Posted by DigiNomad on 18th of Aug 2022 at 02:35 pm
SPY - I think the ascending triangle played out for some of you
that had it drawn differently, but I'm still tracking ...and
it's getting longer and longer in the tooth.
Adding long here feels a bit like picking up pennies in front
of a bulldozer. BUT, for my trading style, I think I will use the
news about the system to lay off on adding anymore short exposure
until we get an actual trigger. I have been successfully defending
my positions recently when challenged (which has been a LOT), but
it's not fun.
Posted by DigiNomad on 18th of Aug 2022 at 02:50 pm
I'm short levels via SPX and SPY options. Not going to take them
off, but I'm not adding at the moment and I'm prepared to wake up
tomorrow in defend mode (roll up and/or out in time). If SPY / SPX
breaks up, outside of the triangle and then maintains it for any
appreciable amount of time, I might just retire
FWIW, any appreciable "breakout" by SPY and this point would
have it testing the 61.8% retrace. I have expected that for weeks
now and I have based my short levels on it - hard to imagine SPY
not only breaks out but blows right through the 61.8%....and holds.
It might poke through...but not hold, IMO.
SPY - I think the
Posted by DigiNomad on 18th of Aug 2022 at 02:35 pm
SPY - I think the ascending triangle played out for some of you that had it drawn differently, but I'm still tracking ...and it's getting longer and longer in the tooth.
Adding long here feels a bit like picking up pennies in front of a bulldozer. BUT, for my trading style, I think I will use the news about the system to lay off on adding anymore short exposure until we get an actual trigger. I have been successfully defending my positions recently when challenged (which has been a LOT), but it's not fun.
It looks like the SPY
Posted by scooter on 18th of Aug 2022 at 02:43 pm
It looks like the SPY wants to breakout to the upside. I'm thinking the same thing Digi. Might take some shorts off the table.
I'm short levels via SPX
Posted by DigiNomad on 18th of Aug 2022 at 02:50 pm
I'm short levels via SPX and SPY options. Not going to take them off, but I'm not adding at the moment and I'm prepared to wake up tomorrow in defend mode (roll up and/or out in time). If SPY / SPX breaks up, outside of the triangle and then maintains it for any appreciable amount of time, I might just retire
FWIW, any appreciable "breakout" by SPY and this point would have it testing the 61.8% retrace. I have expected that for weeks now and I have based my short levels on it - hard to imagine SPY not only breaks out but blows right through the 61.8%....and holds. It might poke through...but not hold, IMO.
The one shown on the
Posted by steve on 18th of Aug 2022 at 02:37 pm
The one shown on the SPX 10 previously (small one) played out to target (also on QQQ). I posted a SPX 120 below showing a larger one
Got it. Thanks for the
Posted by DigiNomad on 18th of Aug 2022 at 02:37 pm
Got it. Thanks for the clarification.