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I saw that as I have GC chart on my multi-chart platform. Also $VIX almost triple top over 5 year period.
High VIX is bringing good premium for my CC strategy on BABA.
I did not have that on my chart. Just drew it from Dec 2019 low. Looks like it went past it and rebounded.
I am only talking about today and may be tomorrow. Just day trading MES.
10:30, 1:30and 2:30margin calls out of way. Can we rebound and hold?
SPY Dec 11-16 buyers trying to protect gain or limit losses. Also, margin calls will force selling?
SPY Dec 11-26 all green volume, also can see on Price by Volume on your chart I copied below.
So, once we get into that area, specially Dec 20 volume bar, which has been tested 3 times, those buyers may start going into protecting profit or limit losses.
http://schrts.co/sVtZFAIe
Big margin calls tomorrow. So, no telling what tomorrow brings.
Out ES 3238 from 3218.
Long ES 3218 on 15 min rsi divergence. Day trade. 20% position.
Long ES 3218 on 15 min rsi divergence. Day trade.
Simplicity yes.
Over the years I have tried all kind of things and found that the simple techniques are best. The returns are smaller, but you sleep well at nights and at EOY you have something to show for all the hard trading work.
SPX - Daily Upper BB at 3130 +/-, could get there.
GLD - My views are very short term action, as I am mainly interested in weekly CC on GLD and day trade futures GC.
GLD retest of 138 break. I believe it will hold as it is acting opposite to SPY, which is very extended and needs pullback.
GLD pass 138 1st hurdle. may be pass 2nd hurdle 138.6 tomorrow. Target daily mid-BB 140.
GLD 138, 1st hurdle, 138.6, 2nd hurdle. I need 139+ to re-write my CC that I bought back.
GLD : Feb-May down price channel, RSI never went to 30, but stopped around 35+/-, RSI 37+/- now, so looks like it is trying to bottom here. Need to break 138.
Silver (SLV) - I believe it needs to hit rsi 30 and bounce and MACD black line needs to turn up for price reversal. It is more of industrial material and will be affected by economic condition.
I tried playing covered call(CC) on it. Not much of a return, so gave up. Straight stock trading with stop loss protection would be best bet.
I like trading Gold instead of silver. I play futures GC with stop loss protection, and GLD covered calls with 3 to 4 month out put protection, a slow return producer.
"Welcome To The Zombie-Land Of Investing – PART I"
The article is more to entice subscription, but is interesting. Last few weeks feels like Zombie market.
https://www.fxempire.com/forecasts/article/welcome-to-the-zombie-land-of-investing-part-i-611910
Nice chart on Gold. Very visual.
Played Gold futures. Went GC long 1450, but stopped out too early due to tight stop. Still learning Gold moves.
Should have consulted yesterday. Bought back my GLD covered call yesterday little early. Now wait for recovery to rewrite.
Keeps, what is your take on Gold. I did GC yesterday for 5 points. I chickened out this morning when it was around 1460.
I have communicated with Jerry by e-mail. He is OK.
Yes I day trade using S/R. Since yesterday evening playing short and long gain 60 MES points using S/R.
Use fork or channel as guide only
Done for the day.
Keeps, like you predicted ATH breakout tested. I am wondering if we go to bottom of 3 week fork around ES 3010.
Keeps, Nice calls on Gold last few days.
I tried GC for the first time yesterday night. Put a stop loss before going to bed. Stopped out for a small gain. Big run since early morning.
$VIX close at 12.32, getting close to bottom of range.
Buy AAPL Nov 15, 255 Calls at $2. Probably sell tomorrow depending on action.
Thanks Jerry for the info on trader71 class.
Tariff news from OM board. I wonder if they will inject some positive news before market close.
"Top U.S. and Chinese trade officials reportedly will discuss plans today for China to buy more U.S. farm products, but in return, China wants cancellation of some planned and existing U.S. tariffs on Chinese imports. U.S. Trade Representative Robert Lighthizer, U.S. Treasury Secretary Steve Mnuchin and Chinese Vice Premier Liu He plan to speak by telephone today as the two sides try to hammer out the text for a "Phase 1" trade deal announced earlier this month by President Trump. So far, Trump has only agreed to cancel the Oct. 15 increase in tariffs on $250B in Chinese goods, but Beijing is expected to ask Washington to drop its plan to impose tariffs on $156B worth of Chinese goods plus 15% tariffs imposed on Sept. 1 on $125B of Chinese good"
I scanned Morge video, but it seems it will complicate my thinking. I want to stick with my simple method that has worked for last 6 months. Will look to change when it stops working.
Gold 1502 daily mid BB. So, yes need to get past 1501. Slower it moves up better for my GLD weekly CC.
Gold Green with Green SPY, so may be break upward. 1508 trend line resistance.
Same applies to your fork middle, which is battle ground.
Friday's closing "h" was a buy. No MES position at present.
"LEARN 1 MARKET BEHAVIOR".
That is what I am doing now after trying so many different things. I look for "h" pattern and "abc" pattern. Sometimes "abc" has nice thunderbolt pattern. For now mainly I am playing MES long. Currently it is not a big money maker as I have been playing small for last 5.5 months.
So, on "h" pattern I accumulate during small leg of "h". Now in some cases "h" may turn into "abc" than I continue accumulating during "c". Eventually things turn and than I start distributing. Important thing is to keep plenty of margin capacity available for accumulation. To be not greedy, in between accumulation I trade some too, to avoid too much accumulation, just in case there is major drop.
On your chart,
Oct 15-16 had nice "h" pattern,
Oct 17-18 the "h" pattern turned into "abc" I played "h" and "c" and was out on rebound as I did not want to hold over the weekend. It seems "c" had started turning into "h". So, if "h" continues tonight, I will start accumulating again.
This also, helps with not having to watch every tick.
On your chart slow STO at 20 has been good turn around indicator. Have to see if it holds thru most of the time.
My kind of day. Accumulate MES in the morning. Distribute in the afternoon. All out. 28 MES points for the day. Small gain. Will take it.
2nd MES distribution at 2992. One more left. Thunderbolt pattern negated.
Developing thunderbolt pattern. May see 2998.
My thinking further away from VA bottom better for my accumulation as it will want to go back towards VA. Did 1st distribution at 85 from 78.