TRENDING
Don’t get me wrong, despite having been a lone voice in the blogosphere as of late I do very much enjoy the fact that I was pointing up while everyone else was pointing down. And a lesser market megalomaniac would be temped to harp on that fact and attempt to belittle more frequently trafficked but continuously wrong trading blogs.
Rather, I have to admit that I hated to be right on this one – nothing would have pleased me more than a healthy market correction that would have allowed us to get positioned after a good ole’ fashioned pig shake out.
Our resident Evil Speculator market technician (shown above) is now getting a bit more cautious [...]
I hear bearish calls all around but continue to be very skeptical about any meaningful retracement right here and right now. Some intrepid rat wrote me the other day stating that everyone he talks to is waiting for a retracement right now. And you may recall the old expression: What everyone knows is not worth knowing.
On the other hand, I do see bearish signals abound – and strangely due to a constant influx of POMO cash I also see bullish signs. So let me share a few charts and we’ll try to make sense of this mess: [amprotect=nonmember] Charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member [...]
Now trend traders often pyramid their positions, so that means that once a trade is going in your favor you add another ‘unit’. Again, I do that by using a multiple of my risk exposure, which in turn was defined by ATR. You can of course use an arbitrary stop in which case you use multiples of whatever your entry/stop delta comes out to. Some trend traders add up to three or four units and you should really count your blessings at five units. As you can imagine calculating this entire scheme gets rather complicated quickly and use up a lot of your trading time. And that brings me to your new favorite toy: Bernie’s Pyramid Calculator (BPC) – a trading tool [...]
Today was what Scott would describe as a post ramp consolidation day. Not much edge to be had after we retraced about 20 handles on the SPX since the Thursday low.
The ZL remained pretty unimpressed during the gap up, as well as during the filling of the gap down which took us through another NIN pattern (look at the N yesterday the I up and then the inverse N today). Hey, speaking of which:
Nice sound track for this post 😉
Anyway, the ZL didn’t expect much of a resolution all through the session. Accordingly I did not expect the spoos to make it through VWAP – and I was proven right in the end. So in hindsight many subs surely [...]
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