US 30 Two Roads Diverge in Woods: Which Path?

Chart shows all. Got a channel with pennant forming near bottom TL. Approaching tip of pennant, must break one way.

If break is up, can go to 29K by Jan 2020. If down... bottomless pit. Foolish optimism on trade driving another huge gap; is it an Exhaustion Gap? Or Gap & Go?

If Initiation Gap, then we gonna get a breakout; but all gaps fill eventually. R/R so terribad atm, IMO best position is sitting out.

Not losing is way more important than possibly winning; preserve your capital! Fake 'Opportunities' lost are nothing lost.

This isn't advice; trade at your own risk: GLTA!

Comentário:

Is actually giving us a batwing formation over past week. Bearish- look out!

Trade ativo:

OKAY! "Buy the Rumor, Sell the News"; I am short again and selling the news of a small partial deal to trade soybeans and suspend 15 Oct tariffs. The terrific enthusiam of past 3 days crries indexes to 100% retracement from 01 October prices; it is a Batwing formation. Last time we got this was in Nov/Dec 2018.

I doubt we get a severe decline just yet, but expect that huge AM gap to fill back down and likely test bottom TL again within a week.

Shorted QQQ; in Nov 192P spread against Oct 188P; SPY 300P spread vs Oct 295P; DIA 270P spread vs Oct 266P; and IWM Nov 152P sperad v Oct 148s.

So, $4 bear diagonal spreads trading next month vs this month's weeklies.

GLTA!

Trade ativo:

Added in post - market to all four positions now holding 25 each Nov puts on above indices, 100 ITM puts on position; these moved so fast I was forced to roll the short weeklies out to next series and down $3 so these are now $7 Bear Spreads. Have a great weekend all!