Wednesday, March 5, 2014

Higher High Coming

The market managed to put it a marginally higher high early morning before going into what looks like a sideways correction/W4. So chances are the market is forming another base before putting in another bullish leg to another high before any other significant correction. In fact, I won't be surprised if the market is able to spike to 1900 since there seems nothing can stop the market at the moment.

I ended up selling VXX 19/22 for a profit and will be buying back on the next bullish leg. I'm having an unusually high winning trade rate this year doing mostly counter trend trades and I think the key has keeping my greedy side in check. Hope I can keep it going..

Short Term Trend = Bullish
Medium Term Trend = Bullish
Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.

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