Hello everyone, I hope you had a nice 4th! Regarding the XLE
system, it's going back to cash today for a very very slight
profit. If you recall, the system missed going long by a
gnats hair 2 weeks ago and in my video I stated that you could
consider covering your short or taking some partial profits because
I thought a bounce of some sort would occur,
here's the videoI sent on the 24th of June if you would like to review my
previous comments.
Otherwise I've attached a 60 min chart of XLE, note that it's
still below the downtrend line and has not yet filled its gap.
Therefore if some of you wanted to give the short a little
extra room with the downtrend line I think that's fine, otherwise
regarding the general market - it looks set for a gap on
Monday.
guys - it's very simple - the market is at an infection point,
Steve will discuss in his newsletter. The SPX is set to
either gap over the downtrend line (which is bullish and a point of
recognition if the gap holds), however this is an inflection point,
thus it's also an area where price could get smacked back down hard
and reverse. I showed on the XLE chart, it looks similar to
the SPX, however it still hasn't filled its gap, thus if someone
wished to still give their short room with a stop over the
downtrend line, I think that's fine too since you've held it this
long - for XLE this area is an inflection point as well.
XLE system notification
Posted by matt on 5th of Jul 2013 at 04:48 pm
Hello everyone, I hope you had a nice 4th! Regarding the XLE system, it's going back to cash today for a very very slight profit. If you recall, the system missed going long by a gnats hair 2 weeks ago and in my video I stated that you could consider covering your short or taking some partial profits because I thought a bounce of some sort would occur, here's the video I sent on the 24th of June if you would like to review my previous comments.
Otherwise I've attached a 60 min chart of XLE, note that it's still below the downtrend line and has not yet filled its gap. Therefore if some of you wanted to give the short a little extra room with the downtrend line I think that's fine, otherwise regarding the general market - it looks set for a gap on Monday.
have a good weekend!
Market "set to gap on
Posted by mmoskau on 5th of Jul 2013 at 05:21 pm
Market "set to gap on Mon."
Gap up or gap down? That would be very helpful.
i think he means gap
Posted by himsa on 5th of Jul 2013 at 06:04 pm
i think he means gap up
guys - it's very simple
Posted by matt on 7th of Jul 2013 at 02:34 am
guys - it's very simple - the market is at an infection point, Steve will discuss in his newsletter. The SPX is set to either gap over the downtrend line (which is bullish and a point of recognition if the gap holds), however this is an inflection point, thus it's also an area where price could get smacked back down hard and reverse. I showed on the XLE chart, it looks similar to the SPX, however it still hasn't filled its gap, thus if someone wished to still give their short room with a stop over the downtrend line, I think that's fine too since you've held it this long - for XLE this area is an inflection point as well.
Agreed, best to have clarity, Thanks
Posted by meaghan on 5th of Jul 2013 at 05:37 pm