Intraday Crash!

These are interesting times indeed! Of course we closed below TDST support on the daily chart (at 1165.77; see Wednesday’s post). Where did we find support in yesterday’s ‘crash’? Take a look at the weekly chart. Right at the TDST support cluster of 1070-1075. Certainly the weekly will generate a ‘sell’ on the close - see yesterday’s post.

Now that we have closed below TDST on the daily chart we can go short IF the break can be confirmed. I doubt it -- as we would have to go below yesterday’s low. That is the trigger point.

Interesting TD counts now on GLD (Gold Index). More on that early next week.

Weekly Chart Poised to 'Sell'

Another down day but we failed to close below daily TDST support at 1165.77 (see yesterday’s post).

Meanwhile, the monthly chart is giving permission to trade the weekly chart (see chart). We are poised to get a ‘sell’ signal with a ‘price flip’ (a close less than the close four weeks ago). That is, we need to close below 1194.37. When taking such a position one needs to work through the amount ‘wagered’, the trading vehicle, etc. The generic stop-loss with this trading system is at 1241.07.

Starting A New Series of Posts

Although I haven’t been blogging I haven’t been ignoring the markets. In fact, I think I have made some good progress in creating a methodology for trading. Now is an important time to post because the daily chart is on the verge of being a “sell”. What is required to execute (to put on a position)? Permission from the weekly (which has been given - a chart of that coming over the next couple of days) and a validated break of TDST support -- the horizontal dashed green line at 1165.77. The first step to such a break is a close below the TDST line. Once that is accomplished we can talk about the next step.