Imperial Guard vs. The Ork Horde
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No new developments in the market. I warn you that I expect major whipsaw on both the intra-day and daily time frames for the next several days/weeks. Don't play games with the market here, since you are guaranteed to lose.
Instead, I suggest holding a majority cash position and fill your portfolio with high probability long and short setups if you are going to swing. In addition, day trading will help you fill the coffers on a daily basis, provided that you don't lose. I will write an educational article on short setups, similar to the one I did for the long setups.
I put up the 5-day, 1-month, and 8-month charts below. The magical lines should tell you that today's action is not going to be pretty. In fact, I recommend not trading. However, since I am an Addict, I will be ignoring my own advice.
Below is an analysis of the 9 SPRD Select Sectors (XLV, XLB, XLK, XLI, XLP, XLY, XLU, XLF, XLE):
3 comments:
John,
I noticed that you use stock charts on your swings ...but do you use their service for day trading as well? If so, is their RT data feed fast and reliable.
TIA ...nice blog.
John, when you see breakouts or breakdowns from patterns (triangle, flags, pennants, trendlines, etc), how do you go about trying to determine whether to get in or not?
Thanks!
I posted some charts in my blog for next.
http://nyctrader.blogspot.com
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