SLA Interday Trading Plan

[Convergence]

Some thoughts,

SLA entry, trend continuation GOLD

:smart:

Am considering a short in Gold also but what I would really like too see is a false breakout sucking in longs and taking out the stops of shorts in the 1236 area a quick breakout and then a return to below resistance and I would definately go short, but probably not without that kind of move first

 

[Convergence]

False breakout/stop hunt developing? I hope so, just need a nice bearish pinbar/engulfing candle

 

[gotu]

I just parchased some silver, monthly and weekly downtrend broken in 2016 and standard break of supply line and Hlow at support.

I also purchased some gold last week which I didn't publish in time.

Crude oil moving swiftly, will take 1/3 out if price reaches 54 with no do break.

 

[gotu]

NQ broke daily trend line last week and now retracing. Hourly chart is forming a lower high, my standard entry of hourly break of dl and lower high. I just placed an order so if there is a lower low I will enter short.

I am apprehensive about this trade since I am trading against the weekly uptrend, also last two times I shorted the nq I took one loss and one scratch. My conclusion was the danger of trading counter trend.

On the other hand, long technology is the most crowded trade out there and The Economists cover last month seems like a bad omen for tech stocks. Hence I am entering this order with more confidence, albeit reluctantly since my system ordinarily looks for setups in harmony with monthly and weekly trends.

There is also the case of entering from the hourly, perhaps prematurely without allowing for the daily retracement to run its course. But up till now, the only way I have found to define accurately and objectively a RET is by using break of demand lines, lower highs and lower lows on the hourly chart.

 

[gotu]

Unsurprisingly, the Nq short was triggered yesterday as per my rules and I sold the low of the day, after which price rocketed and stopped me out.

There is no sign of buying exhaustion so far and Europe is very undervalued relative to us stocks, the Dax making and holding new highs, hence I have shifted my focus towards Germany, and I will be buying Deutsche Wohnen if price makes a new daily high. It is a growing company, with low pe and looking to make new all time highs, seems like the ideal candidate to buy in such a strong up trending market.

Technically, it is forming a springboard of sorts at a previous high which allows for a tight stop loss below the springboard. Order entered, waiting to see if price breaks to the upside.

 

[gotu]

Closed crude 1/3 at trailing stop and remaining today for small win.

Deutsche long triggered.

Im still long 2/3 gold, the price action really is fascinating in gold, price is in the middle of a huge monthly hinge, traders are agreeing about value and even the daily is forming a very tight range.

On the weekly price broke its downtrend and the upwaves are longer in extent and duration than the downwaves. However on the monthly the downtrend Iine remains in place and a lot of traders seem to be shorting. IF price breaks above this area 1280, the uptrend is confirmed and there should be a lot of short covering.

IF however, the bulls fail here, there could be a resumption of the monthly downtrend.

With this in mind, I will go long MUX which is showing buying at support if price breaks above yeaterdays highs.

 

[gotu]

Short cac40 break dl and lh.
Gold breaking hinge upside let's see if it is sustained, could see big gains if price breaks above previous high.

 

[gotu]

Closed CAC at be as price forming a hinge.

Crude showing support again at the channel lower limit, will go long if price makes new hourly highs.

Long gold 2/3 and Deutsche wohen 3/3

 

[gotu]

Long gold added above yesterdays high break of hinge and ret.

 

[gotu]

Perhaps rather foolishly (since price returned to my entry level) I am still long gold and will be paying strong attention to the next up wave.

I am noticing a number of things here that have me on alert:

1- On the weekly chart, the current Up-wave (C) is, so far, shorter both in duration and extent than the previous upwave (A).
2- On the monthly chart, price poked above the long term downtrend but was hammered down by supply (black line on chart)
3- The price action on Silver looks very discouraging for the bulls.
4- The latest COT data showed a huge increase of commercials Long contracts which tends to be a negative omen for the price of gold.


If the next daily upwave (currently in play) is feeble and results in a lower high, I would be exiting my longs and looking to go short.

If, on the other hand, the upwave is strong and breaks above 1300 the confirmation to stay long is in place.

If Price makes a new low on the daily, I will exit all gold longs, stop at 1259.

 

[gotu]

Stop Loss Hit and price looks set for a plunge. I will be shorting MUX and HMY (both stocks have been very weak during the most recent gold up waves) if gold makes a new hourly low below the most recent lows (1258).

Unless price stages a strong rally here, I am anticipating a new downwave that could be larger in extent and duration than the most recent one (B on my previous chart), confirming the overall weakness in the market.

 

[gotu]

Short amazon stop entry below yesterday's low. Strong break DL and LH

 

[gotu]

Short amazon stop loss.

Current position.
Short HMY
Short Gold

Will short MUX IF price breaks below the range, confirming a top. As stated two days ago, the price action for gold looks very bearish and according to Wyckoffs principles I am anticipating a high probability that the current down wave will be stronger than the previous.

 

[gotu]

Long USD/JPY, break of daily SL and Hl and weekly uptrend

 

[2onesself]

lately, been keeping a trade journal as a blog, It's a good habit, as I type out my trade plan an hour before the market opens, and I keep it on one side of mine screen as a reminder. Like a daily task list Your can visit my blog on the below link http://ank21s.blogspot.com.au/

 

[gotu]

To day I entered long wheat, weekly trend up and retracement' break of daily DL.

Also entered sugar standard break of sl and HL at previous support.

Yesterday entered long NZD break of resistance on weekly.

 

[gotu]

Stop loss wheat.
Long crude