I know I know, this patacon guy again with his crazy stuff, sounds like a broken record.
Todays setup at 1283 gave a 20 pts rally now it looks like failed, I guess it has only gained strength. ( BTW , I covered some and stopped at 89.5 from that one.. not that bad)
Both moves has an author other than me, much more kowledgable. I wouldn't fade him
GL to all as usual
and yES I am long again now, weekly close may surprise to many ppl :)
What do you think about another 95 points on the SPX? Too aggressive? I know there is a significant level much lower that we have to get over first, so I'll have to position manage a lot. In fact, that kind of leg may be a bit early yet. But if we get that big of a leg up, the move down will be something special. Either way, my main goal is to be as flexible as possible - no scenario is safe.
ReplyDeleteWow, Pata, you got in at the bottom tick! How did you or the other "author" catch that falling knife?! It was looking bottom-ish about 9 pts above 63.5, so I failed to act when stopped out higher. And the bounce back was incredible, never seen anything like that! If you blinked you would have missed it! Anyway, are you still holding longs over the weekend? I'm flat. GL, Pata.
ReplyDeleteWell, it is difficult cause I have opposite forces in my mind:
ReplyDeleteTrading wise
Bears are in control so one should trade accordingly: be short or flat. Let the ST bounces for the Pros.
Bigger road map:
I still “believe” the SPX 1347 top and 1370 are a POS, and will be challenged before the real deal (final leg down). I don’t know if we are on our way to test them or more bottoming action is needed around 1180 area.
Sum up:
Conservative: I will wait for a couple more sessions of bullish action and then try shorts ST based.
Agreessive: ride this ST rally towards 126x area if it comes. Then short ST based.
In all cases I wouldn’t count with a sustained down leg towards 1100 or 1000 like many ppl are saying… but that is me J
All credit goes to UiDezine, a fantastic trader. He caught this and many other tops and bottoms to-the-tick and RT. I myself tried longs above so don’t feel bad, most traders gave up buying this selloff just before it reversed (that is why it happened there). Finally I got long per his call and covered all at 119x area, not interested in holding into WE, I am getting old … J
ReplyDeleteGL