quadruple ex Fri.
/tf - 8 am -- right on ysterday close.
/gc -drop and bounce o/n.
green: TSLA, ACAD, YHOO, OAS, DB, BAC, FDX, AAPL,
health of the market broke down fast yesterday. Biggest vol. in SPY, XHB in over a year -- pure downside. Will require time to heal.
Statistically bounce likely today.
/nq - strongest.
lot of premarket green.
long 2 /nq -- premarket on TL support.
/tf RED again.
/tf - 3rd touch of support line -.13% with IBD leaders mostly green -- seems HIGHLY divergent.
955.5 entry -- 10t stop.
internals weakening -- but quite firm -- bulls in control
don't get too bearish.
JNK, IYR, EEM green.
but IYT red still
Daily market in downtrend -- sell rip market.
/tf - breaks wedge -- and 950 is new support -- AD slides to negative.
wedge break + small backtest -- classic entry
use 1 min candles for first hour.
/tf - breaks DT
key risk management - expect to be right , right away. Therefore -- stop is tight!
midrange entry with AD near flat = no trade.
into midday chop - -game just got a lot harder.... have to recognize -- lay off midday
internals take it to new lows
midday into opex close -- poor environment
midday -- triple bottom /tf -- then news from fed --
/es ramps back to closing ystdy. price.
/tf breaks 5 min tl -- forms flag .... entry of flag b/o --- 60 ticks off bottom - leads to 55 MORE ticks from this midrange pattern entry.
and /tf back to 960 -- top of morning range.
fast ramp. tick, ad, UD support.
DOLLAR is now perfectly inverse correlated to market - good indicator.
internals go positive -- /tf back to 960.5 -- to the tick high -- and hovering near unch. - probably for rest of day.
/es hovering at unch. level.
IYT, XHB red --- not good
mixed signals at 2:45 -- absolutely no way -- no decent R:R even if a pattern developed.
3 pm - big spike UD -- may be a push to 96 pin -- entry for 20 ticks attempt.
AD - flat
ADrl - 330 could push... to unch.
and 20 ticks.
triple top 960.5ish.
triple top --
JNK, XHB, IYT red.
/tf back to unch.
got as high as old resistance area on 1 hour ch. broke the triple top - just stop hunt.
Some classic entries for the patient investor.