Comments on: Falling Wedges On Stock Futures 5-minute Charts

By: Mikeflegel

Mikeflegel — Thu, 21 Sep 2023 22:56:41 +0000

In reply to Beljrc. I think he told you unless I misunderstood that his short term five minute chart. Long and short the bounce is meaningless and the bottom keeps falling out. I'm with you it looks like what you describe. But this particblurb cost me big this morning On the envidia. Randy I don't think there's any five minute traders here and there couldn't be any help if there were because the delay in your posts is forty minutes. Maybe we should leave the five minute chart out. Thanks

By: Beljrc

Beljrc — Thu, 21 Sep 2023 22:49:05 +0000

Randy, we closed at support, i expect a bounce from here and want to get short. Looking for what you might consider an ideal level at this time since the bounce didn’t materialize during the session. Also, Nat Gas and Wheat appear to be at support once again. With the market sliding, do you believe they will hold up or do you think there really isn’t a correlation to those assets?
Thanks,

By: EMFO

EMFO — Thu, 21 Sep 2023 17:03:17 +0000

Currently long NQ, let’s see what happens later on. If it looks favorable, I will switch back to shorts.

By: rsotc

rsotc — Thu, 21 Sep 2023 15:54:14 +0000

In reply to Mikeflegel. While I can't provide specific investment advice, I can say that I believe the R/R favors being short for typical swing & trend traders with today's drop in the major stock indices further solidlify the recent sell signals/breakdowns. Those 5m charts are best used for very active, nimble, & experienced traders while typical swing & trend traders should focus more on the 60-minute, daily, & weekly time frames, IMO.

By: Mikeflegel

Mikeflegel — Thu, 21 Sep 2023 14:16:19 +0000

We got our pop. Are we back to short

By: rsotc

rsotc — Thu, 21 Sep 2023 13:51:11 +0000

Not sure if /NQ is going to have enough juice to make it to those relatively shallow bounce targets on the 5m chart above as I have price alerts (all bearish/sell signals) going off like popcorn since the open. Bearish case continues to firm up so far today with many key stocks, including tech, financials, etc…breaking below the key support levels that I highlighted in recent videos so the bulls are going to have to pull off a stick save soon or the odds of a much larger drop will increase substantially today.