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meanVelocity's Thread
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meanVelocity's Thread

  #181 (permalink)
skrubtrader
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meanVelocity View Post
There is a possibility this isn't a compression pattern, and everyone has just gone on holiday... LoL!

Nah... Still an hour and a half till lunchtime. The morning round of play shouldn't be over yet...

Well meanVelocity, if you don't know, then I guess no one knows.

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  #182 (permalink)
Trading for Profit
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kburks View Post
Well meanVelocity, if you don't know, then I guess no one knows.

That is exactly what causes a compression pattern. Everyone is confused about which direction to go.

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  #183 (permalink)
Trading for Profit
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Market is trying to catch a bid off that support... Had to jump in fast and get a point.

It's just disappointing the market couldn't setup perfect there... If we had made it back to fully test the lows, could have setup for a extremely strong rally.

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  #184 (permalink)
Trading for Profit
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Oh... Woops, totally didn't notice there was a volume capitulation on the Nasdaq 100.

This rally can roll onward.

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  #185 (permalink)
Trading for Profit
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So, it looks like everyone is actually playing in the Nasdaq, and the S&P is just playing tag.

Need to update my multi-index chartbook. Cannot believe I missed most of that move.

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  #186 (permalink)
Trading for Profit
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If you didn't notice. I use new lows and new highs as confirmation buy and sell signals.

Floating lows really annoy me...

Market is losing a little steam here, but everyone is still going to "try" for gap fill today.

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  #187 (permalink)
Trading for Profit
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Lunchtime... Games may be over until after 1pm EST. If you think today is a bit wild... This is quite normal for the day before jobs report.

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  #188 (permalink)
Trading for Profit
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Woah... Came back... Alarms going off! Now that was volume capitulation. Looks like a lot more people were short than I thought.

Hope everyone who had longs sold them into that. It's unlikely you will get a better price until tomorrow.

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  #189 (permalink)
Trading for Profit
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Sheesh... Should have gotten a lot more than a few points in what should have been a "Duh" simple trading day past morning session.

Double directional mirror capitulation. Longs got blown out, market trended up... Shorts got blown out.

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  #190 (permalink)
Trading for Profit
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If your looking to hit the bid again today, wait until the weak longs blow out. They may or may not, but it's most likely they do.

Support is around 70 on the cash.

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