I know there's a lot on this chart, but when you get some time, try to read the posts below and take a look at exactly what happened, you'll learn a lot about how the market is manipulated and what you should be on the watch for. Basically if you have been using T.A. like I have for a decade, you need to retrain yourself to think like smart money. Remember, Technical Analysis is very popular (too many people on one side of the ship), so smart money would be foolish not to use it to their advantage as they did right here.
As of now, we are seeing that intraday increase of volume and the downside momentum as we cut through SPY $110. Watch the volume as traders put their stops and orders right there. Watch the false move into the bear flag getting anxious longs (and make no mistake-after last week, they DO NOT want to believe that this rally is over, they are "HOPEFUL" and any perceived failure of that bear flag, their all over it-that may be what created the former highest volume spike of the day in red on the chart above (it was big before we saw the recent higher volume).
Now they'll start selling at a loss, that will snowball until the most hardcore long sells, at that point shorts will continue the selling and the entire idea of this "Malicious Bounce" that we talked about in late August, will finally all be clear to you.
On an unpleasant note, the WOWS site is quickly filling up-the same with the groups that send out the updates to your email. If your payment hasn't been made or hasn't cleared I'll send you an email-I understand as I forget things all the time, but without a timely response/resolution I'll have to remove your access as there's not a lot of room left and I need the space for new members.
Thank you to all of the WOWS members, this is a great group of people and I couldn't ask for better. I just want you to know how much I appreciate the trust you have put in me.
6 comments:
My guess is that the EUR/USD trade will drop after market closes. Looks to me as if it is being held up to support the market throught the close. Is 3C showing distribution through the close will be the real question and does this carry over into tomorrow. Would it be wise to add shorts into the strenght of this close or wait until tomorrow?
3C shows some 1-5 min neg divergences in UUP, I think maybe we see some pullback or stagnation for a day or two, but as of now, it appears the dollar will head higher probably later in the week.
Brandt,
Any signs they are going to try and 'shank' shorts out of their positions anytime soon? or was this play to simply create downside momentum and allow 'the powers that be' to open shorts into strength by creating a bull trap?
Any signs, that weren't there previously, that this could be the start of the 'real' big move down? I don't think i like the thought of another 'wave', i.e. the DOW dropping 500 points, only for it to bounce back 500 just as quick to where we are now again.. rinse and repeat.
It looks that around 3:10 market time support came into the euro for the last hour of trading as it was dropping. At market close the trade was at 126.94 on the EUR/USD
Saw 3C weakening in UUP around 1 pm and at 3:12 we had a negative divergence-on the ONE min. chart.
We are starting to see those signs of the trade dropping in the after market close. I know I brought this up before and still think that it is way to easy to control the market throught this one trade. Buy the euro to support the market or limit the drop in the market. Support the Euro into the close to limit the damage. I suppose you can do this through the e-minis as well, but it seems that so many of the algo's could be tied to this trade (EUR/USD) that it wouldn't be that hard to do. It has now dropped back where the support came in around 3:10 market time.
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