I recently did a post explaining that I think there will be a major market drop tomorrow, so I'm being extra careful.
Once again, I would short if I had to pick one, but I don't. That would be a short lived short though, so if you want to ride it out then it might work out in the long run. Maybe if the hourly turns positive in the middle of the day tomorrow.
The weekly is also bad.
It still looks strong. Both crossovers have occurred. It's up near it's intraday high on a day when the market is down 100 pts. This is the first time since early July it has had 3 up days in a row. Once Yellen comes out next week and says no rate hike I think this thing will clip back up to the moving average in fairly short order.
ReplyDeleteI would say with Active Trader Pro, this became a buy on 09-14-16. The next day, the UO was down slightly, so what if you were in already? As of today, it is still bullish. If you are using the Tradingview set-up, I have found the crossovers to be as much as 2 days behind the ATP set-up.
DeleteYes, I wouldn't have closed if I was long from the buy signal the day before, but with the weekly and hourly looking bad I'd have waited until Friday to buy in. The smaller frequencies looked like a buy early on so you'd have still caught the move.
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