$SPX - Chart Link - 5 min we had a
symmetry break, I said to look to buy a pullback, notice we had the
MA ribbon pinch
$SPX - Chart Link - remember my discussion
from yesterday and last night, I then look at a smaller time frame
from an entry, so here's a 1 min chart, you see the obvious abc
pullback. Long entry where I went long was off the small doji, then
my stop goes right there very tight, Now I've been able to move
stop up 3 times
$SPX - Chart Link- last post on this like a
broken record, but I think many of you absorbed what I've been
showing for days with my educational tips and videos.
today on the 5 min SPX you had two nice long setups, one in the
morning, and one in the early afternoon - both abc pullbacks
along with the MA Ribbon Squeezes that were long opportunities
also great examples of symmetry:
In the morning I pointed out after the first rally that symmetry
had been broken, which was bullish and had you on alert to buy the
next pullback. Also the two higher low pullbacks were of
perfect symmetry themselves.
Heads up on Market now - as SPX is nearing a major inflection
point. Under the bearish view, today's bounce (may extend
some more) is a Wave 2 of Wave 3/C down which will be followed by a
vicious decline once this bounce completes. Bullish view is
that we completed an abc down for Wave 4 with one more push up to
new highs recovery highs off the March low. MAJOR INFLECTION
point so be on alert
ES moved up overnight to the supply (2863) posted yesterday
where it found resistance and reversed down. Question now is
if SPX holds and gets another bounce up (abc)
Steve, or Matt, this will be very useful to have in nightly
newsletters to help guide us members. tks in advance,
giving support and resistance on daily and 2 hrly charts will
be helpful, unless its there and Im missing them. been very
worned out lately and reading the newsletters late at night when
dead beat.
hi Matt, trying to follow along and learn , so how do you
measure target of upmove and when where do you start to go short
again based on your method. if it breaks symmetry, are you saying
the low for the day is put in.?
targets etc, one can use symmetry - but otherwise when day
trading here I just play it by ear i.e. continue to raise my stop
to each higher low until I'm stopped out or decide to exit based
off a resistance level or if I see a MACD divergence etc.
Basically it's a combination of things, not an easy one
answer
It would help the inevitable confusion of the masses if you
could note that on the yellow sticky or remove the sticky so folks
don't think the possibility still exists under current
conditions. You can always repost if it falls out of bed
later today.
don't get caught up in the time frames I showed. It's all
fractal - can be anything. yesterday I showed a 5 min and a 1
min. I also do this on a 60 min and 15 min for example. 30 min and
10 min. Daily and 60 min. The time frames don't matter, they are
relative to the time frame you are looking at, it's fractal.
The whole point of the educational series is that you see a
setup on one time frame, then use a smaller time frame to see an
obvious abc and fine tune your entry on that smaller time frame. it
could be a setup on a weekly chart and then using a daily for your
entry. see my point guys
Thanks to you and Steve for showing these over and over- it take
a while to sink in. This is the first time I "got it right"
on my own. Other times I tried I did okay, but didn't use the
right trigger or didn't get the wave count right.
I'm not liking the whole COVID stay at home thing... but working
from home has allowed me to pay more attention to the markets than
I usually can. I'm hoping that will help me keep
learning.
SPX educational 5 and 1 min
Posted by matt on 14th of May 2020 at 12:23 pm
$SPX - Chart Link - 5 min we had a symmetry break, I said to look to buy a pullback, notice we had the MA ribbon pinch
$SPX - Chart Link - remember my discussion from yesterday and last night, I then look at a smaller time frame from an entry, so here's a 1 min chart, you see the obvious abc pullback. Long entry where I went long was off the small doji, then my stop goes right there very tight, Now I've been able to move stop up 3 times
Update: SPX educational 5 and 1 min
Posted by matt on 14th of May 2020 at 12:50 pm
$SPX - Chart Link - as a follow up here's the updated 1 min chart, notice a 4th stop now.
also see that last pullback, notice how it was abc, so one could have went long again there too or added
Update: Update: SPX educational 5 and 1 min
Posted by matt on 14th of May 2020 at 01:26 pm
$SPX - Chart Link - updated 1 min chart, I'm still long now with a 6th stop in place
Update: Update: Update: SPX educational 5 and 1 min
Posted by matt on 14th of May 2020 at 02:07 pm
$SPX - Chart Link - follow up 5 min chart. ntice an MA ribbon pinch
so far 22.3 point pullback, the previous one 25.2
Update: Update: Update: Update: SPX educational 5 and 1 min
Posted by matt on 14th of May 2020 at 02:53 pm
$SPX - Chart Link - updated 5 min, that last abc pullback exactly the same point wise as the morning pullback 25.2 vs 25.3 points
Update: Update: Update: Update: Update: SPX educational 5 and 1 min
Posted by matt on 14th of May 2020 at 03:07 pm
$SPX - Chart Link - man buying that abc pullback was too easy guys.
again 25.3 point pullback, and 25.2 point pullback in the morning, and a very obvious abc
Update: Update: Update: Update: Update: Update: SPX educational 5 and 1 min
Posted by matt on 14th of May 2020 at 03:53 pm
$SPX - Chart Link- last post on this like a broken record, but I think many of you absorbed what I've been showing for days with my educational tips and videos.
today on the 5 min SPX you had two nice long setups, one in the morning, and one in the early afternoon - both abc pullbacks along with the MA Ribbon Squeezes that were long opportunities
also great examples of symmetry:
In the morning I pointed out after the first rally that symmetry had been broken, which was bullish and had you on alert to buy the next pullback. Also the two higher low pullbacks were of perfect symmetry themselves.
