So go the SPY mid-Keltner band being tagged by today up bar. Now, will price go the other way to avoid being tag.
As of now, price action is still below the mid-Keltner line.
Below daily chart show the SDS mid-Keltner band being tagged and now price is running back to the upside. Btw, SDS is the 2x inversion of SPY. Notice that the mid-Keltner band is also close to the Fib retracement of 38.2%. To me; that is a double confirmation of support. Yes, I’m long SDS at current price action with a stop at a bit below today low.
Below is the SPY daily chart
Good Hunting!
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Trading journal update:
Added to SDS since it opened higher than yesterday high.
Bought starter position on SKF since it also opened higher than yesterday high.
I’m placing stops at below mid-point of yesterday bar.
TJ Update:
Added more SKF since it took out intra-day high. Move stop to below today low. With such momentum to the upside, it is a bad sign if it takes out today low.
TJ update:
Added a bit more SKF since it took out the high of May 24th.
Added more SDS since it took out intra-day high and the high of May 25th. Moved stop to below today low.
Trading Journal Update:
SKF- moved stop to below mid-point of yesterday’s bar
SDS- moved stop to below mid-point of yesterday’s bar
Added a bit more SKF and SDS since both took out yesterday high.
Moved stops to below today low for SKF and SDS. I like to see the momentum to continue; taking out today low mean momentum is weaken.
Moved stops to mid-point of today intra-day bar to protect profit for both SKF and SDS.
Stopped out on both SKF and SDS. Although I gave back some profit; I still locked in decent gain.
Albeit as a much higher entry price; I bought starter position on SKF.
If this carnage continues next week, I’ll add more.
Added more SKF since it took out today intra-day high.
Moved stop to mid-point of last Friday bar.
Trading journal update:
Added more SKF since it took out last Friday high.
Bought a starter position on SDS and will add more if it takes out Friday high.
Just got filled on SDS on added share. Last Friday high was taken out.
Moved stops to below today low for both SKF and SDS.
Added more SDS since it took out the high of 10:00 EST.
Moved all stops of SKF and SDS to breakeven. If market decides to reverse to up side now, I’m protected. It so happens that my breakeven is at a bit below mid-point of today high and low which suit me fine since that mean momentum is weaken if today mid-point is taken out.
Stopped out of my SDS trade.
Moved SKF stop to previous bar low (5m) so I can still take home some bacon if stopped out.
Stopped out of my SKF. At least, I got bacon to take home.
I may be done for the day; but I will see how the price action is during the last hour and a half before close.
Back in SKF with starter position. Taking advantage of intra-day retracement; but this starter position has a very tight stop.
Added more SKF since it took out R1 resistance.
Moved stop to breakeven and was taken out. Flat for the day on SKF.
I just had an epiphany. I was wondering why I’m getting so focus on the trees and forgetting the forest.
After looking at the daily bar on SKF, I realized this guy is in the process of running. It has a higher high for the last 2 days.
Therefore, without hesitation, I bought back what I sold and put a stop at today low. Pretty much meaning I’m carrying this trade over to tomorrow to see how it goes. I will add more if tomorrow price action take out today high.
Net long SKF as of now.
Moved stop to mid-point of yesterday bar. Look like I’ll get stop out soon.
Stopped out of SKF. Flat now.