"I Need to Sit Back and Think this Over. Man, I am Out O'Breath!"
5D, 15m. - May 6 - Hind sight would suggest some good trades today. In fact, taking a position was difficult and could easily prove a loser. Volatility was significant. The internals were strong at the open, then became weak only to strengthen later in the session. The Trend remains consistently bullish and its directional bias cannot be ignored. With the rally so mature and extended it is difficult to go long and at the same time it is difficult to go short when the Trend is up.
3M, Daily - May 6 - The Bullish Channel remains consistently UP! There is even a shorter term bullish move within the Channel. The MACD is rising on the Daily which is also Bullish. Our attention today was directed at the Channel Trend, the Internals, the Frequent Intraday Reversals, the Inconsistencies, the MACD and the CCI. The CCI on one occasion gave a nice "hockey stick high" on the 2 Day, 10 minute for a sell signal on a roll over. Trades were entirely possible given the ranges seen, but timing had to be perfecto.
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