iamiam wrote a post · Apr 20, 2023 08:01

ULDATE April 20

A drop is on the way. Is it a pullback or the beginning of a selloff?

How it holds support should tell us what the market wants to do. I'm trying a new beta version so mt charts may look a little different. I should be making a post later about my beta trial.

$E-mini NASDAQ 100 Futures(JUN4)(NQmain.US)$

holding above the mid bollinger, if it reverses and turns up 13330, is the upper bollinger. OPEX is tomorrow, so it could get wild. it has already reached my downside target for the day (that doesn't mean it won't go lower). My guess is it drops again at open to suck in late shorters and then reverses trapping them all.

The market is kinda like Sauron,

One market to rule them all, one market to find them. One market to bring them all and, in their blindness bind them.

on the 2 hr chart (generally, a time frame can be used to project 4 moves in the future, I min projects the next 4 minutes, 1 day projects a 4 day trade, a weekly chart projects a monthly trade etc etc... this is generalized as the market moves constantly... So a 2hr chart is used to project a direction for 8 hrs or a trading day, thats why i use 2hr charts)

A head and shoulders pattern formed

These patterns usually retrace "back to the scene of the crime" or the beginning of the move. The head and shoulders are a result of the move, and the move should complete itself back at the start point.

$Invesco QQQ Trust(QQQ.US)$

Held 315 so far, reached a 9 count to a reversal. Never mind that giant green candle. It was one high purchase and not sustained by price, although I could see that mark as a high today, right at 319. But more realistically, I see a move to 317.5, which would be "safety".