I commence with my gratitude to The Ultimate Knower
Please look at the chart enclosed. If you ignore the out of the ordinary long volume bar, the volume is dropping, while price is going higher. An hourly inverted hammer at decreade volume, with and 50% retracement. The best and prudent strategy is selling right here and with stops at above the HOD.
I received an email, questioning my bearish stance, what if I am wrong!
Yes, I have been wrong before, (less times that I’ve been right 🙂
The Only way market can get out of this JAM, is to gap above the SPX 1,299 level. Otherwise, it shall pull back hard.
THE MOST ACCURATE FORECASTING OF FINANCIAL MARKETS
http://trade-in-harmony.blogspot.com/
Mr. Syed,
I was somewhat surprised that you got an email asking 'what if you are wrong'. I think readers here forget to realize that this is a FREE service. They still have to do their due diligence.
I don't think you are wrong at all. We are heading down starting tomorrow into Friday and personally, I am not holding any positions going into the long weekend as I think the dramatic drop over the next 3 days will mean a small bounce on the 5th.
Good luck to all and happy 4th of July
Patrick.
Sir,
Thank you once again for your excellent commentary. Nobody expects you, or anybody else, to be perfect. If you are wrong, so what? Show me somebody who claims to be right 100% of the time and I'll show you a liar! LOL!
Your point about volume decrease is very important, as well as the 50% fibonacci retracement. I may humbly add that many indices, at the daily level, are making perfect bear flags. Ditto for many individual stocks (e.g. XOM) at the 60 minute level.
Thank you and bless you!
BDP
Hi Can I just ask you about the 3 day rule Gann rule you refer to on the 6/27. We did take out the 6/22high today. Not sure if you mean we have to get above it and stay above it for 3 days ie we will need to close above it tomorrow?
First and foremost, I would like to thank Mr. Syed for his generous sharing.
And for those who is seeking guaranteed profit, you would be disappointed that it does not exist, even if you pay for it. Do your due diligence, execute your decision and live with the results.
Take care and trade well.
Justin
Your real reader should know that your trading process (based on Px/Time cycle mainly )is accompanied with risk management. You trade when the odd is on your side. You already mention that if market collapse, the potential target on SP500 is 1200-1220 and your stop is high of 06-21 or 6-22. I find your approach inspiring.
I am indebted to you for your encouragement and patronage.
Remain Blessed