When you’re talking about the 5 day cycle, things happen fast. In an uptrend, up phases are skewed to the right in time. Down phases don’t last long. And a 5 day cycle low is ideally due today.
Yesterday, the ES 24 hour S&P futures failed to reach the 5 day cycle projection of 5275. It was stopped at a trend resistance line at 5260, which I had pointed out in the AM, as being a possible stopping point.
But as with everything, it’s temporary. There’s an itty bitty downtrend in force this morning, and an itty bitty head and shoulders breakdown that has a conventional measured move price target of 5220-25. But there’s a spport trend convergence in the 8-9 AM hour around 5225. These often market pivot points.
Ladies and gentlemen, place your odors. A Top is In, But Which One Is It
On 3/21/2024 at 2:03 PM, DrStool said:Meanwhile, my cycle screen swing trade list continues to do extremely well as trailing stops protect increasing profits. A stop was hit on two of the shorts, taking them out with nice profits. Another stop was hit on just one of the longs also taking it out with a nice profit and at a better price than its current price. As a result, the current performance the 11 picks on the list this week, including open picks and those stopped out this week, shows an average gain of 22.7% on an average holding period of 37 calendar days. For the month of March so far, including previously closed trades, the average gain is 13.7% on average holding period of 32 calendar days.
The tweaks that I have made recently to the screening algorithms have now completely automated the process and that appears to be working by removing my judgement from the process. 😁 Swing Trade Screen Picks – Adding Stops to Take Profits March 17, 2024
Past performance does not suggest future results.
As of today +22.8% with another stop picked off.
For moron the markets, see:
- Primary Dealers Raise Red Flag March 20, 2024
- Swing Trade Screen Picks – Adding Stops to Take Profits March 17, 2024
- A Top is In, But Which One Is It March 17, 2024
- Gold Due for Pause that Refreshes March 15, 2024
- Markets Create Money, Money Talks, Markets Listen Etc. March 12, 2024
- The Magic of Rising Stock Prices Driving Liquidity, Driving Prices March 4, 2024
- Tax Collections Took Off in a Stunning Reversal in February March 3, 2024
- We Don’t Need No Stinkin’ Fed – We Make Money from Nothing February 26, 2024
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