Scott Holmes, S&P Trader, "loosy goosy for tomorrow" acOct21
10/21 (2 new charts) Did today make you wish you were doing something else? I'm looking at the intraday 5 min chart and it's just looking ugly to me.
In the morning we appeared to have a head and shoulders pattern BUT it broke up and not down which led us into 5 hours of squirely action. Looking at the 30 min chart it sure looks like we are in the handle portion of a cup and handle which is bullish if it breaks out at 1049. The part that gets me is on the 5 min we have a reverse ascending triangle that dipped below the lower trendline before the close and to be honest, I have no idea how to play it!
Looking at tomorrow our black ADX line is low which is a great place to start a new trend and that may go either way and the RSI's on all time frames have plenty of room to run. After todays action I'm very inclined to wait patiently for a clear setup to appear and wait for a break with the RSI and ADX with the one possible exception being a break of 1049 if there is at least a little consolidation before the break. No loosy goosy for tomorrow but tight and solid which is by far my bread and butter trade. Nothing exciting but it works very very well with patience and discipline. We did end up closing above our support level of 1045 which is good and today can be chalked up as an upward consolidation day/afternoon after running up 12 points and remaining 10 points higher than our low yesterday. I just finished an intraday analysis of the NAS and DOW. All 3 finished at support and the Dow (weakest of the 3) finished at a trendline as well. The Nas chart will remain tomorrow for any possible confirmations up or down. I did update my T Theory chart on the last page. I added a ton of commentary based on T Theory, some fact, and some what if. As with T Theory every time price action comes first. If you find this commentary usefull or find the charts helpfull for analysis or trading please be sure to vote. It's the only way I have any idea that my work here is helping you. Thanks again and ple
click on "replied to" and click url for his name and charts, but his message above is clear
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