Every Trade is Based on A Chart, Moving Average Crossing and pivot points, support, and resistance
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30min, 1 hour, 2 hour, 4 hour, and Daily. Add the 3 min and 15 minute, That's the 6 charts I use everyday.
If the weekly and monthly are the same, That's the Trifecta.
With this huge drop, there is going to be a lot of volatility today. charts are going to change drastically. It will be a coin flip where we go from here. I have to go to Canada Monday for 3 days so I'm thinking about taking a week off. I might even take today off.
Now we all know why the Option Premiums were so high Everywhere.
Theres a Reason, when just starting out,that you don't play overnight.
NEWS
Anyone that jumped on board the CALL WAGON yesterday, and held overnight, that got BANGED this morning. It could have gone the other way. If I would have played, I would have had a 50/50 chance of Being Rich, or Being Broke.
But the one thing I have always tried to teach, The Market Comes Down a lot Faster Than It Goes Up. That's because of Stop Losses, and money managers are willing to place market orders to get out.
One Word: FEAR = Blood Red
I nearly bought some long shots yesterday afternoon but I told myself, Stick to the plan. And this morning even though I would have been right, I am still happy, cause I still own that money.
My goal is to get to $250,000 in 3 months, but I also set a goal of 1 month, just to see if I could do it.... I have made this challenge in 3 months, I have made this challenge in 2 months, but one month is EXTREME. So I decided I would take this challenge which means 12 40% trades or 16 30% trades. Pretty aggressive being there are only 21 trading days in a month.
It also means I can not miss. Cause I will be playing with everything in the account. I do not recommend this. Wasn't even going to post it. but I decided you would see the plays as I post what I play when I play so you can see the real outcome.
I am 4 for 4 in 7 trading days.
$5,000 TO $6,750.00 37%
$6,750 TO $9,780.00 45%
$9,780 TO $13,200.00 30%
$13,2000 To $14,960.00 14%
4 trades in 7 days Plus $9,900.00
I have $14964.45 in this account as of Today....
I will post every play as I get in and most of the exits. If you try to follow me, you could get burnt... I play with stop losses of usually 20% once I get to the profit point and I will never take a loss more than 40%. One mistake in this challenge will be DEADLY....
This is what I do. I invest everything I am playing with, so I can not make a mistake. Imagine when I get to $50,000 and I make 40% or lose 30% $15,000 to $20,000 in one trade. Now double that to $100k $30,000 to $40,000 in a day and now now with $200,000 and 30% $60,000.00. There is no room for mistake. The reason I day trade the 15 minute MACD only when the other MACD's are the same.
This is why I play with such discipline. I am not relying on one thing. I am relying on 6 things. Because with this type of play, You have to be right.
So when you don't see me, or I'm not posting, or when I say its Sideways. I mean that NDX is not in play for me and I am not searching for a play that will make me a few thousand dollars. I'm Planning My Deep see fishing trip cause I have bigger fish to catch.
Everyone has there way of trading. This is mine.... Texas Hold-Em
ALL-IN
To learn to trade with the MACD it isn't about getting Rich Quick, but it is about DISCIPLINE because once you make it, I want you to be able to hold on to it. That's why every time I make the challenge, I complete the TASK... I start over with $5,000.00. So I can continue to be DISCIPLINE.
My goal is 3.5 million. That's 12-14 challenges at 3 months each that's 4 years.
Vegas, You're right, there is always Opportunity if you want to look hard enough.
I decided a long time ago, I didn't want to make this a job, I wanted it to be a very fun Hobby. So I focus on one thing, and I do it very well. I'm 4 for 4 on NDX on the last 7 trading days. I can honestly say, I have never went 10 for 10 and that was the goal I set when I started, DON'T MISS.
Failure was not an Option.
Kind of Ironic being I was playing options.
Morning Knights
DAMN... Going to get a 35 point move to the PUT side on NDX and I won;t be able to make one penny.
Be back after lunch... No Opportunity unless your selling Puts and Calls
Wait to see if it balances itself. Give it 30 minutes
If it doesn't I'm out of here.
4400 NDX premiums should be about 8 right now.
Sounds like a good day for me to stay away from NDX
NDX just dropped 9 points and the premium fell 4 points.. Market Makers Making Money
22 points off the premium of NDX at open
I'm sitting here looking at the market up again. Another head fake. The slo sto is rising on the daily ever so slowly while the market continues either sideways or down. Each day I wake up to the market higher, and by the end of the day, it is sideways to even... A little up a little down.
Talk about rigged. On NDX the Monthly chart MACD says down but still way above center line, the weekly chart MACD is down but still way above centerline and the daily chart MACD is below centerline and sideways just below centerline.
All that is happening is the MACD is pulling down the sto why the market goes sideways. For months I thought the market was going to Bleed RED. Well I still do but the time frame seems to have changed for me. I think it happens when our next president is elected or the day they take office.
For the last 7 months the Histrogram has been below centerline on the monthly. Not a good sign but at the same time the market is steady Eddie Sideways. So it got me thinking. Is the market Stimulized again by the government, our the Bots controlling the market. With the post the yesterday about the bots, pivots, resistance, support. the answer has to be YES.
Last night Keeps talked about High Premiums. I started noticing the lower premiums on NDX 3-4 weeks ago, then higher premiums last week and now even higher premiums this week. Last week NDX eroded so badly thursday that there was no opportunity to make money even though the price moved. It wasn't until after open that you even had a chance because they justified the high premiums and deflated them after the market was down big... 40 plus points and the rest of the day the market went up. So only calls made money. Look for the opposite today.
