I wanted to show you this EURUSD 60 min chart that is begging for another breakout. Lets review it first. We created what seemed to be a bullish lowering wedge or a descending triangle first (blue circle) - we broke out on the upside as we had anticipated and had 2 nice retests of that falling trendline (green circles). Now we seem to be building and ascending triangle that is begging for yet again another breakout to the top which would indicate higher prices yet again. I am ignoring the dubai craze on this ascending triangle (second green circle) since it recovered before cash hours were reached in the US markets.
Looking at this we have good support at 1.504 from the previous top and the ascending trendline of the triangle. If this were to resolve to the upside (which has a high probability) we could be seeing another 30 pts on SPX and possible break of 1.52 on EURUSD (though I do not believe we will break that range on EURUSD)
considering adding some puts here ... will let you all know
ReplyDeleteadded puts and short ES
ReplyDeletemoved stops to break even on both positions. Now back to work =)
ReplyDeletealso shorted some AMZN (not through options just a short).
ReplyDeleteis this going to be a repeat of well, all those other days when we dropped in the mornings and recovered it all by the open the next day? lol
ReplyDeletealso looked at XLV (thanks to TimK). Took a short in that one as well. Its struggeling to get above the most recent highs so its a low risk trade.
ReplyDeleteand another small short via EURUSD as a scalp (this one will be closed soon)
ReplyDeleteI love when stuff turns green hah (yeay yeah its not an addiction dont worry) - just a random comment and most imporantly. Don;t count your chicken until they hatch =)
ReplyDeletegot out of EURUSD ... not liking the price action here and could be driving higher within the triangle.
ReplyDeleteout of ES and spy puts too =)
ReplyDelete2% in gains for the day is good enough for me at this point. Remember only short term trading no long term try to catch the falling knife short ...
ReplyDeletegood call. retest of es 1106 -1105 is the most downside. look out for huge violent up move from there. 1137 -1158-1198 are the potential target
ReplyDeleteout ofd amzn as well
ReplyDeleteday trade long srs
ReplyDeletehmm have not traded the window maker in a while. Probably better to short IYR in the future for better bid/ask spread and more room to maneuver.
ReplyDeleteyeah out of SRS - going for IYR instead. Liking this one better =)
ReplyDeleteok shorted IYR instead
ReplyDeleteIt lloks like there are two schools of thoughts 1150 or 1050 in the next few days.
ReplyDeleteif we break 1103 1100 we see 1050, if we break 1113 we see 1150ish
what is your take Chris?
EURUSD and SPX are pinned within a range now. We have to keep in mind we are in december so volume is going to dry up quite a bit.
ReplyDeleteNow this dry up in volume can play to both sides bull or bear.
Let me show you another chart ... give me a sec.