New All Time High on Hold

Image result for magnetic

DPR Update: No Trade for now

The all time high seemed like a magnet to the price yesterday before selling off, and then again today.  I am of course always glad to see the market dip after I get out.

However, I believe that this is just a pause and we will be heading back higher soon.  My hope is that it will have at least have one more day of selling so that I may get back in before we swing for that new high.  Time will tell, but glad to be watching having taken my profit.

Good Trading,

John


New Stop In Place

Image result for stop losses quote

DPR Update: I am updated my stop loss to $84.10

Just a quick note to let everyone know that I am updating my stop on this trade.  The stop should ensure that this latest trade is a small winner at least.

The bulls are very much back in charge, so getting the price back to all time high’s seems to be the destination.

Good trading,

John


Fed News Spike

Image result for federal reserve quotes

DPR Update:  No changes

As I type this message I see the futures recovering the sell-off into the close today.  The current trade I am in was there to catch a breakout higher after the closure of my last trade which appears to have been the short term top.  So, unfortunately I seem to be in a failed breakout trap thanks to the market reaction to the federal reserve minutes release.

I find that markets often recover after the news distorts the trend and I was pleased to see it do that overnight and for the first half of the day today.  However, the selling in the afternoon into the close means that this may no longer be news based and could be a turning point in the re-bound.

Having just closed a 10% cash trade grabbing the last swing low, I can hardly complain, but it always hurts to give back gains.  That being said, the market can recover overnight, but I need to see some positive movement or I will be exiting this latest trade for a small loss….safety first!

I will keep all members posted as always.

Good trading,

John


Exiting Trade

I am exciting my trade around the $81.50 mark.  I have a confirmed indicator telling me the short term top is in for now.  I will re-enter should it make a new high in the short term.

My best,

John




New Stop $79.10

DPR Update:  Trade is marching higher, so stop is moving up too.  Stop now at $79.10

Should the ETF get closer to $82 today the stop will get tighter again.


New stop on close above $79

Image result for trading wisdom quotes

DPR Update:  New stop at $78.25.

This is a very volatile market right now after months of small moves.  This morning was typical of the fear that has gripped the market in the last couple of weeks.  At 8:30am the consumer price index reported a rise of 0.5 percent in January. Economists polled by Reuters expected a gain of 0.3 percent.  The S&P 500 Futures dropped like a rock 40 points in 2 minutes.  This is a seismic move in such a short space of time.

I was bracing myself to be stopped out around breakeven at the open.  Thankfully, the market recovered and rallied all day long.  There may still be a re-test of 2650 in the S&P, but it is more probable that the low is now in.  Either way my stop should register this latest trade as a winner.  Just how big a winner is up to Mr. Market.  But it closed up 6.38% today, so great trade so far.

Happy valentines day!

John


Updated Stop Loss

Image result for keep profits quote

DPR Update:  New stop loss to keep the profits in place.  Stop now $77.25

Just a quick note to update the stop.  The trade is going my way and long may it continue into the 80’s range.

Good trading,

John


Breakeven Stop In Place

Image result for safety first

DPR Update: In the what seems like an unlikely event of further selling, I am placing  a breakeven stop on this trade.  The system will get me back in quickly should it get triggered and go back higher, but a break below the original buy price will signal more weakness ahead.