Posts Tagged ‘ Twitter ’


Here is a quick followup on the post  which I did   on July 10th, 2012 as to why I went long  $SPY $QQQ at 3:50pm EST .

Let’s take a look at 6 things which has happened since then, all of this has been reviewed in our free online trading room , where we bounce ideas all day as well.

1. ON July 11th, we had a flush down which was quickly bought back up. Read this post about why it happened

2. ON July 12th, 2012 we once again had some bs news which came out and everybody was thinking for the world to be over again. But hey guess what the dips again got bought and we ended near the open of the day.

3. ON July 13th, 2012, as always after a few dip buyers, we see some conviction buyers aka followthru candle which was beauty. Enough said.

4. ON July 17th, 2012 once again Mr. Ben speaks, we get a flush down but hey guess what we tested 20ema on daily and dip buyers came back in. We did call it out in free online trading room  to start putting out feelers before we loaded the boat to go long.We also closed right above the neckline of the head and shoulders pattern which as been forming since Feb 2012.

5.  Today on July 18, 2012 we are back above the key 136 level and are going strong with no signs of weakness in the markets.

6. Next resistance is at 138.70 and after that is 141.75 which is almost the highs which we saw back in 2008.

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Base Breakout is by far one of my favorite patterns, also my bread and butter trades. Not all base breakouts are the same. While day trading , a lot of base breakouts happen but which one works and which one doesn’t is what differentiates between a profitable day and a losing day. We discuss all the probabilities in our LIVE ONLINE DAY TRADING ROOM.

Even though today in the morning it was a choppy day for me personally with no followthru in many of my trades, I managed to keep my losses really small and when this opporunity in $SINA cameby, I literally pounced the table and informed my traders in the trading room that I was doubling up on that trade. The $SINA chart pretty much tells you everything that I did. I messed up the trade a bit cause I took profits way too soon. But nevertheless, for me it turned out to be a 5:1 reward to risk trade and in this market environment in $SPY $QQQ, I will take that anytime.

I am also offering a 6 HOUR POWER DAY TRADING COURSE for new and experienced traders.

My previous Market Calls


Why I am long $SPY $QQQ $IWM going into tomorrow.

I have been eyeing to go long S&P 500 $SPY, NASADQ $QQQ and Russell 2000 $IWM  since June 1, 2012 when we had the false breakdown on volume which had no followthru the next day.

$SPY $QQQ $IWM all trended up till June 19, 2012 before we had that big down move which was called out in my post ‘ WHY I am long $TZA’. We had a sever down move on June 21, 2012 and I was watching how the market was gonna react on June 22, 2012. Once again we had very little follow thru to the downside.

Between June 26th and Jul 3rd we once again trended up nicely, I blogged about ‘ Is it time to buy the DIPS’ on July 4, 2012 before we had a down move today on July 10, 2012.

AT 3:50pm I tweeted out to go long  $SPY and also mentioned in  free online live trading room

Follow me on twitter @dchsn6 for my tweets.

My Thesis why I mentioned long $SPY $QQQ $IWM, as traders we look for opportunities which favors the reward to risk.

As can be seen from the chart ,

1.  Tested trendline B which is the upward slopping trendline.

2. Tested Trendline A which is the downward sloping trendline.

3. 134 on $SPY is also the region between 38% and 50% retracements on fibonaccis.

4. We did the gap fill created on June 29th gap up.

5. We have the volume accumulation signs in $SPY

6. 20EMA and 50SMA as support on daily.

The above are the 6 points why I mentioned to go long $SPY $QQQ $IWM.

My thesis is nullified if $SPY goes below 130. But once again as a trader we look for risk-reward with 4point downside, I am looking for 1st tgt atleast to 142 on $SPY.

I am also offering a 6 HOUR POWER DAY TRADING COURSE for new and experienced traders.

My previous Market Calls