Still on vacation, and had very little time to watch the markets but it looks like my prediction of a roller coaster ride was correct. However I see a long opportunity tomorrow if the spy does not make a significant lower low and then comes back to close the hourly above 141.39. Not sure I will be able to update on twitter the details of the trade, but will do my best.
Have a happy new year, may all your wishes come true.
Sometimes it’s better to sit on the sidelines and watch than do something and lose, especially when it involves eggnog, presents and whole lot of fun. But the main reason I did not blog anything since Monday is that I have no clue what is going to happen, the system is giving whole lot of zilch, with no opp for entry long or short until after Christmas and probably until after the new year. In the meantime I am not going to jump on the “Fiscal Cliff” roller-coaster which goes up and down (and probably up again sometime this week) just to lose money and hair.
I can say the following:
1. if we do close daily below 141.92 it may mean going a lot lower.
2. Not sure if we bounce now or after another lower low, but a bounce is due
I am going on vacation until new years so probably minor if any updates until then.
Happy Holidays Everyone
Got the bounce I was expecting yesterday and then some, so I got out at my stop point of 143.09 and overall made some money on this trade. I think this is a good example why taking profit and having stops is so important. It is also important to pay close attention to what the system tells me, I took a closer look at my system and noticed that in my joy of taking a short trade I completely overlooked a long signal the system gave yesterday with an entry at 143.09, this should teach me not take sides but remain neutral and vigilant.
My prediction for the next couple of days is that we go up, could be this is the famous Santa Rally, so until I get a new entry signal from my system I will keep quiet and let you trade.
On a different note, one of my subscribers (you know who you are) inquired if I am going to add some information about myself, so the answer is I am seriously considering it, and will probably add something around new year. If you have any other questions or requests don’t hesitate to contact me