Last Friday I scaled and stopped out of IWM for a win. XLU runner is doing very well trailing stop in place. XLE tested support and is making another push. Still no scale. Binary trades yesterday were 3 $15.00 losses and no 2 minute or 5 minute trades. I was not able to do much Friday due to my job. i was really close to getting a signal to sell SPY yesterday and I am glad the signal did not come through. The /ES is up 25.75 at this time.
Category Archives: Swing Trade
Today 02/24/2017
Got into IWM at the close yesterday and it looks like I will have it down to a runner already this morning. XLU runner is going very well. XLE looks like I may eventually stop out at 70.58. Binary trades yesterday were both losses. Other than that I would have had winners on the 2m, 5m and 9:20.
Todays Trading 02/22/2017
First trade was a loss on a binary 13.50 cost to make 100.00. It was very close to winning. Scaled half of my XLU trade so down to a runner (swing trade). XLE is taking some heat Long a few days back. 8:20MT entered another 15.00 binary and won making 100.00. No signal so far on my 2 minute chart trade. Waiting for 9:00am for the 1 hour binary trade with the 5 minute chart. I will pay no more than 63.00 to make 100.00.
Inflation Coming ??
/ES S&P
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.
USD/CAD
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.
/CL
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.
/GC
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.
Finding Resistance
/ES S&P 500
This area may give it up eventually. I am seeing this as an area for a pull back. I am still out of this for the long term. My daily charts said to go long which I would still be if I had stayed with the chart. Still long the XLU. Looks like it is running out of gas for the up move. I hope it has a small pull back and then goes again. We shall see.
USD/CAD
Pretty typical move below the resistance. Look for a retest.
/CL Oil
This is not a happy chart. It hit resistance and Iran snubs the big dogs. See what happens when it hits the 34 area. I say it is going to get real tight.
/GC Gold
Gold is looking to find resistance. Let’s see if the last high will be the swing high. Watch as it pulls back into one of the fib levels.
/ES is Making a Change
/ES S&P
Support tested and held. Notice my resistance area which I think will hold. We definately have a trend change setting up. My daily charts set up for the longs. I broke my rules and only got long the XLU which can trade against trend.
USD/CAD
The 1.37 area has given up the fight. Still staying close to the previous support 1.33-1.34. 1.27-1.28 is the next level. See if it can make there.
/CL Oil
27.00 area held up. looks like it is setting a trading range from 27-38.00. I did get a good signal to go long last week. I thought about the manipulation and decided to wait. Broke the rules. The trade would have gone great just like the /ES long.
/GC Gold
Happy happy happy. Looking for where it can find resistance. Watch 1280.
No Surprises
ES S&P 500
No real change from last weeks look. I think the Fed and Oil is trying to make moves to save this level. Personally I feel they will fail just not sire how long it will take. I am out of everything at present.
USD/CAD
Same as before, The are 1.37 is holding. I keep hoping for it to come below. When I say hope there is no technical reason for it to hold. Pretty simple. If the 1.37 does not hold then see how long it trades at the 1.34 area.
CL Oil
Interesting thing this week as Saudi Arabia, Iran and Russia talked about holding this record level of production. Let’s see who blinks. I say this area holds unless they turn down the spickets. You can see the levels that are in play now. See if it can form a bottom. Another note I received a signal to short today. I chose not to take it because I think they will manipulate. I also would like to see more room to move. These are excuses. We shall see if my feelings are warranted. It sure makes a trading system hard to measure when I do this kind of thing.
GC Gold
No changes really from last week. It did move above the level I discussed however came right back to hold 1240. I should be long this but missed it the day I received the signal. I missed the GDX also. Man I hate it when that happens.
Topping Formation ???
Let’s bring this up to date.
ES trading sideways here at a top. tops take longer to form than bottoms. This is twice that it has tested both resistance and support. Look for it to move to support. Might want to sell half at this point and set a close stop on the short. May get a runner to the downside.
CL is looking good for a call. Still no clear resistance. look for a pull back then move higher.
GC Head and shoulders forming. See what happens with the neck line bottom.
USD/CAD Making a move to the support area. When it gets here see how it behaves before next position. Now would be a good time to get rid of half of the short.
My overall thoughts on the markets. ES is going to be more quiet on the top here. Fed has too much control. I think topping pattern and then down. However the wildcard is the Fed coming to the rescue. Read above on the rest. Happy trading!!
To Resist is FUTILE
It has been a while since I posted. This chart is a pretty simple read. We are pushing up against the 78.6 Fib extension level. I am long for the last couple of weeks SPY QQQ DIA XLK XLB and XLV. This is really bullish trading out of the consolidation of the last month or more. Watch this level 1925 should see a pull back going into the end of the week. What I think is going to happen though is we consolidate for the next move higher. The On Balance Volume is rocking on almost every sector. The only potential short is the XLE Energy sector. Price is too strong though at this point to get the short. For the most part I am riding this swing and waiting for the next opportunity. Happy trading.
Weekly Chart Read
It has been a bit since I posted. I was pretty close last month with saying we would see 1830. This is a new month and we are at some interesting areas. First few days of trading in January down. Many traders get spooked over this. We shall see. Today is pretty important to see where we close. If we close below 1812.50 on the /ES we will be into the last consolidation area. I feel this is going to happen. The overall buying volume is still strong so we will have to watch. The sectors are getting weaker and weaker. Usually it is just a few but we are seeing many trade lower. So I am thinking this is a move where big money wants to be out instead of moving to another sector. Another thought is that I am short for the first time in a long time a couple of trades… WLT, CLF and I am long the GDX. These are bearish plays. I still have a few longs with no risk. the only trade I am long full rick is CNX. ADI I was able to get risk out for a profitable trade. I took a loss on LLY. Still hitting 70% win rate.
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