No problem , I am certainly no teacher of charts though. But one thing I would suggest to anyone to study, if they could just pick one aspect of charts to engage, candles. Study those FNG things until you've had enough and come back for more. Candle sticks are the most efficient way to gain an insight into what's coming , more than any thing. But you combine those with the 9 EMA, and you got a plan. For example, I was squaking for dats about how spy held ( closed above the 9 EMA) for days in a row, even when it looked to be a goner last week at one point. THAT is strength, or can be perceived as weakness. ATH made an equally good point about spy continually gapping below the 9 EMA, and as we are both disciples of Stephen Bigelow , we both know what that means, but the strength part clearly won out. Spy has a history of doing this, where it looks doomed, but keeps fighting back , barely surviving, that can't be ignored.
One thing I have resolved myself to, spy buying opps are easier to spot for me than selling opps. The difference, huge difference is the way they move. Spy drops are non patterned in the days they are dropping, and panic can take over. Where prices like 207 which seemed would never be gone below again just weeks before, then seem as though they will never be reached again.
Spy definitely sells faster than it gets bought up, and that's the allure of puts. But IMO , the higher risk as well.
I sleep better with long dated calls than puts, funny thing is, I've rarely bought long dated calls, and frankly, there's no way I would do so when. Spy is this far OB, and has been on a seven year tear.
The recent sell ,offs have done one thing though, they calmed the oscillators on the 20 year monthly, but if we look at 01 and 08, mostly all the damage was done while spy was in OS on oscillators.
I'm nervous about these puts I hold, but emotions have no place in this game. The hart tells me to do something, and that's what I do. Sticking to that plan , easier said than done.
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