Loading ...S&P Backtest – Sold Longs
Just took hefty profits in ERX and SOXL. I think the S&P is rolling over. Should be a better entry in days to come.
Edit: As you can see, S&P and GLD broke support and are on sell near term. Waiting on GDX confirmation which should come in around $15.40.
According to Bradley Siderograph: October 9-10 – On these two Days there are very strong turns in both the Middle Terms and Declinations, and this could result in an especially strong turn.
October 9 (52/100 Middle Terms Power) Bradley Turn Dates
October 10 (49/100 Declinations Power) Bradley Turn Dates (Declinations)
Mark,
Great charts and updates!
What books/training do you recommend on charting and trading?
Thank you.
Glad you find my postings helpful and interesting. There is no substitute for experience but it’s good to have a foundation in Edwards & Magee and Bulkowski books. Also it’s helpful to think in terms of probabilities and be able to deal with your inner demons. Psychology is a huge part of successful trading. Perhaps read “Trading in the Zone” by Douglas in that regard.
I’ll second those appreciative thanks Mark. Closed out my GDX long positions yesterday, been holding them since the double bottom in BPGDM. Hoping for another long entry if it appears around the 13 day ema for a potential run to 18. I’ve heard references to the first three authors before and will have to finally delve in if they’ve helped you develop the charting skills you display here.
Just a note expressing my appreciation for these updates, Mark. I look forward to them. Please keep us informed on your thoughts.
Based on Cycles, Norvast and I expect the Stock Market to turn down this week. Today is day 31 of the Stock Cycle and about where we see a high.
SPX cycle is usually 36-43 days Low to Low on average.
I’m on board with a vst (60min) sell and a st (daily) sell here.
But not a swing trend sell or a resumption of the bear mkt just yet.
In EW terms, some kind of minor wave iv with the larger pattern still uncertain.