THE SHORT-TERM TREND IS DOWN, I HOLD SHORT POSITION OVERNIGHT
No idea tomorrow but generally the very first rebound from a sharp pullback like we had in the past couple of days would fail so I’ll assume that the name of the game is still to sell the bounce.
One TradingMarkets long setup was triggered today. It’s claimed to have over 80% winning rate and indeed the setup won all the recent cases. Let’s see whether it could make it again this time. Those who followed 05/05 Trading Signals and still holding longs (because SPY hasn’t reached its 7 days high), and those who followed 05/13 Trading Signals on TRIN closed above 1 for 3 consecutive days while RSI(2) < 50, should be trapped now so you’re not qualified to take an additional long here as it’s generally not a good idea to do the average down.
Those who follow Cobra Impulse System, a short position should be opened today. The winning rate was only 68% since year 2003, which obviously is not good enough in nowadays environment where even the 90% winning rate setup would most likely fail as long as it’s a short setup, so be careful here.
MECHANICAL TRADING SIGNALS:
|Long-term||2 of 2 BUY|
|Intermediate||4 of 5 SELL||5 of 5 NEUTRAL||Cobra Impulse in *SELL mode; Non-Stop in SELL mode.|
|Short-term||6 of 6 NEUTRAL|
|SPY SYSTEM||ENTRY||STOP LOSS||INSTRUCTION: back test is HERE, signals are HERE.|
|Non-Stop||05/10 S||N/A||Short is for aggressive traders only.|
|CI Buy & Hold||*05/17 S||N/A|
|CI Swing||*05/17 S||*2*ATR(10)|
DEMO ACCOUNT FOR SHORT-TERM MODEL: