Thursday, July 11, 2013

July 11

Bernank lights up the world.

/tf 1030.8  o/n high

now 1029.7 at 8:05

gold up huge
/cl   over 107 o/n -- now RED -- just under ystdy close.

EWZ  3.9%
GDX 4.5%
gold 2.4
EEM 3.76%

TSLA, amzn, yhoo, aig, scty, gmcr ....

It's a bubble and ben loves it.

/es  1.05%   to 1665 - +17 o/n

so, how do we have a Trend day when the market already trended up o/n?  May not be so obvious.

underperformers like  EWZ, GDX, FXI -- strongest names.

watch the vol. on b/os after 3 touch bases.

/gc -- breaks TL -- for 50 ticks easy.

tf 1028

big gap open...

more double bottom entries -- /tf   / gc -- all good.

adrl: 1321 --- pullback to double bottom  o/n lows -- 30 tick bounce -- should have trie dthat with 10t stop.

tf - pop at 10:30 but ADVrl trending down still... and it's middle of o/n range -- no go.

adrld - keeping you off the long -- sliding 1074

rangebound action.

/cl - is trending -- so you can enter b/o wedge.

/tf is still in the 25m  OR -- so rangebound.

tried db long --

signals trending down with no confirmation -- and stopped, obviously....

puke candle takes out lows on triple bottom.


price action WITH market signals = a trade  --
must be the two together or you wait.

THEN you have to take it.  Can't hesitate.

Some common patterns today -- triple top as the AD trend down -- trying to fill a gap.

Then strength returns --- TL break + back tests get you in just as the trend starts.

Again - main thing here - is -- you have to wait for the best patterns.

There is the triple touch trendline -- with Market Signals trending down.
There is a b/o with small backtest (for extra confirmation) -- with strong Market Signals trending up.

And there is the responsive double top/bottom -- usually at key areas (o/n highs/lows) when the Market Signals are middling.

That's it.  The stops are never more than 9ticks -- all the entries work right away or you are wrong. So the winners will pay for at least 2 losers every time.

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