Heads up on Market now
Posted by steve on 14th of May 2020 at 04:02 pm
Heads up on Market now - as SPX is nearing a major inflection point. Under the bearish view, today's bounce (may extend some more) is a Wave 2 of Wave 3/C down which will be followed by a vicious decline once this bounce completes. Bullish view is that we completed an abc down for Wave 4 with one more push up to new highs recovery highs off the March low. MAJOR INFLECTION point so be on alert
Thanks Steve ! stepped into
Posted by RP on 14th of May 2020 at 04:07 pm
Thanks Steve ! stepped into VXX calls at close
ES has a supply zone
Posted by steve on 14th of May 2020 at 04:04 pm
ES has a supply zone at 2863-2880
ES moved up overnight to
Posted by steve on 15th of May 2020 at 08:27 am
ES moved up overnight to the supply (2863) posted yesterday where it found resistance and reversed down. Question now is if SPX holds and gets another bounce up (abc)
Steve, or Matt, this will
Posted by imelhoe on 14th of May 2020 at 04:21 pm
Steve, or Matt, this will be very useful to have in nightly newsletters to help guide us members. tks in advance, giving support and resistance on daily and 2 hrly charts will be helpful, unless its there and Im missing them. been very worned out lately and reading the newsletters late at night when dead beat.
today es retrace 50% of
Posted by bbfin on 14th of May 2020 at 04:07 pm
today es retrace 50% of last week hi may be we'll see 61.8% as tomorrow gap up
Yes ES 2853 was 50%
Posted by steve on 14th of May 2020 at 04:09 pm
Yes ES 2853 was 50% Fib with 2876 .618 Fib
OPEX action this week with
Posted by steve on 14th of May 2020 at 04:10 pm
OPEX action this week with large swing in both directions
Yes, i do see it
Posted by imelhoe on 14th of May 2020 at 12:52 pm
Yes, i do see it now, this abc stuff and elliot wave boggles my mind, lol but good work there Matt! thanks, you are so talented
hi Matt, trying to follow
Posted by imelhoe on 14th of May 2020 at 12:45 pm
hi Matt, trying to follow along and learn , so how do you measure target of upmove and when where do you start to go short again based on your method. if it breaks symmetry, are you saying the low for the day is put in.?
targets etc, one can use
Posted by matt on 14th of May 2020 at 12:49 pm
targets etc, one can use symmetry - but otherwise when day trading here I just play it by ear i.e. continue to raise my stop to each higher low until I'm stopped out or decide to exit based off a resistance level or if I see a MACD divergence etc. Basically it's a combination of things, not an easy one answer
It would help the inevitable
Posted by 24kau on 14th of May 2020 at 12:55 pm
It would help the inevitable confusion of the masses if you could note that on the yellow sticky or remove the sticky so folks don't think the possibility still exists under current conditions. You can always repost if it falls out of bed later today.
i see you are using
Posted by imelhoe on 14th of May 2020 at 12:50 pm
i see you are using a one min chart, so have to keep changing time frames. i do think we will pull back today and trying to figure out good support.
don't get caught up in
Posted by matt on 14th of May 2020 at 12:54 pm
don't get caught up in the time frames I showed. It's all fractal - can be anything. yesterday I showed a 5 min and a 1 min. I also do this on a 60 min and 15 min for example. 30 min and 10 min. Daily and 60 min. The time frames don't matter, they are relative to the time frame you are looking at, it's fractal. The whole point of the educational series is that you see a setup on one time frame, then use a smaller time frame to see an obvious abc and fine tune your entry on that smaller time frame. it could be a setup on a weekly chart and then using a daily for your entry. see my point guys
Thanks to you and Steve
Posted by pjtiii on 14th of May 2020 at 12:41 pm
Thanks to you and Steve for showing these over and over- it take a while to sink in. This is the first time I "got it right" on my own. Other times I tried I did okay, but didn't use the right trigger or didn't get the wave count right.
I'm not liking the whole COVID stay at home thing... but working from home has allowed me to pay more attention to the markets than I usually can. I'm hoping that will help me keep learning.
Great example - thanks again
Posted by z0ned on 14th of May 2020 at 12:29 pm
Great example - thanks again for taking the time during the trading day to post these educational snippets.