7-1-2016

Well looking back at that last chart... I got that one wrong. I have a regular job, so I can't always blog. Not that anyone is actually reading this, but if someone stumbles upon it, that's why the post aren't always frequent.

THE GAME

I thought we were going to push past 213. Looking back at the chart the only thing I see that suggest it may drop is the MACD histogram is not growing, the last candle is red, the price got close to the R1 price line, and the volume was slightly dropping. None of these were really yelling SELL.

Moving on... In the morning I see a pull back between 207.66 and 208.42 early. Then it will slowly trend up to 210.78 to 211.45.

06/10/2016

I an new at this blog stuff and I have more going on than trading. I will get better as I get my time more organized. I look at stocktwits from time to time. It is entertaining. There are a few folks on there that I really do respect their opinion. Most are just trying to find their way through it all and not look like an ignorant ass while they are figuring it out.

A word of caution. Be careful listening to experts, guru's, analyst, media icons, the media, your barber... and especially bloggers. Learn technical analysis and form your own conclusion. The media, analyst, and guru's are not reliable. I think they tend to guide the sheeple into a direction they want them. To succeed you have to be able to see it for yourself. What were the experts saying during the credit crisis? Trust none of them.

Onward... well here we go:




Wednesday I sold my position before the close. I was up over 20% on my position within a few days and it felt as though it would pullback. I reentered the same position on Thursday at a lower price. At the close today the new position was up 4%. Holding overnight is a risk. Right now I feel it is safe to do so, but do not plan to hold over the weekend. What I expect tomorrow is a push past 212.76 and more than likely past 213. It should have pulled back today, but it went back up to R2 on the hourly. It looks very bullish right now.





I am holding a position in BAC right now. I am down about 20% on it. Should have already sold this position. The chart is bearish. It's too low to short as well. I am going to hold for now. I think the financials will pull back up soon. The weekly chart suggest it will be up next week. The daily, not so much. In my opinion, going long here is money in the bank. However, it could go down some more. Better to buy when you see the bottom. Which could be as low as 13.75. I would wait for a good entry on this one before I went long.

Good luck for now. In the future I will post more charts.

06/08/16 - Trading plan

Right now I am mainly trading SPY. I also hold a position in BAC. The overall US market is currently moving to higher prices. Is it a bull market? I am not ready to raise the bull flag just yet. I am a technical trader. I also try to look at the overall game. Why is the market doing what it is doing? There is always a story behind it.

If you want to trade any stock, you have to know the direction of the overall market. Trade your stock in the direction of the overall market. Yes, there are cases where you can do the opposite of what I am saying. I am into HPT (high probability trades). In my overall strategy trading against the market is not part of the plan. The exceptions to this rule are when the market is on the edge of a trading channel. When it penetrates the channel I will either buy or sell into the opposing direction expecting it move back into the channel.


 

SPY: I am looking for it to break 212.76 today. If we can close above that level, then the next target is 215.68. On a pull back 209 is a solid floor. 210.26 is as well, but not as solid as 209.



BAC - right now this looks bearish. The fear of them losing money on oil company loans is behind us now (IMHO). The main reason it pulled back is because of the likely delay in the feds raising rates. This gives another good buying opportunity once it settle down.

Good luck.