able to get out without serious damage. This is why holding a position over the weekend is the single biggest risk a trader can take.