A Blooming Reversal?
What a week! Let's do a recap of my moves since my last publishing, found here: tradingview.com/v/yFAcfc6M/
I backed off the scalping madness with the slowing down of the market in general and started reinforcing longs with more conviction. This was a slow process of winning overnight bidwars along the median line, just as in my last chart, and by the time we broke away from the trend permanently, I had only acquired about a 25% long position. This is the main tragedy, as I identified and confirmed a bullish divergence, as indicated by the yellow trend on the CMF (turning point) and the green up arrows and green thumb (confirmation point), but still held my bearish sentiment, as our later tests of the median line seemed stronger than previous ones, at the time.
As we pushed through the orange trendline, the strength of the movement indicated that we were destined to test the green channel, even as we fell back into a parallel-but-high consolidation. I bought in to a heavy long position at the end of this mid-way consolidation, and prepared my sell orders for the test of the upper channels.
The unfortunate news is that my sell orders were not only surpassed, but completely crushed while I was sleeping, leaving me in the precarious position of watching the psychological level of watching 600 get tested with an average sell of 585. Luckily, I was at my computer and able to buy in as resistance began to melt away. I was able to sell at 680 and re-buy between 630-640, a position I held (except for one significant loss caused by a glitch in my order placement) until we bounced off of 700 today. I just closed out the rest of my ~695 sell position to a ~660 buy position. I'm watching the intraday charts closely, as I'm receiving mixed signals between my 1 hour and 15 minute charts, and I'm looking to exit only if I'm certain we're headed for a bottom that won't whipsaw from my 630-640 position.
As of now, my long term target lies somewhere in the $720-830 range. As this pitchfork as become all but obsolete, I will be charting new uptrends to try to solidify a bull-trend plan. I'm also keeping a keen eye out for the bears last hurrah as retail confidence begins to swell unsustainably.
I backed off the scalping madness with the slowing down of the market in general and started reinforcing longs with more conviction. This was a slow process of winning overnight bidwars along the median line, just as in my last chart, and by the time we broke away from the trend permanently, I had only acquired about a 25% long position. This is the main tragedy, as I identified and confirmed a bullish divergence, as indicated by the yellow trend on the CMF (turning point) and the green up arrows and green thumb (confirmation point), but still held my bearish sentiment, as our later tests of the median line seemed stronger than previous ones, at the time.
As we pushed through the orange trendline, the strength of the movement indicated that we were destined to test the green channel, even as we fell back into a parallel-but-high consolidation. I bought in to a heavy long position at the end of this mid-way consolidation, and prepared my sell orders for the test of the upper channels.
The unfortunate news is that my sell orders were not only surpassed, but completely crushed while I was sleeping, leaving me in the precarious position of watching the psychological level of watching 600 get tested with an average sell of 585. Luckily, I was at my computer and able to buy in as resistance began to melt away. I was able to sell at 680 and re-buy between 630-640, a position I held (except for one significant loss caused by a glitch in my order placement) until we bounced off of 700 today. I just closed out the rest of my ~695 sell position to a ~660 buy position. I'm watching the intraday charts closely, as I'm receiving mixed signals between my 1 hour and 15 minute charts, and I'm looking to exit only if I'm certain we're headed for a bottom that won't whipsaw from my 630-640 position.
As of now, my long term target lies somewhere in the $720-830 range. As this pitchfork as become all but obsolete, I will be charting new uptrends to try to solidify a bull-trend plan. I'm also keeping a keen eye out for the bears last hurrah as retail confidence begins to swell unsustainably.
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