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meanVelocity's Thread
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meanVelocity's Thread

  #151 (permalink)
Trading for Profit
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I am moderately bullish mid to late week, especially for the Nasdaq. It will at least "attempt" to reach the highs again. The level 4325 on the cash is highly magnetic.

Off to lunch... Going to be staying off the forum into mid/later this week. Gonna be good trading... For a bit, until markets go completely dead toward the holidays.

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  #152 (permalink)
Trading for Profit
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Oh, and here is a little chart for you guys for the week...

This situation this week is just like these June/July patterns.
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  #153 (permalink)
Trading for Profit
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Let me explain that a little more... The similarity is... The market is too strong to breakdown into a real correction, yet...

So, things are going to be rough/sideways, with attempts at the highs again.


I would prefer prices stay down into close... So we can get some negative headlines around and hopefully cause a little supply surge out of the gate tomorrow to press us into support again.

The best trade setups probability wise are going to be longs off support levels. "If" we break lows again tomorrow morning next area I am looking at is around 2040.

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  #154 (permalink)
Trading for Profit
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Actually, let me update that... Around 2045 S&P cash and lower will be perceived as cheap tomorrow, while anything under todays lows will be cheap in the Nasdaq 100.

If we rally unexpectedly, I will look for short setups around 2070.

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  #155 (permalink)
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Shorting area downgraded from 70 to around 65+ SPX today.

Kinda looking like a slow inside day so far. Market is attempting to gap fill yesterday.

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  #156 (permalink)
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If only we had broken to new lows... We could have gotten a strong rally.

Everyone just had to start hitting the bid too soon... The result is a crappy weak trading day. ZzzzZzzz back to sleep...

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  #157 (permalink)
Trading for Profit
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Hmmmm... I just realized, we have confirmed upside reversal if we close at these resistance levels. Put on a small short as we popped over 65, then thought better of it... Pulled it now on second dip. Could drop a bit here, but risk/reward just sucks.

Oh, and if your wondering why the incessant levitation. Just take a glance at the DOW. It's quite determined to try for 18k.

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  #158 (permalink)
Trading for Profit
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If we close at 2060 or better on the cash tomorrows resistance moves to 2070 area, with retest of highs possible but worse odds than a coin flip unless we get a news catalyst.

Switching back to shorting tops if we rally out of the gate. The market reversed to the upside too soon so it's not going to be that strong.

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  #159 (permalink)
Trading for Profit
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I would have preferred we had dropped to new lows and gotten a strong rally today, not a melt up. But, whatever... "Either got to trade what the market gives you, or go back to sleep!" That's what I say...

On a positive note, this means I can short big again soon!!! Woohooo!!!

Half session chart... Primary resistance area for great risk/reward shorting is just above now.
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Latez all! I made a point and a quarter today... Ugh...

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  #160 (permalink)
Trading for Profit
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Well... I am officially ditching my rule of not trading into last hour. That last pop into resistance was the best setup of the day.

Honestly, I should have been buying out of the gate this morning... Retesting the lows or not, everyone knew we were headed up. It would just have been a much cleaner and faster rally setup if the market had dropped through the sell stop order pocket down around 2048 first.

Psychologically, melt up moves are VERY hard to hold a position long in.

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