Signal came at the end of the day today. I will post more information about this trade when time permits.
Looks like our political system is still in tac. The market loves the result TODAY. This is a market that can and will bite us so be very careful. I am still looking for a short signal (Close Below the Low of the High) on the Daily chart. Yesterdays candle is the driving candle at this time.
The challenge I am having is last weeks weekly candle. It is the low in the market and for it to be taken out we need to see it close above its high and that is just an amazing move. The other scenario which is more likely is for it to make a new low. This is the camp I am in today. Give this some time and it will fix. Today I am looking at the 200MA to see if it stays bearish.
Make sure to read my post about the XLF. Everything happened the same this week for the SPY except I am out of all positions at this time. You can see on the chart the resistance I have drawn. This is close to the 200 MA and will be the attraction next week. We will have to see if it makes it through this area. What I will be looking for is a SHORT SIGNAL (Close Below the Low of the High) on the daily chart. The weekly chart is jacked at this point. I do expect this to stay wacky.
Trading got really crazy this week. The XLF which went down really hard as did the entire market made things really fun. I mentioned last Friday that things were going to get real interesting and I did get short the XLF. WHAT A WEEK!! I scaled half of the trade on Monday and a quarter Thursday. I then took another contract this morning leaving me with one contract. The rules at this point are to use skill to manage the last of the position. When I see a LONG SIGNAL (Close above the high of the Low) on the daily I will exit the current position. Looking forward things are going to stay wacky. The buying that came in at the end of today was pretty strong. I will be watching the $28.04 which is the 38.2% fib level and will more than likely be out of the trade I am in now. When I see a daily SHORT SIGNAL (Close Below the Low of the High) I will enter short again. Stay Tuned this is so much fun.
I was asked what my results have been with the Surfer Trade today by a friend. After this week this quarter finally came around. My performance for the portfolio is as follows Quarter 3 2019 was 20.13%, Quarter 4 was only 6.5% and this Quarter so far is around 20%. I will see better results going forward due to the changes I made early last month. Also I will keep improving the quality of this site. So stay tuned and LET’S MAKE SOME MONEY!!!!!