RIGGED: we say. I AGREE
But as far as Technical players see things. As long as you show me the technicals, I can see what your RIGGING. Its like chumming the water before you FISH
Morning Nlightn... When you get a chance today, Give me a call. New phone, Lost your number in the exchange
Morning HH22
Amen.. The reason I stopped Voting many years ago. It also keeps me out of Jury Duty. Call me Sacrilegious, but my vote never counted, and I have never been called for Jury Duty
Morning Vegas.
Premiums were extremely high on NDX today. but I realized as long as you were just trading in the direction it was moving, it was ok, but it was a quick trade.
NDX is sitting very high going into the last day. If I could sell puts or calls, that's what I would do tomorrow
There should be a 20 point evaporation of NDX at open minimum
good Day
NDX 3 4375 at 24.96 average now 32.70 and I really do think this is just getting started. Pivot at 4399.27 is the only concern. As long as the alligator mouth stays open on the 15 minute chart. I am riding.
The Sky is Falling and Blood is in the streets. MACD 15 minute, 30 minute have crossed on NDX. 1 hour is just 50 minutes from crossing, as will the 2 hour and the 4 hour looks to cross over night.
When all MACD's line up there is usually a bigger move.
Market is Negative Knights
Got pretty LUCKY. Just went short on NDX again when the 15 minute MACD change Histrogram candles. I still think this can bounce but I think I am good with this cushion
NDX weekly 4375 (3) at 24.96 average.
NDX has 2 4444 top which we are at for the 2nd time. All my MACDs are moving up but are still mainly below center line or flat above center line. I have a very negative view for a longer term look. Maybe up for the moment, the rest of the day but stos are heavy and longer term looks bleak.
If you start to see weakness. Please tell me what you see so I know My look right now is correct.
I see a multi bagger for tomorrow to the downside.
I agree, they show were the most support and most resistance is. But knowing to take profits before they get there is the trick. Here's the real question, where does it go now that we see there is no strength and it fell that quick that fast.
Daily NDX says potential upside, when rest says mainly sideways
Or did you already put a sale in based on R2
Prices seem to fall faster than they go up, thats why I like to play puts.
Did you put in a trailing stop loss in this play.
Right on target and a huge drop. Not with that said, there is always a second out. I call it the change of direction re test
Right on target and a huge drop. Not with that said, there is always a second out. I call it the change of direction re test
OOPS. There went a huge drop. My fears the market is still short...
Very Nice. Been busy looking at houses today, decided I wasn;t going to play because of the 2 way change option.
Very good pick up
I figure it out. NDX doesn't show Volume... LOL my bad
NDX breaks 44 it could turn out to be a long slow nice play
After I looked at this... The most important thing I saw was the amount of volume that came in at the PIVOT
alright. Ill see if i can duplicate it
NDX hits R1 30 minute chart 4435. Needs to retest the 9dma if this is going long. This would also be the Left shoulder top
Possible H&S forming on the 4 hour chart
I use the 9dma. But what chart are you using to get a look at actual volume by the minute
How are you seeing volume?
In the chart you can also watch how it hasn't broken above the 9DMA. A good example of Weakness. If it touches the 9dma today at any time and doesn't break through, To me that tells me tomorrow will be a good down day.
That doesn't mean jump in and hope. It means watch your MACD's and see when the Alligator mouth begins. If you watched the post prior with VEGAS, you will add the PIVOTS to your chart and see where the resistance is at and if it travels along it and can't get above. When that happens, it is accumulation to the short side and the fall is usually substantial, and for it to happen on a Thursday, That's when BAGGERS happen.
To the downside you still have the Wedge that has forms which will become support. For me it means two things. Exit is one, and weakness if it breaks thru. This is a heavy lesson today with a lot of knowledge to be taken in.
When opportunity knocks, you have to open the door. That's why I only have to trade a few times a month to be happy.
When your holding AA in Texas Hold-em which doesn't come often, you have to know how to play the hand.
Now as I always do, this ideal could fall apart, and the market could go long. If it breaks through the 9dma, you could actually get the break out to the North. Always understand both sides of the story and you will become a better trader. This is getting into a very tight WEDGE and the break out should be nice either way.
Lesson of the day
NDX Daily chart. The MACD is still below Center line and is still Negative. This to me says the Market is still only PUTS. The Histrogram is not getting any smaller, average sideways, just like the market. The key to the next move will be crossing back over positive with the histogram, or getting a bigger candle to the downside.
Right now and yesterday the market has been pulling up indicators, sideways action because not enough to overcome the longer term charts. I also believe, when it falls, it will fall with power and pay off nicely.
Not one of my charts is showing much today. All MACD's are flattening. Actually this is not a bad thing. Not everyday has to be a trading day. Sometimes we need to get real life things done.
Learning to get these things done on days like yesterday, even the start of today is important. Because if you trade NDX, the best day to trade is THURSDAY
I will watch some today but the end of the day will be more important to me than anything else. Will there be an opportunity to jump into something and ride into a Thursday market , or will it be best to watch and wait for Thursday Morning.
Vegas, Great Trade and a good example of what the Pivot Resistance and Support can do as the new Knights move up the ladder learning to read all indicators.
The MACD closed on the 10 minute chart and the Alligator mouth opened perfectly on the otherside for all the beginners out there.
Perfect lesson in this post why it happened.
Great Post
Post away PLEASE for all to learn.
This is Not just My BOARD, Its the KNIGHTS BOARD, its your board, its everyone's board who wants to trade options.
King Arthur wasn't much without the KNIGHTS
I'm not much with out you guys.
Wish everyone a good trading day.