#SPY Today it gapped up and sold off, We have mentioned last week that once we get up into the 290-300 area, that you should be hedged long term and today we hit 291 then sold off to 285 putting in a dark cloud covering on the daily but it also held that 285.55 so we are not bearish until 285 breaks and then it can head lower towards 273, but if 285.50 holds then we can continue to push higher towards 291.45, 295.65 and 301.
Appreciate you sharing the definitions! Feel like I have a TON to learn! If there are any videos or articles in particular that you think help the most let us know. Did a pretend losing paper trade today. Even though I didn't actually lose money it makes you feel like you did.
@WendyIrene I usually follow Tim and Warrior Trader on youtube. You just have to find time and go over many many charts and kinda pick what you think your good at. Some people are just better trading LONG. I am better SHORTING stocks. You just have to find your niche. Paper trading is the way to go. I did paper about 6 months and being in Tim S room just studying his videos and looking at charts why he called a certain alert..
Today a very scary thing happened, Oil crashed and that would be a very telling sign of what will come with our markets. That is not a sign of a healthy market that will see all time highs anytime soon. I warned about oil and lay offs before months ago. The wild ride for the markets is not over, we are setting up for another leg down soon, not sure if tomorrow or this week, but im anticipating by the end of this month. SPY CHP Zone 281-284, Bullish above 285, and Very Bullish above 288.60. bearish below 280 and Very Bearish below 276.50
#SPY held that chopzone today and didn't break that 276.55 but instead formed a inverse h&s pattern and fire up after-hours and hit 283. Now if SPY breaks above 284.90 it can head to 288.57-290 that is going to bee a test of if it can break strong resistance, if so we can go to 293 and 300, but we ne above that first.
I have been keeping my losses much smaller than before but they are annoying to deal with. I am on my 3rd red day and it is getting annoying. Depending on how this week ends after reviewing, a good chance I will be going back to paper trading for 2-3 months so I can save some more money up as well. Trading with 1000 is way too restrictive and I ended up holding my losses longer trying not to waste BP. If I had 2 or 3 trades a day and only risking 3% of my position size, I would happily take a small loss rather than have my planning all go to waste because I have to cut losses. Tim even said you have to start with a realistic amount and even 2k is the absolute minimum.
No problem man! If you want a book that really helps with trading (it did with mine) i would pick up this https://www.penguinrandomhouse.com/books/352442/the-disciplined-trader-by-mark-douglas/
@Raylbc27 I will check it out. I am currently listening to Trading in the Zone by Mark Douglas. Really helpful as well.
@Raylbc27 Hey man, how's it going? I'm on week 2 of my small position trading and it's been working out much better for me. I am focused much more on price action and not on my P/L bouncing up and down so my emotions are not all over the place. Could you maybe glance over a few of my winner and losers and just see if I am on the right track? I would appreciate it a lot.
@fastdounut check your DM i sent you..
#SPY broke out of this box consolidation hit our target of 275, now is testing the 4HR bullflag support of 263.64, if we fall back inside 262.80 then wee are bearish headed to 260-250 area and possibly 245 again, Now if we hold above 263.64, then we can remain bullish towards 280-283 and 290
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