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.
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.
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
/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.
MUST HAVE SOME KIND OF CONFIRMATION - BETTER LATE AND RIGHT. early is wrong.
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.