IWM, has that clearly in a downtrend, middle bb band… good for shorting. These things usually have 3 possible short entries. a little higher than today, 1. 5% higher or right now
There's no volume at all today. The market will likely go higher into the close today, if it doesn't breakdown soon. It's forming a bull flag (weak one, but with light volume it could play out) on the 60 minute chart now.
We might be doing an ABC move up to 1070 or so, with this pull back being wave B, and wave C to follow tomorrow (assuming the GDP number isn't horrible?).
I entered into the UCO trade after-hours yesterday (8.63). The rationale was that oil makes a large part of it's move in after-hours. As oil kept going up, I kept increasing my stop and finally got taken out at 8.88 (+3%). It was supposed to be a low-risk trade, so I wasn't going to push it.
I don't blame you. The vix is putting in a bull flag, gs is still falling from the morning high, aapl is putting a bear flag, and xom is struggling too… with a topping tail on the current candle.
Looks like:
PRIMARY 3
INTERMEDIATE 1
MINOR 3
MINUTE [iii]
Minuette v
Subminuette 1
Anna has a 104.81 FP gang… so that could be our downside target today?
IWM thoughts, 3 to 5 days out.
http://zstock7.com/wp- content/uploads/2010/08/iwm-8-26.jpg
Dow Jones hits the trend line
http://niftychartsandpatterns.blogspot.com/2010…
IWM, has that clearly in a downtrend, middle bb band… good for shorting. These things usually have 3 possible short entries. a little higher than today, 1. 5% higher or right now
There's no volume at all today. The market will likely go higher into the close today, if it doesn't breakdown soon. It's forming a bull flag (weak one, but with light volume it could play out) on the 60 minute chart now.
We might be doing an ABC move up to 1070 or so, with this pull back being wave B, and wave C to follow tomorrow (assuming the GDP number isn't horrible?).
I entered into the UCO trade after-hours yesterday (8.63). The rationale was that oil makes a large part of it's move in after-hours. As oil kept going up, I kept increasing my stop and finally got taken out at 8.88 (+3%). It was supposed to be a low-risk trade, so I wasn't going to push it.
This weak volume and anemic vix is going to allow a break to the upside at 2pm or 3pm ET
I don't blame you. The vix is putting in a bull flag, gs is still falling from the morning high, aapl is putting a bear flag, and xom is struggling too… with a topping tail on the current candle.
I closed my long oil position (UCO), too. I'm looking to go short on a bounce.