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symmetrical triangle on 5min. Watch for a break of either side. Pretty big triangle, so the move out of it should be pretty big.
out .64. Bad move.
205.50 put .75
Well I'd love to hear what those indicators are and how you use them. I like to hear what other traders use, even if I don't end up using them myself.
Haha not crazy, anything can happen. I still want to know what your sell signal was :)
Huh? Highest close in all of 2015. We're above resistance. Literally the only thing standing in our way is the December 5th close of 206.86, which is a few cents away.
What was your sell signal?
Highly unlikely. It's not impossible, because the market does what it wants... but that's a low probability bet.
206.40ish is a good place to pick up some calls on a p/b
30% a day adds up... especially if you compound your buys as your account grows like I do and everyone should. So, I ain't complainin.
Don't know, don't care :) It's movin up at the moment, all that matters to me.
Thanks :)
Out at .88 from .76
should see some new highs here
207 call .76
Symmetrical triangle on 5min http://stockcharts.com/h-sc/ui?s=SPY&p=5&yr=0&mn=0&dy=2&id=p47587342332&a=386825387
Watch for a break in either direction. Should be a bigger move either way.
I wouldn't worry about that. Just play the chart. It's all you need. I never pay attention to stuff like that and I do just fine.
205.40ish is the sweet spot I'm waiting for to pick up calls.
What time frame are you looking at?
Just be patient. An opportunity will present itself.
Look for retracements to go long. 205.50ish is a good spot imo.
Nice trade
Here's that break. Was to quick for me to enter. Will look for a retracement.
Watch for a strong break over 205.80.... good long signal. Break below 205.60 is a good short scalp... but I would make it quick on the short scalp.
Out at .88 from .77.
Nice trading
206.50 calls .77
The triangle has only broken once, and that was on Thursday.
Channels do not negate triangles. You can have both. The SPY follows the same technical analysis "rules" as any other chart. Except the chart patterns and indicators are even more reliable on the SPY, because there are way more data points than a single stock... 499 more to be exact ;)
Triangles are extremely rare on the SPY, because it is normally trending, or in a "channel". This is VERY important to note, because this means that the market as a whole is in a state of indecision. That's what this pattern is telling us. So, it would be wise not to throw out this pattern just because you don't really see it that often on the SPY. In fact, you/we should be doing just the opposite... pay closer attention to something that's so rare on the SPY.
$SPY -- Today was an obvious short. Tomorrow, not so much. The difference between tomorrow and today you ask? We technically broke out of this symmetrical triangle on Thursday, so we run the risk of bouncing off of the top part of the triangle (the down TL). We "bounced" off of it today, but we were extended on the day anyway, so a green close tomorrow would be the real signal (for me at least) for more upside... new highs most likely imo. Red close and we're headed back to sub 199ish.
Given the large nature of this pattern on the daily (the symmetrical triangle's first point was the bottom of Dec. 17th candle and we technically broke out of it on last Thursday... so almost 2 months) the following move will be a big one.
Another sign of caution is today's candle was a doji, so that gives me another sign that we could bounce. Will be watching closely and right now I have a neutral bias going into tomorrow. After tomorrow, I will have a clear signal.
Daily: http://stockcharts.com/h-sc/ui?s=SPY&p=D&yr=0&mn=8&dy=0&id=p74380445710&a=386822120
Stopped out .81
Nice trading.
Back in 202.5p .83
Nice. Those should work nicely for ya.
Agree on the gap fill. I'll be trading it both ways the whole way down :)
Looking to go short around 204.65
We are heading lower. Looking for another entry.
out .99. Boom.
202.50p .85
Workin for ya