not surprised that the market is up on the Jobs number - when I
looked back over the years, it's like 95% or 98% the market is up
on the Jobs report day over the last 8 years.
anyway if trend day I buy small abc pullbacks, many times in the
morning I have to drill down to 1 or 2 min chart to see them. Or I
use Tick charts: 900, 600, 377, 233 Tick charts on ES as they will
allow me to see more moves than a minute chart
$SPX - Chart Link - updated view - like I
said earlier on Trend Days I buy ABC pullbacks, you can see the abc
pullback earlier, also MA ribbon pinched, also the fast length
Stochastic got oversold
remember under a trend day probably around 1 pm give or take 15
min, we'll typically get roughly a 1hr consolidation, which allows
the MACD to recycle back to zero, 10 Stochastic to get oversold,
and price to recycle back to the 50 SMA and VWAP - which is a low
risk buy - then typically another pop in the afternoon starting
around 1:45 - 2:00 time frame
your stop on that 5 min SPX/ES/UPRO etc would now be the higher
low from 20 min ago at 2912
need to see the ribbon now flip back positive. the
pullback was a little more than you typically get on a trend day as
it went below the 50 MA and VWAP
amazing the c of abc was exactly @11hr like yesterday and on the
20 ema..was it a no brainer buy???also what happened yesterday @ 12
pm.....by the way we had a nice short...
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SPX 5 min
Posted by matt on 8th of May 2020 at 10:11 am
$SPX - Chart Link - so far a trend day.
not surprised that the market is up on the Jobs number - when I looked back over the years, it's like 95% or 98% the market is up on the Jobs report day over the last 8 years.
anyway if trend day I buy small abc pullbacks, many times in the morning I have to drill down to 1 or 2 min chart to see them. Or I use Tick charts: 900, 600, 377, 233 Tick charts on ES as they will allow me to see more moves than a minute chart
Update: SPX 5 min
Posted by matt on 8th of May 2020 at 12:01 pm
$SPX - Chart Link - updated view - like I said earlier on Trend Days I buy ABC pullbacks, you can see the abc pullback earlier, also MA ribbon pinched, also the fast length Stochastic got oversold
remember under a trend day
Posted by matt on 8th of May 2020 at 12:31 pm
remember under a trend day probably around 1 pm give or take 15 min, we'll typically get roughly a 1hr consolidation, which allows the MACD to recycle back to zero, 10 Stochastic to get oversold, and price to recycle back to the 50 SMA and VWAP - which is a low risk buy - then typically another pop in the afternoon starting around 1:45 - 2:00 time frame
Matt - Thanks for pointing
Posted by shecar on 8th of May 2020 at 01:55 pm
Matt - Thanks for pointing these out. Where would you place a stop loss on this type of trade? Just under SPX's opening gap?
your stop on that 5
Posted by matt on 8th of May 2020 at 02:12 pm
your stop on that 5 min SPX/ES/UPRO etc would now be the higher low from 20 min ago at 2912
need to see the ribbon now flip back positive. the pullback was a little more than you typically get on a trend day as it went below the 50 MA and VWAP
Thank you for the detail,
Posted by shecar on 8th of May 2020 at 02:50 pm
Thank you for the detail, much appreciated.
I am out of my
Posted by matt on 8th of May 2020 at 12:43 pm
I am out of my morning ES longs and waiting for the mid day consolidation to buy back long
amazing the c of abc
Posted by bbfin on 8th of May 2020 at 12:18 pm
amazing the c of abc was exactly @11hr like yesterday and on the 20 ema..was it a no brainer buy???also what happened yesterday @ 12 pm.....by the way we had a nice short...