Whipsaw's Account Talk

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nasa1974 said:
Do we worry about the gaps?
Click to expand...

I think we have to, I can see the gap above getting filled in short order. The challenge is the market has been so news driven driving it down, and Fed action driving it up, sort of a tug of war. Payne on Fox News this morning echoed what I've heard from Pres. Trump and Kudlow that the economy will have a V shaped recovery; we know the Market is not the Economy, but they are related. Which brings me back to my question about legs. Will Powell's comments this week drive further upside? And if so, how much. I'd like to see a double top at the recent high and downside to fill the gaps (considering my personal basement dwelling situation on the AT).
I
 
I bailed to 100% G today as I'm out of ift's and I don't see any substantial upside of the market soon, If anything it looks like Kendall is right and Ira is saying stay out for now.


Sent from my iPhone using Tapatalk
 
I have a dumb newbie question that I haven't been able to get answered in a way that I fully understand....

Why do these open gaps get filled? We talk like they must be filled, is there some mathematical reasoning behind it? I just can't wrap my head around and reconcile it.

Thanks, Mike
 
I think it's more of a self fulfilling prophecy thing. People believe it so we act in such a way that it happens.


The gap downs get filled because the market eventually recovers and overtakes it. As for gap ups they may never get filled if we don't sink back down to those levels. I'm sure you can find some somewhere if you look back long enough -- maybe back to the Great Depression.
 
A couple of things... Kendall has been talking about weakness over the next 5 days, still, his long position put in several weeks ago (I wish I knew about that) is still in play, no sell signal on that. When I listed to Ira previously, it was the morning report which was mostly commodities... his evening report has more equities market analysis... he mentioned that he tracks the 18 day EMA, if trading drops below that its an exit signal. Sooooooo... that said, I'm still in, and in line with both. Bollinger bands are contracting, so a big move up, or down, looms. The Slow Stoch is moving up, and must get into the oversold area (normally an exit), unless it embeds in which case the market keeps climbing (another tidbit that escaped me, along with the run up 3 weeks ago). I'm done contemplating my navel, for now. :cheesy:
 
Whipsaw said:
... When I listened to Ira [Epstein] previously....... he mentioned that he tracks the 18 day EMA, if trading drops below that its an exit signal. Sooooooo... that said, I'm still in, and in line with both. Bollinger bands are contracting, so a big move up, or down, looms. The Slow Stoch is moving up, and must get into the oversold area (normally an exit), unless it embeds in which case the market keeps climbing (another tidbit that escaped me, along with the run up 3 weeks ago). I'm done contemplating my navel, for now. :cheesy:
Click to expand...

Now I must say, I had a laugh just thinking about you contemplating your "navel"!! I think I've only done that a few times!! :laugh:!

Regarding Ira, I like to listen to him and get a lot out of his comments! He always says he thinks the pros take money off the table the FIRST time Price hits the upper Bollinger Band. So he expects a little pullback. But if rally is strong it will continue on its path. He considers the trend Up to be "embedded" if there are 3 days in a row when both the K and D lines of the Slow Stochastic are above 80. A down trend can also "embed" if the K and D lines on Stochastic are both below 20 for 3 days in a row.

When price pulls back from either the upper or lower Bollinger band, he believes that it often will move back towards the 18-day MA, which he refers to it as "the line in the sand" and where price will move towards. But he also looks at the 100-day and 200-day MAs for possible resistance or support if they are in the area. It also appears he believes tge outter Bollinger bands also serve as resistance, as he says price will tend to stay within them 95% of the time.

I have yet to figure how he trades the information he provides in his videos. I am very curious about that and may take his charting course and subscribe for a time. I think he's very knowledgeable! It seems that once price us embedded, one could jump in but not sure how long it would be a good buy in especially during volatile times.

Best Wishes to you and Everyone* on Your Investments!!!!! :D:D:D
 
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Off to the g fund, this will likely put me on the bottom of the tracker. Oh well. A few days... see what comes... the bottom better fall out of this *^%#&^$% tomorrow!
 
I really didn't want to look... :ugh: I was wrong, I'm only #4 from the bottom... ;damnit

On the bright side (there's always a bright side :D ) RSOTC posted sell signals on today's action, for those with serious
confirmation bias addictions. https://rightsideofthechart.com/qqq-nq-sell-signals-triggered/
Futures are down, but not much, this may get me an opportunity to get in lower and grab some upside, assuming I grab some bottom first. :nuts: :embarrest: :cool2:
 
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