Weekly Chart signaled last week. Close above the high of the low candle. Daily Chart is on the move up with the Trailing Stop at 30.77. I rolled the 31.00 and picked up a credit of .12 (.03 bought back and sold next week for .15) to next week and kept everything else the same.
We have Coronavirus scare coming on this week. Oil is tanking and the Fed is creating more dollars. Bearish, Bearish and Bullish. I was short at the start of the week. Tuesday I received a signal to get out of the short position. Then today Friday I saw the market moving down with lots of weakness. I went ahead and placed a surfer trade short and was able to scale half before the end of the day.
Early today 10:30 our time
Buy 2 Feb 21 323 Put 4.77 Scale half 5.67
Buy 2 Feb 21 332 Call 1.10 Scale half .90
Sell 2 Feb 21 323 Call 5.48 Scale half 4.85
Friday’s close on the daily chart indicated to get short the SPY (Conditional Change 329.27). I had rolled the Calendar trade I was doing earlier that morning and then closed it so I was hit with dat trading rules. I am conducting an experiment to take a small account of $3,250.00 and see how much we can pull in a year. So far the account has increased $240.00 which is a 7.4% increase.
Feb 18 2020 328 Call 1 Contract Sell $5.08
Feb 18 2020 328 Put 1 Contract Buy $3.89
Feb 18 2020 337 Call 1 Contract Buy $.31
Starting with the /ES Bullish, /ZB Neutral to Bearish, /GC Neutral and /CL is Bearish.
This is quite a push. Maybe now that QE mini is back we will see this continue. Remember to trade what you see. What I see is that we have new highs with on balance volume well above the average. Price up OBV up means strong positive delta trading. I will explain what this means soon in a video.
I am out for a little while. I had Hip Replacement surgery this week and taking too many meds to trade. I am going to try again to get this up to speed. Pretty simple read at this time. I am looking to buy a few long puts with the idea of a pull back.
Swing trades…Stopped out of XLU and XLE. Took a loss on the XLE trade. The XLU was a very nice win. Day Trades…Binary trades had one win 2 minute and 1 loss 5 minute.
Traded 2 of the 20 minute binary trades 15.00 per with a loss. Traded another strategy off of the 2 minute chart for a win 57 cost and a 43.00 profit minus fees. No 5 minute chart trades today. XLE has still not stopped out. XLU is down to a runner still, seems to of found a sideways channel to take a break in. I am just below it with a stop.
Boy I sure should follow my trade plan. If I had I would still be long the SPY. This just reinforces the need to stay on plan. This move above the previous resistance is pretty strong. It look for a little bit that the volume was not there. Now we just have to wait for the pull back. going to see where it comes back to. Once the swing high gets established I will have some levels to work with.
The dollar is finally giving up the ghost. I was talking with some trading friends and they put it well. They said it looks like inflation is coming. So the big guys are setting up for this. Dollar down gold up.
Barring a catastrophe, Oil is bottomed out. Down trend is over for now. Look for a swing high pull back. May not be far from here.
I have swing trades on for the GDX and GLD. If the inflation play is on this will head to higher ground. I went back a couple of years and found the level that I placed on this chart. See if pulls it up. We do not have a swing high.