Friday, January 17, 2014

Open Weekend Post 01/18/20/14

You know the drill, share the love and the knowledge. 

If you see it - share it. 

OK, Friday's last hour - I enjoyed all of these. Yes, all of them. No, I was not, but maybe this weekend ......

Have a great weekend and enjoy the holiday.

GL and GB!

OH! The chart - almost forgot - 

Minis 30m - Like I said Friday - I may have had some really dumb luck and nailed a top if not the top Wednesday near the close when I took a miniscule (as in completely irrelevant) short and made my first swing trade in almost two years (nope, not kidding). I still got it - uh huh. Like ... yeah! I'm swinging like a .....The trade was made on principle and for no other reason other than the market should have technically topped at that point. 

I don't call it but I trade it - OH THE IRONY!

So, what's potentially happening (other than what we know is happening - the Fed manipulates everything!)? It looks like ...... All support gave way and all hell could break loose and here's why - Pink rising wedge - the final wedge in the multitude of overthrows (cause if it went up again it would have had to go completely vertical) busted (three times) and the second iteration was backtested. The yellow channel resistance was also in the way as well as my obscure gray diagonal that for some strange reason keeps coming back into the picture (maybe if I delete it we won't have this problem anymore?) Well, while all that backtesting and resistance crap was going on, beige channel support came in and offered the market a lift/floor for a few days. Woopsie - that failed as well  and now there is no where to go but DOWN! Whammo - there you have it.


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