$SPX - Chart Link - remember for a 'Trend
Day' the SPX needs to mostly hold up here and push higher into
about mid day. Typically Trend days gap up strongly and get
stronger all morning with only small dips, and then typically you
get about a 1hr sideways consolidation mid day that allows the MACD
to recycle back closer to zero, and for the 50 SMS to catch up with
price, all the while 60 Stochastic stays over 80%.
so Today still looks like a trend day but you can't pullback too
much here
I told you guys to expect a consolidation around 12 EST, you can
see we got that, and you can see price pulled back enough allowed
the 50 SMA to catch up and the MACD to recycle close to zero -
exacrtly what I said would happen. Also the fast 10 Stochastic got
oversold while the 60 Stochastic remained over 80%
Great teaching moment for me - Thanks Matt - I held the SPY QE
BTS options I had through the morning, then added several shorter
term calls at 13:25 when the 10 stochastic was low and sold both
after it bounced back above 80 and curled over at about 14:20 -
it's a little scary how spot on you are some times :) love it!!
(still holding the other SPY option trade).
yeah it's amazing how it's almost always played out that same
general way for many years. In fact I have a sub system that
I run on 3 and 5 min charts on ES futures that is designed for
these type of trades.
so clearly the trend day working - maybe in 45 min to an hr
expect the market to consolidate sideways for about an hr, then
look for another buy opportunity around 2 pm EST
Posted by elementsix on 4th of Feb 2020 at 12:11 pm
Thanks Matt & Steve! I missed the QE BTS bc I couldn't place
the trade in time on Friday PM. Wasn't sure about getting on
Monday so I skipped it. Been following BPT for a long time and
finally started trading the systems in January. I am
extremely happy with the results. Having the exact entry trades
(esp on options) and the early warnings midday is EXTREMELY helpful
bc I don't always have time to do the work myself during the day.
Thanks!!!
thanks man! I'm really trying hard to teach as much as I
can here, even these 'Trend Days' like today, they can be
chased long, as price pushes higher even with the gap, and get
another long mid day. It
anyway tons of simple yet effective education here we teach
also these 'Trend Days' are good to recognize early because if
you happen to be long the indexes, it can help prevent you from
selling too early on the morning gap up, thus missing the hard push
higher on the trend day where you could sell much higher later that
day
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SPX 5min
Posted by matt on 4th of Feb 2020 at 11:04 am
$SPX - Chart Link - remember for a 'Trend Day' the SPX needs to mostly hold up here and push higher into about mid day. Typically Trend days gap up strongly and get stronger all morning with only small dips, and then typically you get about a 1hr sideways consolidation mid day that allows the MACD to recycle back closer to zero, and for the 50 SMS to catch up with price, all the while 60 Stochastic stays over 80%.
so Today still looks like a trend day but you can't pullback too much here
Trend Day Education
I told you guys to
Posted by matt on 4th of Feb 2020 at 01:45 pm
I told you guys to expect a consolidation around 12 EST, you can see we got that, and you can see price pulled back enough allowed the 50 SMA to catch up and the MACD to recycle close to zero - exacrtly what I said would happen. Also the fast 10 Stochastic got oversold while the 60 Stochastic remained over 80%
Great teaching moment for me
Posted by pjtiii on 4th of Feb 2020 at 03:59 pm
Great teaching moment for me - Thanks Matt - I held the SPY QE BTS options I had through the morning, then added several shorter term calls at 13:25 when the 10 stochastic was low and sold both after it bounced back above 80 and curled over at about 14:20 - it's a little scary how spot on you are some times :) love it!! (still holding the other SPY option trade).
sweet!!!!! awesome job and you
Posted by matt on 4th of Feb 2020 at 04:14 pm
sweet!!!!! awesome job and you traded that perfectly!
seems to work every time
Posted by vinylchild on 4th of Feb 2020 at 01:49 pm
seems to work every time almost exactly the same
yeah it's amazing how it's
Posted by matt on 4th of Feb 2020 at 01:51 pm
yeah it's amazing how it's almost always played out that same general way for many years. In fact I have a sub system that I run on 3 and 5 min charts on ES futures that is designed for these type of trades.
so clearly the trend day
Posted by matt on 4th of Feb 2020 at 11:38 am
so clearly the trend day working - maybe in 45 min to an hr expect the market to consolidate sideways for about an hr, then look for another buy opportunity around 2 pm EST
Thanks Matt & Steve! I
Posted by elementsix on 4th of Feb 2020 at 12:11 pm
Thanks Matt & Steve! I missed the QE BTS bc I couldn't place the trade in time on Friday PM. Wasn't sure about getting on Monday so I skipped it. Been following BPT for a long time and finally started trading the systems in January. I am extremely happy with the results. Having the exact entry trades (esp on options) and the early warnings midday is EXTREMELY helpful bc I don't always have time to do the work myself during the day. Thanks!!!
Thanks Matt, I sold QE
Posted by retirefire on 4th of Feb 2020 at 11:54 am
Thanks Matt, I sold QE BTS a bit early but am very pleased with the winning trade. Always learning here.
thanks man! I'm really trying
Posted by matt on 4th of Feb 2020 at 11:58 am
thanks man! I'm really trying hard to teach as much as I can here, even these 'Trend Days' like today, they can be chased long, as price pushes higher even with the gap, and get another long mid day. It
anyway tons of simple yet effective education here we teach
also these 'Trend Days' are
Posted by matt on 4th of Feb 2020 at 12:04 pm
also these 'Trend Days' are good to recognize early because if you happen to be long the indexes, it can help prevent you from selling too early on the morning gap up, thus missing the hard push higher on the trend day where you could sell much higher later that day