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Spamwich
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Specialty: Technical Analysis My early years were not so rich, I had a poor family, at age 12 I landed my first job as dishwasher for $6/hr, by 14 years old my mother suggested to cut grass around our town for extra money, so with what little money I had, I put into some fliers and a lawnmower.... More
  • $SPY Short Term Expectations: Bear Flag?  4 comments
    Mar 7, 2014 10:10 AM

    My short term downside expectations remain as long as the upper TL acts as resistance, and I believe I have a solid bear flag formation, please correct me if I'm wrong!

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  • gmanwicksy
    , contributor
    Comments (131) | Send Message
     
    I thought bear flags were part of a down ward declining stock or market yet we are in an upward trend? Otherwise yes. Worries me that it could also pop upwards towards 1890, esp if I go ahead and buy spy puts, lol.
    10 Mar 2014, 07:21 AM Reply Like
  • Spamwich
    , contributor
    Comments (331) | Send Message
     
    Author’s reply » Thanks for your input gman. 1890 certainly not out of the question here, but I am getting sell signals on the 5 H, upper BB on the weekly has been contacted. But I'm not looking to buy puts until there is some solid sell signals on the larger time frame, I don't want to fight a strong upward trend, as fun as it is to try to swim up river! lol
    10 Mar 2014, 09:24 AM Reply Like
  • gmanwicksy
    , contributor
    Comments (131) | Send Message
     
    Pulled the trigger on spy puts around 11 am when she started heading towards the closing line from yesterday. Sold near end of day, so it was a good trade, swing from .60s to 1.s on the 187.5s march. Good day trade, didn't want to miss it like I missed the initial silver trade decline.

     

    I didn't want to leave it until tomorrow, because of the way the market seems to gap up after finishing down a lot of times lately, killing the short term put trade with these inexpensive close to expiry puts. Maybe she head down tomorrow or maybe up who knows, market will be volatile this year making it good for trades based on tech analysis. Looked like to many days hugging that upper line with no conviction to head up.
    Thanks for the graph, I used it to my advantage.
    11 Mar 2014, 05:45 PM Reply Like
  • Spamwich
    , contributor
    Comments (331) | Send Message
     
    Author’s reply » Nice, congrats on the trade. Also glad to know I can help, I'll keep calling it as I see it
    12 Mar 2014, 12:05 AM Reply Like
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