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.

Looking For A Reversal Pattern

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SPX broke down yesterday and has fallen further overnight. What I’d like to see today is a bounce from the 1902 area back to backtest the 1930 area and form the right shoulder on an H&S that would then target the 1857 area on a break below the H&S neckline in the 1902 area. We’ll see whether that plays out today.

Important support is at the hourly 50 MA at 1908, so if we are going to see that right shoulder bounce, I’d be looking for that from a low in the first hour, without too much time below that support level. SPX 60min chart:

160224 SPX 60min Rising Wedge Broken Down

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Failure to Bank

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I’ve had this post in my head for about a week now, although I’ve been debating whether to write it or not. The reason for my hesitation isn’t because what I have to say is particularly shameful (“I have a secret fetish related to capuchin monkeys………”) but it is one of those Earnest Trader posts which is prone to attracting stupid/obvious advice or, even worse, criticism. Part of the reason for Slope’s success, however, has been my openness, and I have no intention of changing that.

To come right to the point, even though we’re just a little bit into 2016, I have twice had “peak profits”, only to see the majority of them wither away. More specifically, I managed to put together a very handsome profit, peaking on January 20 (which happens to be the day I saved those two puppies in the park), only to see most of those profits get torched (see first green tinting below). A subsequent drop in the market allowed me to rebuild those same profits, step by painful step, to enjoy an even greater total profit by February 11th (second green tinting below) after which time the vast majority of those profits were, in turn, torched. (more…)