Today's pattern really showed up pre-market.
Where was the rally today? It happened before the US markets opened for business.
The SPY/QQQ had already moved up into my upper resistance area on strong buying overnight.
I knew I had to run my father around most of the day, so I booked my profits this morning and tried to catch one little SPY rally (that didn't work out).
So, I started taking some positions for next week's potential downtrend, and I thought, "How much risk am I taking on these trades if the markets continue to move upward?"
I realized I would be taking about $1000 to $1400 in total risk, but my expiration date is near May 16. So my target for any profit really needs to be before May 10th or so.
If the markets do what I expect, I'll be sitting back, watching my profits grow as the markets trend downward into my May 2 Major Bottom (I hope).
I created this video to highlight the now partially confirmed inverted EPP pattern that setup the Ultimate High in early trading today.
Now that we've completed the inverted EPP pattern, we should be looking for the ES/SPY/QQQ to move downward, shift into a sideways/upward price flag. Then, break down into the new Consolidation phase.
Essentially, if my EPP patterns play out well, I timed my move away from longs/calls and into shorts/puts almost perfectly. Now, I just need to sit back and wait for the markets to make a move.
This is what trading is all about. You can't kick the markets to do what you want them to do. You have to learn to take what the markets give you and fall in line with market trends.
When you do that well, profits start to fall into your lap (if you are patient).
Follow along as I break down these market trends and learn how to develop your own skills.
GET SOME.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #gold #nq #investing #trading #spytrading #spymarket #tradingmarket #stockmarket #silver
Where was the rally today? It happened before the US markets opened for business.
The SPY/QQQ had already moved up into my upper resistance area on strong buying overnight.
I knew I had to run my father around most of the day, so I booked my profits this morning and tried to catch one little SPY rally (that didn't work out).
So, I started taking some positions for next week's potential downtrend, and I thought, "How much risk am I taking on these trades if the markets continue to move upward?"
I realized I would be taking about $1000 to $1400 in total risk, but my expiration date is near May 16. So my target for any profit really needs to be before May 10th or so.
If the markets do what I expect, I'll be sitting back, watching my profits grow as the markets trend downward into my May 2 Major Bottom (I hope).
I created this video to highlight the now partially confirmed inverted EPP pattern that setup the Ultimate High in early trading today.
Now that we've completed the inverted EPP pattern, we should be looking for the ES/SPY/QQQ to move downward, shift into a sideways/upward price flag. Then, break down into the new Consolidation phase.
Essentially, if my EPP patterns play out well, I timed my move away from longs/calls and into shorts/puts almost perfectly. Now, I just need to sit back and wait for the markets to make a move.
This is what trading is all about. You can't kick the markets to do what you want them to do. You have to learn to take what the markets give you and fall in line with market trends.
When you do that well, profits start to fall into your lap (if you are patient).
Follow along as I break down these market trends and learn how to develop your own skills.
GET SOME.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #gold #nq #investing #trading #spytrading #spymarket #tradingmarket #stockmarket #silver
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Love My Videos/Research - GET MORE..
-- Special TradingView Tools
-- Automated Trading Systems
-- Proprietary Algos/Signals
-- More..
Join Ment.com Expert Growth Today
Get Some.
-- Special TradingView Tools
-- Automated Trading Systems
-- Proprietary Algos/Signals
-- More..
Join Ment.com Expert Growth Today
Get Some.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.