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We saw two strong Spike Bounce signals and a new Spike signal in just four days, plus the weekly NHNL drew a bullish divergence. The bull could not ask for more.
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There is a huge difference between how amateurs and professionals handle price breakouts. Beginners tend to trade in the direction of a breakout. Professionals know that while some breakouts establish new trends, many more fail. Those failed breakouts create attractive trading opportunities in the opposite direction.
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The S&P500 traced a new low, the weekly NH-NL closed below -4000 for the second time in five weeks, Friday’s daily bar closed just above -3 ATR.Looking at history, in the 2008 bear market, the second plunge below -4000 of the weekly NHNL occurred five weeks after the first one, triggered by Lehman Brother’s bankruptcy.
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Whenever a Spiker loses more than 7% of their account in a week, they have to write a Lessons Learned report. Here, Nikolas D describes his misstep…Recently I changed my entry technique from the % average overlap which is a bit lazy and sometimes caused big drawdowns before moving into gains territory.I decided to wait for the first 30 minutes and buy if that bar is in my favor or a neutral blue. A stop-loss at a distance of 0.75 ATR is usually adequate after such entry. I even pinned a note to my screen “DO NOT RUSH TO ENTER 09.30-10.00.” I used that plan a week ago, and it worked.Any plan can sometimes miss an entry if the stock moves fast in your favor and of course sometimes a stop-loss can be triggered. But that reduces drawdowns and makes me feel more comfortable.
Hello SpikeTraders,The US has a new federal holiday. Our friendly competition picks are still due by 3 pm ET on Sunday. SpikeSpeak will be posted Sunday or Monday.
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I am an EU resident, trading in US markets. I’ve been using TradeStation for my analytics and trades for the past nine years but became frustrated by their restrictive approach.First, they wouldn’t let me short volatility ETFs – first VXX and now VIXY. I recently applied for writing naked puts and calls – and they didn’t approve me, despite my good history for many years.All of that frustrates me and makes me want to find another broker. I wonder if any Members, especially EU residents, can suggest a good US broker with better facilities for shorting, VIXY included, and where I can get approved for naked writing of American options.I will highly appreciate your comments and advice,Maria L
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FGIC’s inability to rise from its extreme fear zone, where it spent nearly seven weeks, was a warning signal, in contrast to the powerful bullish signals of recent weeks.
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A Member in Connecticut writes:I enjoy reading their analyses and would like to learn myself how to analyze market. I don’t know where I should start my learning. I would like to participate.Milan V
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FGIC is in its 41st day in extreme fear readings (the average since inception has been 50 days).