Boring Monday

Days like this is why I stopped blogging.  

10 point ranges are for the birds.

Yet, nice technical 8:00 minor low of the open to go long at for a 10 point ride back to the top of the range -- you're good if nailing that trade.

Our bias was correct:  Don't fight a going up market.

Structure was a hybrid check mark day.

Bias continued higher with an inventory correction that's also very expected.

How is that for bi-polar?

Friday Up Day

Trend day with last hour reversal.  

The edge probably is higher on Monday but we will see. 

Great Trading Day #2

Today's action was grand, offering up a mid-session continuation trade.

The shorts were clearly trapped, and all of the sediment indicators that I follow, clearly indicated that the pullback from the morning highs was not going to take out range lows.

Great Trading Day

I have witnessed a lot of good trades over the weeks, but have been too busy to post.

Today breaks that streak.

Perfect trading day and here is why:

I call today "sediment extreme continuation trade".

1) 1st day down from near highs and laggard longs are trapped.

2) Relative volume north of 2+

3)  3 perfect rejections of VWAP tests.

4) TICK unable to muster even a +600 reading

Guys, when you get all of these ducks in a row, it's high odds that the day's range lows are going to be breached and price will continue lower.

For my trade, I set an arbitrary limit buy order due to being out of the office.  But am sort of glad that I did, as the last hour short covering can really mess with one's head -- and profits if being wiggled out in the re-trace!

Gap Up Day

Shorts got it in the teeth today.

Tight intraday range.  Buy the minor low and sell the minor high.  But honestly, I thought that they would extend the range higher today but they didn't.  I thought the overnight highs would get tested -- but they were not.  That's a flag to notice...

Slight tail on the daily.  We are pretty much smack dab in the middle of the range now.   A failure tomorrow should have some teeth in the move as newly laggard longs will have to bail.

For now my bias is higher.

 

Today was great structure.  As the day unfolded, I saw the future before it happened and that's always so cool when that happens.

Friday balance was the high odds bet.

Even with Vix well off of the 10 lows, it's still a challenging trading environment at 15.

Ok, so here is the 1st slide.  Descending triangles always a great pattern.  This one set up nice, but the key was to know that it was going to fail back up into the range.  Which it did.

Have to do a post!

Well, 2017 is practically half way done already and I've not done a post.  Sure, I'm starting a new business.  Sure volatility sucks.

But I have so wanted to start posting again.  I see all of these patterns and want to document them.  Not sure if I can get through the block to simply spend a little time to post regularly again.  Now that I'm firmly out of the habit for well over a year, not so sure it's going to happen.

Here is what yesterday's action was like: It was one of those days with little volume that just so happened to grind lower all day long on the heels of the gap up.  Nothing harrowing about the day whatsoever except for this is the kind of day that made me enter long on the gap fill -- which didn't pan out all that well.  I thought to myself on the close "I would not suprise me if the market gaps up tomorrow.

So with that in mind, here is what happened today.  Yes, the two way auction process lives!  All of the laggard shorts yesterday fueled the rally. 

With the market at yesterday's highs, do we sell it or not?  Given the short inventory in trouble, it's not a sell. 

At here is the top, as indicated by the TICK momentum.  Still, all it did from here was base into the close. 

This kind of stuff happens when  market is firmly in an uptrend and in a quasi-corrective and balancing-mode.  

Shitty selling gets hammered. 

On the daily: 

Happy New Year!

I won't be blogging much probably this year.  But will try to post the BEST patterns, like today.

Today was a sweetie.

 After last year's construction project, having multiple tenants at my place now, AND starting up a new practice as a professional fiduciary, I'm busy!

But this blog was fun to do.  For years, day in and day out, there were great patterns to talk about and it's nice to have a permanent record of them here on the blog.

But with VIX just bouncing off of major lows, there is not enough movement for me to engage the market much more than twice per month unless VIX is well over 15.   And that gets really, really, old for so many months out of the year.

But I liked today's patterns and the VIX spiked off of lows a bit to provide some nice movement.

Trade of the day was to go long at 11:00 the transitional structure lows for a late session short covering rally.