My take on The Pivots

29 ก.ย. 2023

I have removed most of my indicators, just so that The Pivots are easy to see. Most of the time we trade between S4 (strong support) and S4 (strong resistance). We reached S5 and bounced, the rubber band is wound tight, to go up. It would be difficult to go back down to S5, if you are trapped in a short, you might want to take a small loss, rather than suffer watching price go up and up, and hoping we go back down to S5.

Elliot Wave theory suggests this could be a counter trend rally to go back down, but The Pivots tell me, it will be hard to go back down from S4.

TradingView suggests we provide targets....

Anyone can see targets above on this chart.... Pivot, and R1 to R4 are potential targets.

29 ก.ย. 2023

บันทึก

This is my shorter term take, I am still Bearish on the Economy longer term. To be honest I am mad at the Pattern Daytrader" rules brokerages use to make it more difficult to make a profit. My previous calls were all down from S4-S5 and I had a $300 profit, but I couldn't take it due to pattern day trader rules w/o my account being flagged and restricted. I held it overnight and we started this move up. These rules suck. I didn't want to compound the problem by staying in a small loss losing trade, especially seeing how we are in this chop zone where they keep running it way down, then way up in a 5" chart. Next time I have a profit at S5 I will take it rules be damned, even if i have to take my money else where to trade. Brokers and the SEC are not our friends.

29 ก.ย. 2023

บันทึก

Also I wanted to be out of the way before monday, nobody knows for sure how the market will react to the government shutdown, like FOMC, they are not our friends either... Someone in the room i hang out in said the market reacted bullish half the time, and bearish half the time... I have a hunch that the Bullish reactions were during Bull markets and the bearish reacion was during bearih markets. Best to take a day off and refresh until things become clear again. Note that The Pivots go up or down each day, they can come down giving us a chance to short a higher target, note that the last 5 trades I did in the room, and published were all shorts, going long is not part of my plan now.