Market has changed structure - rolling over
With corona virus cases skyrocketing, and economic damage still not quite measured, the market seems to be doubting this recent rally... which was never a "V" shaped recovery but was recovering all the same.
Yesterday, was a nervous day for all my weekly positions... today did some damage.
I exited all my positions with just 1 hitting my profit target, a few break evens, and one complete wipe out... so down 300$ for the week.
I have a position that expires next week, that will easily cover that loss... but my goal is to have a profit week every week so that hurts.
Here's an image that illustrates what I see as a new market direction developing.
You can see the confirmation of a new downward trend by lower highs, and huge red volume bars when the market is selling off.
Each bar in this chart is 8 hours, so one day is 3 bars. The tallest of the 3 bars will be the N.Y. trading hours.
This change of direction is normal behavior...
I have no idea what it will do next week.
Have a great weekend!
Yesterday, was a nervous day for all my weekly positions... today did some damage.
I exited all my positions with just 1 hitting my profit target, a few break evens, and one complete wipe out... so down 300$ for the week.
I have a position that expires next week, that will easily cover that loss... but my goal is to have a profit week every week so that hurts.
Here's an image that illustrates what I see as a new market direction developing.
You can see the confirmation of a new downward trend by lower highs, and huge red volume bars when the market is selling off.
Each bar in this chart is 8 hours, so one day is 3 bars. The tallest of the 3 bars will be the N.Y. trading hours.
This change of direction is normal behavior...
I have no idea what it will do next week.
Have a great weekend!
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