Simple pattern that’s guiding us
- Posted by admin
- on May 24th, 2012
If we break through the upper line on $SPY we should test at least the 100sma (yellow); if we break through lower then we will likely at least visit the 200 sma (pink). Everything in the middle is noise right now:
Yesterday’s reversal and close were a great first step, and we wanted to see follow-thru today to get the fear of missing mentality into the market, but alas that was not in the market plan. We want to hold but every time we hold we get stopped — scalping only thing working right now for our type of trading.
Volume should lighten up tomorrow heading into the long weekend — so we’re not expecting resolution anytime soon.
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- Keep swimming but with an eye on the shore
- Make peace with not catching every move
- 21 days and counting
- Trade against it
- What’s your edge?
- Wait for it
- Keep Calm and Carry On
- Even if you don’t trade it, you have to watch it
- This is where we would buy AAPL
- No matter what your time-frame, be patient enough to trade against an edge