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Zimmer's Journal: Naked Chart Reading


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Zimmer's Journal: Naked Chart Reading

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  #201 (permalink)
Legendary Market Wizard
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Russell is making the most convincing case for the bears. Good thing that is my long-term short!

I expect YM to follow suit and roll over to my targets!


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  #202 (permalink)
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Final hypothetical add. Lets see if the market will finally roll over. RTH Developing POC.


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  #203 (permalink)
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Taking a while to work but we are finally getting some movement. Due to price not behaving the way I expected it to, I will be taking off one hypothetical contract at the measured move and -2SD VWAP, potentially earlier if we stall in the previous area of accepted price.


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  #204 (permalink)
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Accept that my analysis was wrong and take the hypothetical loss.

What I failed to consider today is that my trade was countertrend to the larger swings. I must always consider all variables so that I can, without bias, determine which direction is the most likely to play out.

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Overnight we made the fifth leg up that I had originally anticipated but for some reason traded against yesterday. I believe this move completes the ending diagonal and I am now looking for signs that the bears are ready to take it down. I will be looking for shorts today to capture the correction while bearing in mind that the correction may become a full fledged impulsive move to the downside.


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Overnight we made the fifth leg up that I had originally anticipated but for some reason traded against yesterday. I believe this move completes the ending diagonal and I am now looking for signs that the bears are ready to take it down. I will be looking for shorts today to capture the correction while bearing in mind that the correction may become a full fledged impulsive move to the downside.

Attachment 274559

Often the 3rd wave can go to 161.8 and beyond and have extra extensions, especially the third of third. That's when stuff gets confusing. I think that's why it's important to take systematic targets. Never going to get the top or the bottom all you need is a chunk over and over again wheter that's the first at 61.8 76.4/78.6, or 100 etc.... That's what tripped me up yesterday. Everyone counts different and on different charts.


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  #207 (permalink)
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Second leg down today and we get a clear divergence on TIKSP and VOLSPD. Do we take out overnight high next?


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  #208 (permalink)
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Longer-term


Shorter-term


If we break ONL I bet the next stop would be the top of that long term range around 2940-2950.

I am still not day-trading, but considering easing back into it with 1 micro contract. I still don't have a plan and trading without a plan is no more than gambling in my opinion. I will not put any real money to work until I have a plan that I've tested thoroughly and have conviction to trade!

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  #209 (permalink)
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Today we opened up, and traded lower to test the ONL. We then traded up, past the RTH open to test ONH. The interesting part is that less stocks participated in this move up as the $ADSPD (advance-decline for S&P500 constituents) did not exceed its opening print. This is a beautiful setup to fade and what I will be looking for when I return to day-trading.


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  #210 (permalink)
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This is a potential long setup. Approaching Y_low with good a good ADSPD divergence. Target mid-day around 3000-3001.

Let us see if this plays out before FOMC.



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