SPY/QQQ Plan Your Trade for 7-18 - CRUSH : Answering Questions
Everyone has been messaging me this morning... And I expect that to happen, especially on a day like today.
First, most people are asking me if I changed my expectations related to the counter-trend CRUSH pattern. The answer is NO - I don't usually alter my analysis. If the pattern does not do what I expect, I'm usually just sitting on the sidelines waiting for the pattern to be set up.
Second, understanding Trending vs. Counter-Trending. Remember, I use a 3 to 5-day average trend when I'm trying to identify the direction of trend. I don't like to look too far back because I've seen these patterns react to very short-term trend changes.
I still see the Counter-Trend CRUSH pattern as generally bullish. Today's early morning downward trend is a flash of buyers/longs.
Lastly, when would I try to enter any trades today? This video clearly shows why I would wait for the $555.50+ level to be breached before I try to enter any LONG trades.
I don't try to pick tops or bottoms. I've seen that/done that before, and it usually ends up VERY BAD (lol). If that's what you want to do - go for it.
Me? I'm going to wait for some type of confirmation of the upward price trend and wait out this downward price trend. Once I get solid confirmation of an uptrend, then I may consider jumping into some Longs or Calls.
You don't have to trade like a Banshee every day. All you need to do is find one or two good trades daily (if they show up). Tomorrow is another day full of opportunities.
So, sit back - watch this video, and learn to be patient. Oh, and don't try to stand in front of a freight train - you'll get RUN OVER.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
First, most people are asking me if I changed my expectations related to the counter-trend CRUSH pattern. The answer is NO - I don't usually alter my analysis. If the pattern does not do what I expect, I'm usually just sitting on the sidelines waiting for the pattern to be set up.
Second, understanding Trending vs. Counter-Trending. Remember, I use a 3 to 5-day average trend when I'm trying to identify the direction of trend. I don't like to look too far back because I've seen these patterns react to very short-term trend changes.
I still see the Counter-Trend CRUSH pattern as generally bullish. Today's early morning downward trend is a flash of buyers/longs.
Lastly, when would I try to enter any trades today? This video clearly shows why I would wait for the $555.50+ level to be breached before I try to enter any LONG trades.
I don't try to pick tops or bottoms. I've seen that/done that before, and it usually ends up VERY BAD (lol). If that's what you want to do - go for it.
Me? I'm going to wait for some type of confirmation of the upward price trend and wait out this downward price trend. Once I get solid confirmation of an uptrend, then I may consider jumping into some Longs or Calls.
You don't have to trade like a Banshee every day. All you need to do is find one or two good trades daily (if they show up). Tomorrow is another day full of opportunities.
So, sit back - watch this video, and learn to be patient. Oh, and don't try to stand in front of a freight train - you'll get RUN OVER.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.