Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Buffing Fingernails Modestly

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I gave main support yesterday in the 1595-7 range, which was a little low as the target trendline was hit at 1598.23, though I posted on twitter shortly afterwards that the wedge support trendline had been hit. After that SPX bounced strongly and closed back well above the daily lower bollinger band. The next obvious target on the daily chart is the daily middle bollinger band, now in the 1646 area. SPX daily chart: (more…)

Trading Ranges

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From a day trading perspective it is important to recognize the larger trading ranges. In my opinion, day traders profit from how a market moves, not where it ultimately moves to.

Price action chart:

ranges

Volume profile macro composite chart:

composite

In the following chart the low volume nodes will be marked off with GREEN lines and high volume nodes with RED lines.

Hybrid chart:

hybrid

Looks pretty good so far. If you really want to stack the odds in your favor add weekly pivots and unfilled gaps into your charts. This allows for easy identification of the larger trading ranges and gives context to the smaller ranges and templates I use going into each day. For more information on how I define those smaller templates.. look at my previous header posts.

“Strategy without tactics is the slowest path to victory. Tactics without strategy is the longest path to defeat. Absent strategy and tactics, defeat is assured.” – Sun Tzu