Friday, June 21, 2013

June 21 4x Fri.

quadruple ex Fri.

/tf - 8 am -- right on  ysterday close.  

/gc  -drop and bounce o/n.


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. 
stopped -2.

/tf RED again. 

/tf - 3rd touch of support line   -.13%   with IBD leaders mostly green -- seems HIGHLY divergent.
8:39 am.

955.5 entry -- 10t stop.

internals weakening -- but quite firm -- bulls in control

ad  +1000

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

951 breaks

ad -100

ad -200

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.

dollar pops

/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.

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