Hey, not bad, eh? Two Monday ago, I was able to demonstrate that a spinning top at the resistance has a high probability of forming a top. And lo and behold, the market dropped for the whole week after that spinning top. And yesterday, with a spinning top at the support, I predicted the market had a high probability for a bounce the next day . Lo and behold, the market rallied strong all day today. While it may not work 100% of the time, I believe you can bank money using this simple trading strategy of selling when you see a doji or spinning top at resistance and buying when you see a doji or spinning top at the support. And don’t forget to use a stop above the resistance and a stop below support.
While up today, price still needs to get back above the 79 & 89 MA lines before I can say the bull is back.
$ONCY saved the day by rallying hard today while the other three were not doing much.
Thanks goodness for the rally since there were already too many red bars falling into the flag pattern. Anymore red bars and it won’t be called flag pattern anymore but a downtrend. Let’s see if the momentum can take price back to the upside tomorrow.
$LRAD did try to rally but failed by closing bell.
However, we do have a higher-high and a higher-low bar for the day. More news is needed to push this one back up.
While it didn’t go up today, $AKAO was able to stay neutral.
Looking at the chart above with a longer period of time, you could sense that price is ready to go higher from here.
$BIOC took a small dip but is essentially neutral.
Price is still at support.
$ARTH took a small dip as well. Fundamentally speaking, I’m really excited about the prospect of $ARTH’s AC5 hemostat device.
If it dips further, I may add more.
Thanks to $ONCY rally, my port was able to stop the downdraft finally and banked a 0.4% for the day. YTD losses is now at 3%.
Main port: LRAD, AKAO, BIOC, ONCY and 20.8% cash. Trading port: ARTH (up 42%).
My 2 cents.
Categories: Daily trading Journal