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.

Triangles Within Triangles

By -

Apologies for the slow rate of updates this week. Stan and I are distracted while running our first Trader’s Boot Camp, lasting about four weeks and lasting until the end of next week. We are teaching basic TA and trading methods for both swing and day trades. This is mainly aimed at existing subscribers, on the basis that a profitable subscriber is a happy subscriber, but we are starting to promote this to non-subscribers for the next one starting on 22nd May, so if you might be interested, have a look here. We are charging $499 per seat for non-subscribers, which seemed a fair price to us, but for some reason is by far the cheapest we have seen anywhere on the web.

I should also mention that our monthly free public Chart Chat is on Sunday and you can sign up for that on our May Free Webinars page. We’ll be covering the usual range of thirty to forty instruments across equity, bond, currency, precious metal and commodity markets. (more…)

A Pivotal Moment

By -

It is the first day of May today and ES, NQ & TF all started the day testing their new monthly pivots at 2639, 6596 and 1540 respectively. This is an important inflection point, and the historical stats for the first day of May lean bullish.

On a conviction break of these monthly pivots the next obvious target on SPX is triangle support in the 2570 area, with a possible shot at the open Three Day Rule target at the retest of the April low at 2553.

On a failure to break down with conviction through the new monthly pivots the triangle forming since the start of February may be complete. The obvious next moves would be a thrust up through triangle resistance, currently in the 2725 area, then a backtest from that high back into the triangle, and then a thrust up that at minimum retests the all time high. (more…)

TGIF

By -

I’m doing a morning post today as I’m hoping to take most of the afternoon off after a big webinar at lunchtime. Starting the weekend early. 🙂

ES/SPX broke back over the daily middle band yesterday and needs to confirm the break above with another close above today. That’s is currently in the 2655 area on both ES and SPX and is clear support. If we were to see a rejection back under there today then we might well see most or all of yesterday’s daily candle retraced, as that is seen very frequently on a middle band break and non-confirmation.

So the daily middle band is clear support today. Clear resistance is at the ES monthly and weekly pivots at 2678.75 and 2683.25. The high on ES yesterday was .at the monthly pivot test and if ES is going to fail there we would ideally see yesterday’s high tested this morning to establish negative RSI divergence, then a hard fail. (more…)

Breaking Back Over The Daily Middle Band

By -

Stan and I are doing a free public webinar 30 minutes after the close tonight entitled ‘Turn Around Your Trading Part 3’ on turning TA into profitable trades. If you’d like to attend you can register for that on our April Free Webinars page. Stan and Suz will be following that with another webinar on option premium capture, and registration for that is on the same page.

SPX broke back under the daily middle band on SPX on Tuesday, and confirmed the break below at the close yesterday. If SPX breaks back above the daily middle band today, as seems likely at the time of writing, then that will need a confirming close back above tomorrow.

I posted the key declining resistance levels on SPX and ES on my twitter this morning and they were in the 2662 and 2670 areas respectively. The break above today opens a possible retest of last week’s highs and maybe higher. (more…)

Bull Flags Breaking Up

By -

There is a very strong rally setup coming into today, so I’ve decided to do an AM post this time, with the video below being the section on indices from my premarket video this morning.

The rally setup is the breaks up from bull flags on SPX, NDX and RUT yesterday afternoon and this morning, and the double bottom on SPX that needs to break and convert double bottom resistance at 2683 to fix a double bottom target in the 2705-8 area. If that delivers then all three have a decent shot at a retest of last week’s rally highs. Premarket Video from theartofchart.net – Update on ES, NQ and TF:

(more…)