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Bjerknes

Bjerknes

"Top Economist"
#82
Mar 16, 2004
116,246
#82
What a horrible day. Joined a Zoom meeting for work and 30 minutes later my contracts were down 50%. :lol:

Of course the stimulus news had to come out right as we hit major resistance at 3430. Can't wait until the election and this fucking China virus are over with.
 
Bjerknes

Bjerknes

"Top Economist"
#86
Mar 16, 2004
116,246
#86
Bullish inverse head and shoulders still in play on the SPX daily chart. Also getting buy signals on the SPX weekly but the week isn't over yet. I think if SPX breaks through this ridiculous 3430 level we could see 3500 before the election which is the next big resistance.
 
OP
AFL_ITALIA

AFL_ITALIA

MAGISTERIAL
Thread Starter #87
Jun 17, 2011
31,827
  • Thread Starter
    • Thread Starter #87
    Bjerknes said:
    Bullish inverse head and shoulders still in play on the SPX daily chart. Also getting buy signals on the SPX weekly but the week isn't over yet. I think if SPX breaks through this ridiculous 3430 level we could see 3500 before the election which is the next big resistance.
    Click to expand...
    I did not understand these concepts at all. Where you draw these lines of support and resistance, they are based on the timeframe you're looking at I would assume, but it still was unclear. I also didn't understand how patterns can actually really predict anything. Maybe in a vacuum I could see it, sure. But in a highly interconnected global economy, what would an engulfing bull really matter if Trump tweets something or Saudi Arabia decides to fuck around with oil production?
     
    Bjerknes

    Bjerknes

    "Top Economist"
    #88
    Mar 16, 2004
    116,246
    #88
    AFL_ITALIA said:
    I did not understand these concepts at all. Where you draw these lines of support and resistance, they are based on the timeframe you're looking at I would assume, but it still was unclear. I also didn't understand how patterns can actually really predict anything. Maybe in a vacuum I could see it, sure. But in a highly interconnected global economy, what would an engulfing bull really matter if Trump tweets something or Saudi Arabia decides to fuck around with oil production?
    Click to expand...
    The lines of support and resistance are where the market rejects movement up or down, based on timeframe, volume profile, or other types of statistical analysis like fibonacci retracement. If you notice a level like 3430 on SPX that has tested it 5 times in a month and it still hasn't broken through, you know the market considers it heavy resistance and there are probably sell orders. Some of my levels are autogenerated by trading software I purchase, but others I draw myself, just like trendlines. Sometimes technical patterns work out and other times they don't, especially if there is major news or a stupid tweet. For me, it's the only thing that works in the short to medium term, plus the algos use it as well. For longer term, it doesn't matter as much. But trading fundamentals doesn't always work out either -- just look at Intel's chart - they beat earnings and dropped 20% based on guidance nobody knew about. So it really depends on what you're comfortable with and the timeframe.

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    And if you look at the SPX chart i posted, that huge drop yesterday occurred after the Trump tweet, but also as soon as we hit 3430. It’s funny how big news always seems to occur at areas of technicals. I was a ducking retard and didn’t notice that resistance even though it’s as clear as day on my own chart. :lol:
     
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    OP
    AFL_ITALIA

    AFL_ITALIA

    MAGISTERIAL
    Thread Starter #89
    Jun 17, 2011
    31,827
  • Thread Starter
    • Thread Starter #89
    Bjerknes said:
    :D

    Nah, crude down almost 4% today. OXY can't close much lower than 9.90 this week otherwise that play is invalidated. But it's a falling wedge in major weekly support, if it doesn't pop then it's a dogshit stock.
    Click to expand...
    You decide whether you're buying a Ferrari or a Lamborghini yet? :tuttosport:

    1602201981540.png
     
    lgorTudor

    lgorTudor

    Senior Member
    #90
    Jan 15, 2015
    32,951
    #90
    AFL_ITALIA said:
    I did not understand these concepts at all. Where you draw these lines of support and resistance, they are based on the timeframe you're looking at I would assume, but it still was unclear. I also didn't understand how patterns can actually really predict anything. Maybe in a vacuum I could see it, sure. But in a highly interconnected global economy, what would an engulfing bull really matter if Trump tweets something or Saudi Arabia decides to fuck around with oil production?
    Click to expand...
    Some say TA is a self-fulfilling prophecy. It comes true because people collectively see the patterns and trade accordingly.

    Personally, some patterns and indicators work for me and others do not. I know people who only use Ichimoku Cloud and MACD. If you want to trade give it time to find your trusted set-up. But I would just identify value and accumulate. The jews will shake you in the short term but long term if a company is good it's good.
     
    Bjerknes

    Bjerknes

    "Top Economist"
    #91
    Mar 16, 2004
    116,246
    #91
    AFL_ITALIA said:
    You decide whether you're buying a Ferrari or a Lamborghini yet? :tuttosport:

    1602201981540.png
    Click to expand...
    I'll take a green month at this point. :D

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    lgorTudor said:
    Some say TA is a self-fulfilling prophecy. It comes true because people collectively see the patterns and trade accordingly.

    Personally, some patterns and indicators work for me and others do not. I know people who only use Ichimoku Cloud and MACD. If you want to trade give it time to find your trusted set-up. But I would just identify value and accumulate. The jews will shake you in the short term but long term if a company is good it's good.
    Click to expand...
    My trader bros are into Ichi cloud and volume profile. But orderflow is what I need to learn.
     
    Bjerknes

    Bjerknes

    "Top Economist"
    #98
    Mar 16, 2004
    116,246
    #98
    AFL_ITALIA said:
    :lol: Could you fucking imagine?

    For November? It's so ridiculously priced but at the same time, I'm tempted.
    Click to expand...
    I still hope it at least pulls back to the rising trendline one more time. Fundamentally this could play out as well, especially if Biden appears to be way ahead or wins the election with the expectation clean energy gets a boost.
     
    OP
    AFL_ITALIA

    AFL_ITALIA

    MAGISTERIAL
    Thread Starter #99
    Jun 17, 2011
    31,827
  • Thread Starter
    • Thread Starter #99
    Bjerknes said:
    I still hope it at least pulls back to the rising trendline one more time. Fundamentally this could play out as well, especially if Biden appears to be way ahead or wins the election with the expectation clean energy gets a boost.
    Click to expand...
    I'm thinking it will, whether through it's usual cycle or some negative news story that comes out. Stimulus "talks" are an easy guess because we all know how that's gonna end.
     
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