Did a day trade today off the 5 minute V Stoch, short ES @ 1126.00 around 8:45 AM CST with V Stoch rolling over from peak above 80, covered @ ES 1110.75 around 10:00 AM when V Stoch curled up from a reading under 20. Nifty little profit of 15.25 points ($762.50/contract) in 75 minutes. I like it.
You can see the triangle formation off yesterday's lows pretty clearly in this chart, waves A, B and C are complete, the open question is whether we've seen D and E or are wrapping up D with E to come. Either way we're not far from what should come next, which would be a 5th wave down.
That sure does look like a Diaginal Triangle which should resume downwards. Unfortunatly for me I am still long from S&P 1122 with etf's SSO. I may have to take the loss and reverse to a short. I need a plan. Will sleep on it.
ReplyDeleteGreat trading for you on Friday - Congrats, you deserve it.
Al, since you know more about apples than me, may I ask you, which are the best apples to make those huge Caramel Apples we see at tourist locations ? The ones with the soft texture?
On your ETF long always good to have a plan.
ReplyDeleteConcerning caramel apples, what region do you hale from? The reason I ask is that there are regional preferences, here in the Midwest the variety used most for caramel apples is a Jonathan, which is actually small and firm, the direct opposite of what you're describing. To know what variety you've got in mind is very difficult, as their are an amazing number of varieties in the marketplace - they're only limited by the viable permutations of the apple genetic code - i.e. they're effectively limitless.
Al,
ReplyDeleteTriangles mostly always break in the direction of their main trend. The trend of this move was down. The PPT managed to fool both Elliot Wave and the Vindicator with their tricks. Unbelievable. But, things may just be back in the negative tomorrow morning. So the move for me if we go higher is to lock up my SSO at break-even. On a lower open, we can expext a drop to last week lows so it will be worth selling my SSO and reverse with a short FAZ.
In Quebec where I come from, we grow Cortland and Mcintosh. The Caramel Fudge apples I like best are down your way at the Wisconsin Dells. Thanks for the info.
Tony probably McIntosh then.
ReplyDeleteYour longs should be looking pretty good this AM - congrats