Monday, October 21, 2019 5:07:44 PM
Big green day. Bull Trap?
IMO nothing much has changed. And for me, the market is too risky to take a Long trade now even though I do buy/writes that expire at the end of each week for the purpose of reducing risk while guaranteeing at least some income (or at least the equivalent of a lower total entry price).
So the larger trend is still down, and I have a slight adjustment that I could make to the fork -- moving the upper tine toward the declining orange line -- but I won't because it doesn't make a significant difference. Another possible change would be to move the start if its handle, which is now set in early August, all the way over to one of the candles in that peak in late June, or an almost perfect fit (with no further change) would be to set the start of the fork's handle on the top of that large red candle on the first day of May. Either way, the fork doesn't change much and still points down.
So I'll wait another day but it's unlikely I'll do anything tomorrow because I have to leave before the market closes to get to an appointment. And since I'm unwilling to adjust the fork, my bias is that the market is more likely to go down than up.
IMO nothing much has changed. And for me, the market is too risky to take a Long trade now even though I do buy/writes that expire at the end of each week for the purpose of reducing risk while guaranteeing at least some income (or at least the equivalent of a lower total entry price).
So the larger trend is still down, and I have a slight adjustment that I could make to the fork -- moving the upper tine toward the declining orange line -- but I won't because it doesn't make a significant difference. Another possible change would be to move the start if its handle, which is now set in early August, all the way over to one of the candles in that peak in late June, or an almost perfect fit (with no further change) would be to set the start of the fork's handle on the top of that large red candle on the first day of May. Either way, the fork doesn't change much and still points down.
So I'll wait another day but it's unlikely I'll do anything tomorrow because I have to leave before the market closes to get to an appointment. And since I'm unwilling to adjust the fork, my bias is that the market is more likely to go down than up.
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