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bakrob99
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Everything posted by bakrob99
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EDT 9:15 Bearish Butterfly on charts for pattern traders. Suggests move down to 1307-1308
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I see the price action as more bearish. I expect 1300 and then 1297 to be tested and if we don't find buyers stepping up then we could be in for much lower. This expiration may provide some market manipulation to confuse, but for me I will be watching the lower areas of support 1303.50, 1300 and 1297 and selling retraces to them if we break down. Of course, this is only based on recent price action and the failure to extend the highs to logical areas. This certainly is not a trade recommendation - but be aware that Greece elections and other Euro events this weekend may have an impact on the willingness of traders to hold large positions. Yesterday German bond sales were affected and the possibility that German costs (interest rates) will rise as traders realize that Germany will be adversely affected by any Euro result. If they come up with a rescue package Germany will have to finance it. If they don't Germany relies on Euro partners for over 40% of its exports. Either way - they're in a hard place. For me, I find that in any given week I have maybe 5 or 6 really good long distance targeted moves that I need to be in and hold in order to make a decent return. All the other trades just cover themselves or make a bit. So this means - if I trade less but press it harder when I'm right and confident of the market's trajectory, I can really do much better. Good luck with your trading and remember that this is a major expiration event taking place over the next few days.
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Whew ... we're taking out some stops now. Really fascinating to watch this "new world order" price action.
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Bouncing off Peak Volume (POC) here. Hopefully it will rally a bit then sell of f for next move down through 1305-1307 support and lower. FYI, Wednesday BEFORE OEX day is often a Range Expansion day. Update: It's 3:18 EDT and we're thru the IBL now and continuing down. I really think that 1300 is in the cards as that is a key test area of support for the past 4 days. If it fails to hold ... look out below.
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Back into the IB... see if it goes all the way down (and thru). Wouldn't be surprised to test 1300.
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Looked a little "iffy" there for a while but the last pullback found more orders. Scaling out here 2 pts and moving stop to 1316. Time to walk the dog and stop watching this screen.
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VIX is higher ... Hmmm.. Maybe they know something I don't Update I'm buying the 1316.50 and see if it can do another leg up.
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Yeah ... I was looking for those yesterday and got most the way there. This is great to have another shot at em.
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Gap fill 1320.00 in sight and higher with Dtarget at 1321.25 and other volume still at 1322 area I am looking for Recent long setup from VWAP actually at 1314. area Update: Gap Filled in just 15 minutes. Impressive.
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Nice pop once it got thru. Trailing my stop now. See if we can reach the target. I won't let it come back below the highs or I'm out. 16:01 EDT This sucker's still going ... but I have to leave so I am out 1318.
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These 1309's are working now... Took a while. Cutting half here at highs.
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If we make new highs I see 1322.25-1324 as possible. Right now we're above the IBH and had a good impulsive push up. Any retrace to 1309 area should attract more buying. We'll see. On the other hand, this day is clearly rangebound and could easily find responsive sellers keep us near 1305.
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I've got 1295.25 as a target and possible bounce. Program selling today is driving this. Wow ... the Bulls really stepped up now. at 10:40 EDT.
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IMO we still have further to go to the downside. Lots of neg volume here. Large too.
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Selling the 30Minute VPOC at 1307.25 was a good choice for me. But I was trying to hold for a gap fill which looked like it wasn't going to happen until the test of the highs and then rolled over with me on the sidelines. Choppy for sure
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Good points for sure. I've got 1313.25 as a measured move I am targeting. And of course, 1314. - 1315 is very high volme and represents a price that the market accepts as value. So it is attractive and might chop around for a while once there. I agree that it only takes 3 or 4 (for me) decent trade opportunities to make more than enough to pay the bills. They come at different times. The days when I get too aggressive too early are the ones I most often regret. Had a nice bounce and retest of SD-2 this AM.... waiting for the RTH open now.
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Thanks for the effort. But I use a volume chart and you can't do Multi Symbol Chart for volume charts. So I could pass the information using Global Variables from one chart to the next. What I really would like is to format the bars based on the combined volume used as a factor. It's s thought.
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I can only really think clearly when I'm not in a position. That Daily candle isn't looking quite as bullish as early this morning. Quite the change.
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Today is a long liquidation day with a "b" profile
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Why do you think the news is positive? It's a sham ... this loan but not a loan .... and the market doesn't buy it.
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On my daytrading timeframes we continue to put in lower highs and lower lows.
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It's an interesting idea, and certainly possible but the rollover happens only 4 x per year so I'm not too concerned about it. But thanks for the suggestion. I'll keep it in mind. R
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1314 - 1316 area has provided resistance as expected. I am done for the week. This was a very good rollover for me. Usually I am not so happy with it... Have a great weekend. Bulls have it now ... and expecting higher rotations next week and then who knows? As long as the volatility keeps up, I don't really care which way it goes. R
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This is what I am looking at: 7 MINUTES LATER 10 MINUTES LATER
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12:27 EDT Critical point here ... 1309.25 Either going to selloff after a lower high or put in a new high thru 1311 and 1314 - 1316 in sight... Still Long biased But that can change quickly Update 12:29 1314 NVPOC is very attractive. Update 12:31 through the highs Have another measured move target at 1314.25