Layed it out the past few days - as long as the secondary low
held for SPX and QQQ market structure says run the recent
highs which is what transpired. Review all posts.
Thank you, Steve. I have reviewed your posts. Sometimes I don’t
understand your lingo. I don’t know exactly what run the recent
highs means. That’s not meant as a criticism but that the
communication is not clear to me. So, we ran through the recent
highs and tagged the 50 MA on the 2 hour chart below. I see 5
waves to accomplish that. Are you suggesting that since we broke
the pennant ( which was under lied in the newsletter, we should be
in for more of a sustained bullish run? I can not day
trade in my IRA account, so I need to be willing to commit
for 2days when I buy. Thanks for clarifying. I am not trying
to be difficult or insulting. Sometimes I just do not understand
your meaning.
I suggested a lower risk entry at those DEMAND ZONES
holding above secondary lows to attack those highs - which unfolded
on the back of AAPL and Monthly payrolls.
To clarify, I still own some SQQQ. I trimmed it yesterday, but
have not sold all of that because I believe we still need to set a
lower high because of the break in symmetry that has been discussed
extensively. So, if we are in for another short bull run of at
least 2 days, I can sell my SQQQs or buy some TQQQ to hedge short
term, but I am expecting that we need to reverse lower due to the
symmetry break. Thanks, and I apologize for being so needy, but I
am still confused.
Symmetry is a guide (not a RULE) and we already made a lower
high and then a higher low - trade off support and resistance
especially when dealing with leveraged instruments - those demand
zones on SPX and QQQ were objective areas with stops below
secondary lows. Turned out to be Money
Yes the symmetry comment is something we have discussed many
times and I did in the educational video as well
after a symmetry break of an uptrend that has been going on for
a while, you generally get a lower high, that said you don't always
get a sell off for a lower low, sometimes you get a lower high,
then a pullback that forms a higher low (doesn't take out the last
low) and technically you had a lower high where symmetry played
out.
if the market goes back to the highs, you would have such a case
here, you technically did get a lower high and a nice pullback from
that to form a higher low
Layed it out the past
I need some help interpreting these perhaps conflicting charts. What ...
Posted by steve on 3rd of May 2024 at 11:24 am
Layed it out the past few days - as long as the secondary low held for SPX and QQQ market structure says run the recent highs which is what transpired. Review all posts.
Thank you, Steve. I have
Posted by mdgfain on 3rd of May 2024 at 11:48 am
Thank you, Steve. I have reviewed your posts. Sometimes I don’t understand your lingo. I don’t know exactly what run the recent highs means. That’s not meant as a criticism but that the communication is not clear to me. So, we ran through the recent highs and tagged the 50 MA on the 2 hour chart below. I see 5 waves to accomplish that. Are you suggesting that since we broke the pennant ( which was under lied in the newsletter, we should be in for more of a sustained bullish run? I can not day trade in my IRA account, so I need to be willing to commit for 2days when I buy. Thanks for clarifying. I am not trying to be difficult or insulting. Sometimes I just do not understand your meaning.
I suggested a lower risk
Posted by steve on 3rd of May 2024 at 12:27 pm
I suggested a lower risk entry at those DEMAND ZONES holding above secondary lows to attack those highs - which unfolded on the back of AAPL and Monthly payrolls.
To clarify, I still own
Posted by mdgfain on 3rd of May 2024 at 11:59 am
To clarify, I still own some SQQQ. I trimmed it yesterday, but have not sold all of that because I believe we still need to set a lower high because of the break in symmetry that has been discussed extensively. So, if we are in for another short bull run of at least 2 days, I can sell my SQQQs or buy some TQQQ to hedge short term, but I am expecting that we need to reverse lower due to the symmetry break. Thanks, and I apologize for being so needy, but I am still confused.
Symmetry is a guide (not
Posted by steve on 3rd of May 2024 at 12:31 pm
Symmetry is a guide (not a RULE) and we already made a lower high and then a higher low - trade off support and resistance especially when dealing with leveraged instruments - those demand zones on SPX and QQQ were objective areas with stops below secondary lows. Turned out to be Money
Yes the symmetry comment is
Posted by matt on 3rd of May 2024 at 12:34 pm
Yes the symmetry comment is something we have discussed many times and I did in the educational video as well
after a symmetry break of an uptrend that has been going on for a while, you generally get a lower high, that said you don't always get a sell off for a lower low, sometimes you get a lower high, then a pullback that forms a higher low (doesn't take out the last low) and technically you had a lower high where symmetry played out.
if the market goes back to the highs, you would have such a case here, you technically did get a lower high and a nice pullback from that to form a higher low
Ok. Thanks.
Posted by mdgfain on 3rd of May 2024 at 12:32 pm
Ok. Thanks.