Heads up! Waiting for entry on 3400
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High risk day trade. Waiting for the train to come in (3440).
I believe there'll be a good chance for the market to readjust it's ideas, as Cramer keeps telling people that the market is pricing in a clear electorate decision.
From 3400, I think there is a good chance for reversion to the mean or some what of a retracement.
This wave up, I've identified 3371 (0.236), 3354 (0.382) and the 3340 (0.5) to be the retracement levels.
If the daily PUT options make sense, I'll be getting involved with a small position today.
I believe there'll be a good chance for the market to readjust it's ideas, as Cramer keeps telling people that the market is pricing in a clear electorate decision.
From 3400, I think there is a good chance for reversion to the mean or some what of a retracement.
This wave up, I've identified 3371 (0.236), 3354 (0.382) and the 3340 (0.5) to be the retracement levels.
If the daily PUT options make sense, I'll be getting involved with a small position today.
Nota
A small note. This is a small move, and high risk of trend continuing, therefore not suitable for buying the equity or buying the equity on leverage, even with a stop loss (for reasons of spread magnification and slippage). Options only tradeNota
one last top for the day incoming. 3388 as I writeNota
These techniques only typically work on very volatile days like we have today, where there are high amounts of fear and caution in the market.Ups and downs. As market makers price in a large part of the ATR, you have to position yourself on the extreme, at a point of resistance.
The market showed Bullish RSI, so I believe there will still be a breakout, but first a good chance of a retracement.
It might not quite get to 3400, as it's now already selling off.
Without it reaching 3400 though, I can not pull the trigger as a risk reward isn't there for me.
Nota
so we will wait and see if 3400, still comes in... patience and discipline.Never get carried away with an idea.
A trader must have a wealth of ideas and take many small positions at opportunistic timing. Never be desperate. Never keep plugging money into an idea that's running away from you, just because the buy ins become cheaper and the potential rewards become larger. There are key levels that are appropriate for a new small buy in, but the target will be different also.
Nota
This trade will be good till end of today I believe. Election hasnt turned out to be a landslide. Too narrow to be clear and so I'm expecting the pull backNota
Waiting for potential new top at 3442Nota
it's inNota
over extending. I bought a few more, with the approach ready to sell if it carries on in break outClearly a 5th wave up and with the breakout of the trend, a bull trap I believe
Nota
some kind of distribution pattern I believe is forming maybe. Tripple top perhaps (visible on 5m chart) - price now 3470.Remember this is a small position hedge idea till end of the week, but good place to add a little to the bet in my opinion.
Nota
next Fib if it goes higher is 3481Nota
Next wave of retracement beginningNota
support of 11810 is broken and retracement continues.
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