If you look at the 5 minutes chart below; what do you see? An up or down trend?
Needless to day, I bought back some CHK and NUAN that I sold this morning as well. In addition, I also added to SSYS and DDD.
Current positions:
AMRN CCJ CHK DDD DNN LMLP NUAN SSYS USU (now back to 55% invested and 45% cash)
Good Hunting!
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I tip my hat, nice allocations.
Thanks!
As much as I like my allocation, it will be changed if price action demands it.
ES now kissing declining 50 MA on daily chart. Money flow index reading overbought on 60 min in many names and is starting to diverge from price.
VIX solidly below 20, but I want corresponding confirmation moves with bonds, dollar, euro before I get too excited.
Cash, it’s whats for dinner (probably for another week).
Thanks for the different angle of looking at it.
I like the fact that ES took out the 6-11 high which, to me, confirm the uptrend move. Since I’m evaluating my position on a daily basis (or intra-day basis); I’ll stay “bullish” for now.
But I will definitely keep an eye on the potential 50ms resistance.
Thanks!
You are nimble enough, I don’t think you can get hurt.
Despite the huge moves in softs, drop in VIX and upward movement in SPX, crude, gold, silver, euro, dollar and especially bonds have yet to confirm any of it.
I am guessing bond traders are waiting for the flapjaw fed before they tip their hand.
Added more LMLP since it took out the high of the last 2 weeks.
Reduced position on DDD by 2/3 since I don’t like the development of a daily doji candlestick bar and the persistent down draft in the 3m chart.
Silly me! Bought back 2/3 of DDD I sold not too long ago; albeit a bit higher than I sold.
I like the fact that price is bouncing back up from the 50ma on the 3m chart.
Boy! Am I glad I bought DDD back! Look at it goes!
Price action, my friend! Price Action!
Added a bit more AMRN
Sold CCJ, CHK, NUAN to lock in profit but also added to SSYS.
Now 51% invested and 49% cash. Gain another 1% today! YTD up 17.8%
Quite disappointing to see SSYS ended the late hour with a inverted hammer candole stick (or is it a tall tail doji?). Regardless, it is very bearish for the day so I sold 2/3 position to lock in profit I still have. Gave back a chunk from this morning rise though; but that the way this game is played. Better late than sorry.
Due to SSYS failure to maintain the gain for the day, I sold the remaining SSYS and all of DDD to lock in profit.
Sold all LMLP as breakeven.