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On Saturday afternoon, I had one of my epiphanic charting moments and was immediately gripped with the desire to do a post for my premium members called Third Time’s the Charm. In it, I featured the /ES intraday chart and identified the diamond pattern that I believed was there.
The phrase for this title is usually reserved for pleasant memories and daydreaming of events one wants to happen, but I am using it as more of a relief for something which has not happened. I was concerned with the pattern we have been putting in the past two days in SPX. I posted this picture earlier today, but I am posting it again as a reminder:
I’m in the throes of moving house at the moment and am struggling to get posts out so there may be just one a week or so until I’ve finished in three or four weeks. It looks like I may actually need to take a whole week off at the end of the month which would be the kind of holiday where I do no charting at all for a full week. That would be the first time in a long long time but might be a good thing, even if I’m not really a holiday person.
(more…)At this point, I might as well become a permanent resident of North Carolina, since I cannot seem to wrench myself back to my own time zone. I saunter off to bed at 8:30 like an elderly inhabitant of a retirement home, and I’m up at 2:30, ready for the new day. It’s ridiculous.
Anyway, I’m sorry to see that equities have strengthened overnight, pushing above what HAD been a tidy little short-term top on the /ES. My “devil may care” purchase of short-term SPY puts enjoyed a quick 30% bump, but instead of making it a quick scalp trade, I held on. Bye-bye, quick profits.
