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Turtle wins the raceMr. BachNut wrote:Neutral. No Position.
Longs were exited on the breakdown yesterday afternoon.
My summation signal is up.
My composite trend signal is up.
Seems like some kind of high was set yesterday.
Perhaps we get some corrective action to rectify overbought conditions and continue up.
Perhaps we get a trend change.
I'll probably do nothing for the rest of the week. No setups on deck at the moment.
The market will be navigating to an OPEX settlement level, and I haven't a clue what that will be.
I would also like my models to log in another close or two to let the changing trade pattern season.
My models look comfortably up for now. So, next position is probably long.
However, the cyclical component of my summation model could peak next week.
Also, there are still some soft spots in my trend model. So, a few bad days could turn it.
I need to see how things unfold from here for a little while before doing anything. Such is the turtle way...
That was definitely 5 waves down on SPY and FAS...the only thing is I am questioning the wave structure on the Dow...either that was 3 or 5 waves down...?? would have to see more price action to know....Vaamsy wrote:That dip lower looked like it never happened. Can we call that a lower low?TraderGirl wrote:Bears want to see a lower low....would form another impulsive wave down for "a"....
jessie livermore quotes ripped from the big pictureMr. BachNut wrote:Neutral. No Position.
I'll probably do nothing for the rest of the week. No setups on deck at the moment.
The market will be navigating to an OPEX settlement level, and I haven't a clue what that will be.
I would also like my models to log in another close or two to let the changing trade pattern season.
I need to see how things unfold from here for a little while before doing anything. Such is the turtle way...
Speaking of P-Bars... there were a bunch after hours yesterday above the 184 strike. SPY 184.28 was popular.Al_Dente wrote:“…SPY was ultimately rejected by the 184 strike, which is home to peak call open interest set to expire this Friday. Continue to watch this level -- as well as the round-number 180 level, where peak front-month put open interest is located, as it could act as a magnet on possible continued weakness.”
[Schaeffer’s]
Mr. BachNut wrote:Speaking of P-Bars... there were a bunch after hours yesterday above the 184 strike. SPY 184.28 was popular.Al_Dente wrote:“…SPY was ultimately rejected by the 184 strike, which is home to peak call open interest set to expire this Friday. Continue to watch this level -- as well as the round-number 180 level, where peak front-month put open interest is located, as it could act as a magnet on possible continued weakness.” [Schaeffer’s]
So, that 184 level may indeed be salient.