rally until 3 am -- data killed the markets -- or at least OIL.
/tf gave back to 815ish -- this is a value area.
FB +18% wow.
Some strength here.
long /cl on 5/34 xover after break and double bottom.
/cl -- moved up right away. Good sign. Stop raised. MAs are bullishly aligned.
/tf xover signal at 7:48 moved up 20 ticks still going...
FB +21% -- Market Signals are quite strong...
BA, PNRA, REGN, LNKD, most of the Dow looks solid.
euro popped up. /zb dropping fast. Trend uppish kind of day. Shorts on notice.
/cl triple bottom -- small timeframe -- long tails. And stopped for -1 tick. Ah was up 15. This is why I hate /cl. Always destroying patterns. Paper trade anyway -- seems like it's impossible to catch those big moves.
At least I'm not shorting FB like 2 tweets I saw. +26.77% now. CRUSHED.
bearish 5/34 xver /tf now. Today may be more rangebound. 99 MA trending up -- so this is not in a short term downtrend. More like 99 MA test at 815.7
If FB shorts had heeded my -- don't short why 99 is beneath, they wouldn't be short... yet.
It's not rocket science, but it is discipline and patience.
When 99 MA is flat -- it's chop mode.... so what can you do?
815.80 -- BOUNCE - for 10 ticks -- called it pretty close!
market popped 817.7 (818.40 target)
/zb to 147.10 which was double bottom.
euro touched 1.299
/tf 818.1 -- 3 ticks away from double top. Has to hit now...
818.40 -- and pullback instantly.
IWM - gap filll touch - -pullback 30 ticks to fill gap open.
long /tf double bottom 812.20 10 t stop:
stopped out - this was against my system.... lol.
99 MA on top -- trend down.
and /tf sinks to 810 -- 80 ticks off high....
Puke Candle at 809 /tf -- and wide range candle... bounce?
/cl above 99 ma
/tf -- trending up all morning - creating a clear TL -- touched 818.40 -- gap fill.... spike on the open then drop below the TL with 5/34 xover -- and that was the entry for 90 ticks. TL + xover + 99 MA break.. + resistance area touched. Combination of multiple signals.
The drop ended with the widest 1 min candle of the day on heavy vol.
It's not the xover -- What you really want to see is a TL formation -- this dictates the line of control. Then you can enter with clear stop area.
/tf - after bottoming - creates a 3 bump TL -- bounces. Market Signals were confirming -- was clearly going to move up from TL. Now extended off TL. 813.6
since 99 MA on top -- we must assume all /tf bounces are going to fade away -- bears in control on1 min timeframe.
/tf - back to this countertrend trendline touch. 4th touch 812.3
paper short the break of the TL: 811.80 - this is a continuation trade. 5/34 bearish xover too.
and fake b/down
although technically - looks like the TL was drawn incorrectly. 3 touch valid still.
/tf -- clear TL formed -- but now clear breach -- and 10 tick drop. Had to be very clear on drawing the TL.
99 MA is trending down -- so correct to look for shorts, not longs.
/tf: this is just a continuation from the bounce off lows -- so maybe beyond the LoD? that would be target.
/cl is weak and 99 ma turned down -- no reason to go long -- but many try...
/tf -- reverse double bottom at b/down level - and continuing path of 99 MA, sloping down.
99 MA -- keeps you focus -- cuz there are too many wiggles to tempt you to countertrade.
/tf formed a small triple bottom near 810 then 5/34 xover -- Signal 3: Divergence : now
99 on bottom on the chop day. But now -- dip buying ONLY. Bulls in charge. 12:40
/cl PUKE candle at 84.94 -- 30 tick bounce.... 5/34 xover. No 3 bump pattern.
/cl -- ends up running 90 ticks after PUKE candle. best entry is the point of max pain. always.
Ended up making a 5/34 xover and forming small TL before running (for 50 ticks off base)
So on a chop day: can safely ignore 99 MA -- won't matter as market keeps crossing back forth.
triple and double bottoms and TLs will hold weight -- entries at sup/resist. willwork. (i.e.: responsive trading)
So essentially 5/34 xover going against the 99 MA requires a TL, double bottom or triple bottom to confirm entry. above it does not. (straight TL break is good).
small b/o /tf 812.4 before FOMC meeting -- 99 ma below -- bulls in charge short term timeframe.
Mixied market signals.
/cl now has 99 ma below -- bulls in charge.
long /cl paper 85.70 on 99 ma test. trending up wedge b/o - bulls in charge: 10ticks out.
fomc in 15 minutes...
/tf folding down but /cl -- is now uptrending with 99 ma below....
at 3 pm /tf 99 ma got on top -- then it was just a matter of entering at the top ofthe descending TL. with tight stop.
/tf - perfect double bottom 809.2 -- then 15 tick bounce. Symmetry entry pays.
/tf sinking to lows... double top in the morning and 90 ticks to end the day.
basically 3 areas to enter /tf -- the double top at the open - andh then entry on xover, then triple bottom for 20 ticks... then long wait for descending TL -- 99 MA gets on top - and short at TL for 30 ticks.
looking for symmetry (support) and MA confirmation.
99 MA is good but must wait for trending market. Today's chop required more patience and a lot less reward.
/tf bounces to 811.70 at the close... simply tested the lows, caught stops and ran. Entries at the edges works well in chop days.
Must determine the kind of day -- then it's clear which trades will work.