$SPX - Chart Link - remember guys what
I've been saying all week, the moves have been noise inside the
pattern. Monday's big up day simply filled an open gap from the
previous week and stopped near resistance. Tuesday logically sold
off from that resistance. Wed the market bounced from the oversold
conditions but again again stalled near resistance. Today we pushed
up a few points in the morning but could not take out resistance.
Again could the whole thing be a B wave bounce and we have C down
to come, sure, that little double bottom never looked like a good
bottom to me. Anyway we'll see what happens here
Thanks for the guidance and stressing the importance of that
overhead resistance, the boxed in consolidation and of the news
today and tomorrow, waiting and watching...
on a side note one of my older sub systems went short yesterday
the Strap. I was no longer using this version of course because
remember I tightened everything up earlier this year to the high
probability stuff, I basically threw out anything that didn't have
a profit factor over 13. This one had a profit factor just
over 7, though the trades have low draw down and a decent profit
curve. But it's a mute point as we do not have that one active,
just showing it for informational purposes
the concept of the STrap short is pretty easy to understand, and
it's pretty hard to trigger: Basically a Stochastic has to get very
overbought while price is still below a fairly fast MA of say 20,
which is hard to do because most of the time when Stochastic gets
overbought price would be above the MA.
anyway the market is having a lot of gyrations up here and news
abound so we'll see what it does today and of course tomorrow
I appreciate that and I like following the systems with the
higher profit factor too. Don't mind missing some trades if the
others have higher probability!
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SPX comments
Posted by matt on 22nd of Aug 2019 at 10:39 am
$SPX - Chart Link - remember guys what I've been saying all week, the moves have been noise inside the pattern. Monday's big up day simply filled an open gap from the previous week and stopped near resistance. Tuesday logically sold off from that resistance. Wed the market bounced from the oversold conditions but again again stalled near resistance. Today we pushed up a few points in the morning but could not take out resistance. Again could the whole thing be a B wave bounce and we have C down to come, sure, that little double bottom never looked like a good bottom to me. Anyway we'll see what happens here
Thanks for the guidance and
Posted by cozz101 on 22nd of Aug 2019 at 10:58 am
Thanks for the guidance and stressing the importance of that overhead resistance, the boxed in consolidation and of the news today and tomorrow, waiting and watching...
on a side note one
Posted by matt on 22nd of Aug 2019 at 11:13 am
on a side note one of my older sub systems went short yesterday the Strap. I was no longer using this version of course because remember I tightened everything up earlier this year to the high probability stuff, I basically threw out anything that didn't have a profit factor over 13. This one had a profit factor just over 7, though the trades have low draw down and a decent profit curve. But it's a mute point as we do not have that one active, just showing it for informational purposes
the concept of the STrap short is pretty easy to understand, and it's pretty hard to trigger: Basically a Stochastic has to get very overbought while price is still below a fairly fast MA of say 20, which is hard to do because most of the time when Stochastic gets overbought price would be above the MA.
anyway the market is having a lot of gyrations up here and news abound so we'll see what it does today and of course tomorrow
I appreciate that and I
Posted by cozz101 on 22nd of Aug 2019 at 12:53 pm
I appreciate that and I like following the systems with the higher profit factor too. Don't mind missing some trades if the others have higher probability!