Despite of the sad news that many good fellow traders were caught by surprise by this up leg we have to analyse our last plan and prepare scenarios for next week.
ST wise:
No question bulls demonstrated they are alive, some ppl are still doubting this is serious. Per the resistances and TL's ( see chart) they broken, I assume this is more than just a bounce and my scenario from 09-11 is confirmed, so I expect more to come next week. Breakdown of light blue TL daily basis would invalidated this scenario.
IT wise:.... heyyy, one step at the time, bear are still in command here IMO
Trading: It is no secret I covered longs too early this week, I just hope you guys hold at least a core position, it may turn out to be a GREAT trade
Since it is Friday, Yuri wants some more fun at Vostok1 and send us his favorite "weekly" tune.
Enjoy :)
Is it time for the april 2010 topping pattern? Buy gap down tomorrow morning, short on the tick-over of the prior top? Just prepping my scenarios....
ReplyDeleteYou have a very smart topping scenario, yes sir ¡.
ReplyDeleteDo you have a bottoming one ?
GL
I'll be watching the 1160-1180 zone tomorrow for the ST bottom. I will have to look at my ratios tonight to get a better idea. However, the top IMO is more important in the bigger context. It's going to be a tough trading week for many.
ReplyDeleteOther thoughts: The dollar looks like it made an early bottom. A second chance entry will come soon. Those who are worried about missing a run to a much higher SPX....more durable rallies may wait until the holidays and spring of next year, IMO.
Now, I have to focus on the daily charts for the near-term action.
and there it is...ST up....kicked back into long.
ReplyDeleteSee, why I asked for bottom scenario? Most ppl didn’t catch it last week and were looking for much lower prices to enter longs this week. In fact most traders I know are bearish J and never believed we already had a solid bottom.
ReplyDeleteGL
I understand your point, but my focus was on the top + freefall.
ReplyDelete