Roadmap

Hi,

I am sorry for my absence here and lack of regular posting. I am working and posting intraday and ST at www.tradeforthegoal.com as I commented earlier. Anyway, I wanted to share some thoughts with you before posting elsewhere:

Obviously my last support area didn't hold, bears were not done yet but I still see this is a correction (long awaited) prior to an upthrust  which may be already underway. I am aware that some well reputed traders are seeing this leg down is just starting and that it will be all the way down.

My plan is based, among other factors on:

•  the relative behavior of Nasdaq and other indices when retesting Feb lows 
•  support levels ( see 1) 
• weekly price structures ( see 2).
• Contrarian sentiment indicator (see3 )   :)

They may broke it all down early next week if they take out Feb lows with volume, else, I am sticking to this plan:

1.

2.

BBands and MCOS support:

As usual, thanks to Ui and MFC for the inspiration :)



3.   Perfect contrarian indicator. Please review this post to learn more

Clean

Open mind + deaf ears :)

(more at www.tradeforthegoal.com )

A in TA, D in trading

I couldn't trade today after early morning due to other commitments. Is a pity since today market did all the pending "work" we were signaling in our posts since February. If you remember ( or wish to dig in the archives, since 1086 ES we were saying it was a fake move, and it was so fake that only took an hour of real market action to wipe it out completely.
Just to quote a couple of those posts and see how they "sound" now:

• fake rallies

plz check that same chart now updated:

• poisoned food

However I have to admit I was wrong about expecting a retest of certain levels before the big drop ( now is even funny to talk about it uh ?).  So my trading plan was wrong regarding the retest part and wouldn't have made money today, which is not that bad , BUT.
How much could have made a good trader who followed this (his own)  T analysis?

This is the chart I posted back in late April as overall IT  map:

And this is the same chart and TA as of today:

Again: How much could have made a good trader who followed this (his own)  T analysis?. Sadly, I didn't follow it as I should have. 
Next steps are clear: improve this aspect


This is the big challenge now, follow your own analysis once it has become reliable  


So  new focus is + and better  trading and less TA. Therefore:  I will likely not post charts.


In addition to this, I have found some copies of  my charts and/or charting style elsewhere and regardless of the value public may assign to it, It took me effort and time to learn it and it is not nice to see it carbon copied elsewhere by other people who even claim to be its authors.



So this is a farewell to public TA - charting.


Hope you profited from todays  historic action.

Bad day

Ok guys and gals,
Bad day today. Started with nice profit (shorted yesterday AH 1199 covered 1189.5), and let a lot go at bad "timed" entries.
Time ( and timing)  is the key factor in this business as you may already know.
What failed today: Among others just check back this chart: . Also check this one posted on Friday at the home page 
 I got the idea right , at the right time, but failed to see it was already working out. I thought the bear phase would start later, and didnt hear market today telling me otherwise.
In any case, I believe we will have a nice bounce tomorrow, after that it will be the time to review old charts and measure to seize new bearish targets.

Plan for tomorrow and coming 2 days:

trading idea - long SPY JUN 118 calls - near 2.93 -

To make it  a little safer,  buy at the close if closing price is near LOD ,

risky ST trade

ALSO  QQQQ JUN 49 calls around 1.16

took 25% off 10869

counter trend trade ( just playing the bounce)

edit:  shifted stops to 10851

Long YM 10854 SL 10830

long 1170,25 SL 1168.75

all out

stopped for the rest

25% more off at 1180.50. this is starting to look ugly

25% OFF 79.25

long ES 1177.75, SL 1175.75

Game plan for coming days IV

Sorry about my relative absence here but I am actively contributing at www.tradeforthegoal.com (traders community)

Anyway, plan for next few days is bullish as I posted on Saturday. In brief:

Cancellation level is 1986 (typo at the chart)