Category: Trades

I have closed out my election trades for a nice profit. No reason to get greedy at this point. There are just to many mixed signals. It is to close to call. It was an aggressive trade. The SP500 is approaching overhead resistance. I am happy with what I got.

The Dow trade was stopped out for a small loss.

The Dow has completed a double top.

I shorted at 26063. Stop was placed at 26803 and target is 24000.
I only took a small position for a few reasons. The double top completed right at a good resistance level at 26000. Which means we could see a bounce right here. The other major markets (SP500, NASDAQ etc) are close to completing a double top but have not done so. As a personal preference, I do not like to open positions right before the weekend. Finally, this double top is very visible. Almost every trader website is talking about it. Depending on the action for the rest of the day and next week I might add to this short position.

The NASDAQ trade got stopped out for a small loss.

The next day after executing the trade, I was up big. I was a few points away from my sell limit getting filled and having big profits. Every day after that my profit shrunk until ultimately I had a loss. My only regret was not moving up my stop to a break even point.

The NASDAQ made a small head and shoulder bottom. I will go long tonight when the market opens.

Stop will be placed at 11480 and limit will be placed at 12400. This market looks like it wants to challenge its all time high. The correction maybe coming to an end earlier than I thought. My previous post about a correction showed a whole bunch of top formations for all of the blue chips. These top formations have aborted. Failed head and shoulder patterns in my experience are very reliable.

Wheat just completed a bottom head and shoulder formation on the daily, weekly and monthly charts. It looks to be targeting $8.00.

Few things to note about this trade.
It completed its pattern while closing at a multi year high.
All of the other agricultural products have bullish chart formations.
The risk/reward is about as good as it gets. If I am right about this bull run, this will be $9,500 profit per contract with a risk of $1,700 per contract.
I went long at 6.075. Stop was set at 5.75 with a target of 8.

It has been a while since I traded any agriculture products. Wheat appears to be making a head and shoulder bottom. I will wait until Monday to confirm a break out.

Six Flags just made a head and shoulder bottom. It has a target of $27.

Revenues have been destroyed this quarter.

However, they have money in the bank and the ability to raise more. I suspect they will bounce back from this. Certain social trends have changed over the past few months. I think families going on trips to Six Flags, Disney world, etc is going to continue once the dust settles.

The gold trade got stopped out. It appears to be in a holding pattern.