AMZN long

AMZN long off of an inverted hammer bottoming seed wave.

On the faster time frame you can better see the bottoming pattern trace itself out.  It's a reliable pattern to watch for to trade a bottoming pattern intraday; kind of an inverse H & S with two heads; with either a slightly lower low as in this case or, just as valid, a slightly higher low

Look closer at the 15-min chart, it's tracing out the same chart pattern as the one outlined on the 3-min chart above.  Look to buy $214 on Monday if price holds that support, if it fails it, look to short $214 on retest.

Posted this chart a few times last week as it updated.  We broke down from our up-trend line and are in a throw-back process that coincides with a down trend line.  TICK is diverging positively so far.

Price has reached the measured move from the H & S pattern mentioned last week and filled the gap left from 6/28 coinciding with a 61.8% retracement

Had a bunch of support levels close together at these 1290 levels on the ES, corresponding to the 61.8% Fib. retrace

The ES came just shy of a 150% projection off of its seed wave setup and continues to test lower

I'll Buy That

Green hammer on the 15-min chart, I'll buy it any day

5-min breaks down as such; entry off the break of the 15-min hammer bar's high, exit as resistance.  Second entry based on inverted H&S, exit at 100% projection of the initial wave

sucky trades

AGU from Wednesday.  Short attempt, got stopped out after putting a tight stop above the narrow range consolidation (horizontal line and up arrow).  Was good for about 30 cents, so I guess it wasn't that sucky.

VLO from today.  I had higher hopes for it, but couldn't stick around for it to work at the end of the day, so I took myself out when price came back below $28.90, which I believe gave me 7-cents!

rounded top?

Who out there considers this to be a rounded top in the SPY?  Remember, a rounded top can break out in either direction!  Vote now!!
If I don't get more than 10-votes I'm closing this blog and nuking the contents....tick, tock, tick, tock...