Thank you for sharing this. I realize this trade isn’t a
system trade, but would really appreciate any follow up on how you
manage the trade. I realize you are super busy, but
it’s always so insightful to get your thought process
during an active trade. Cheers!!
Thanks for sharing Steve - am curious on why you considered the
huge gap in wave 3 of 5 - usually they say that kind of gap is the
hallmark of a wave 3 of 3 of either a big wave 3 or C
additionally the weekly candle ended as a bullish engulfing … so
is this part of you scaling into the shorts or a full
position
ALL valid points (however I have a triangle which only is found
in wave 4 or b) but let's see if we get a pullback next week
from this area for a trade - I put more credence on the technicals
(see all charts) than counts. I'm certainly not full
position - not my style but I put on a starter hedge
Posted by mirhamedali on 9th of Sep 2022 at 06:09 pm
Same here Steve. That resistance point is also the 38% retrace
from the previous high. So lots of confluence above. And we have
had no pull back from the lows yet.
I am hoping this starts the big wave three of three down but I
wonder if there might be a bit more chopping around.
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
SPX Views
Posted by steve on 9th of Sep 2022 at 05:58 pm
$SPX - Chart Link
$SPX - Chart Link
I'm short into the weekend for the following reasons..part of my plan but will adjust if necessary
Neg divergence on the RSI
Posted by kobie on 11th of Sep 2022 at 11:12 am
Neg divergence on the RSI .
Thank you for sharing this.
Posted by cccruz on 9th of Sep 2022 at 08:41 pm
Thank you for sharing this. I realize this trade isn’t a system trade, but would really appreciate any follow up on how you manage the trade. I realize you are super busy, but it’s always so insightful to get your thought process during an active trade. Cheers!!
Thanks for sharing Steve -
Posted by anjali25 on 9th of Sep 2022 at 06:34 pm
Thanks for sharing Steve - am curious on why you considered the huge gap in wave 3 of 5 - usually they say that kind of gap is the hallmark of a wave 3 of 3 of either a big wave 3 or C
additionally the weekly candle ended as a bullish engulfing … so is this part of you scaling into the shorts or a full position
…. Would appreciate the education
ALL valid points (however I
Posted by steve on 9th of Sep 2022 at 06:46 pm
ALL valid points (however I have a triangle which only is found in wave 4 or b) but let's see if we get a pullback next week from this area for a trade - I put more credence on the technicals (see all charts) than counts. I'm certainly not full position - not my style but I put on a starter hedge
Thank you for sharing -
Posted by anjali25 on 9th of Sep 2022 at 06:49 pm
Thank you for sharing - am learning here and this was a way of cross-checking my work with the teacher …
I did sell my shorter term calls as well…. But still holding longs ….Like you say there will always be another trade ….. am learning 😃
CNBC parading a lot of folks calling for a 20% drop by mid Oct - Minerd / Burry - hence wondering if it is really so easy …
https://seekingalpha.com/news/3881440-scott-minerd-sees-stocks-falling-another-20-by-mid-october
seekingalpha.com
Scott Minerd sees stocks falling another 20% by mid-October | Seeking Alpha
High-profile investor Scott Minerd said Thursday that he expects stocks to fall another 20% by mid-October, citing a historical connection between price-to-earnings ratios for stocks...
Focus on YOUR PLAN -
Posted by steve on 9th of Sep 2022 at 06:50 pm
Focus on YOUR PLAN - not what's on TV
Same here Steve. That resistance
Posted by mirhamedali on 9th of Sep 2022 at 06:09 pm
Same here Steve. That resistance point is also the 38% retrace from the previous high. So lots of confluence above. And we have had no pull back from the lows yet.
I am hoping this starts the big wave three of three down but I wonder if there might be a bit more chopping around.