IWM is testing a descending channel.
The flattening/pancaking of heikin ashi signals an aggressive impending move (up or down, who knows really).
Odds are actually in favour of a move up, tbh.
Probability of low less than or equal to 200 is 14% (Based on past 2 months of performance data).
Probability of a high greater than or equal to 200 is 97% (Based on past 2 months performance of data).
My recommendation, if you want the odds in your favour:
If you wanna go long: Aim to go long below 200 (if we test below again), odds will be in your favour for a move to the upside in the coming 1 to 2 weeks.
If you wanna go short: Aim to go short above 202/203 (if we test that high) but be careful because if we break that descending channel, we may see an aggressive pop.
The lines in green are realistic price targets for a short position. However, I have already closed out my short position at 199 this morning.
I am leaning towards a potential long entry personally, but waiting to see if we get an EOD sell off and aiming long below 200 if we can see that.
My focus is actually on XOM right now, but hoping to add an IWM position by EOD if market permits :).
Best of luck!
DISCLAIMER:
Not financial advice. Not a financial advisor. Just an ex-epidemiologist who enjoys mathematical modeling.
At the end of the day, I trade price action. I use regression analysis to plan my entries and exits and chart support and resistance levels (I find it more accurate than looking at the chart). However, its not always correct and I am sometimes wrong.
Manage your risk! Its okay to be wrong, and you will be wrong, just manage your risk and you will live to see another day. Its not the end of the world :).
My linear regression models are done in SPSS. I can't share pictures, but am happy to answer your questions.
The flattening/pancaking of heikin ashi signals an aggressive impending move (up or down, who knows really).
Odds are actually in favour of a move up, tbh.
Probability of low less than or equal to 200 is 14% (Based on past 2 months of performance data).
Probability of a high greater than or equal to 200 is 97% (Based on past 2 months performance of data).
My recommendation, if you want the odds in your favour:
If you wanna go long: Aim to go long below 200 (if we test below again), odds will be in your favour for a move to the upside in the coming 1 to 2 weeks.
If you wanna go short: Aim to go short above 202/203 (if we test that high) but be careful because if we break that descending channel, we may see an aggressive pop.
The lines in green are realistic price targets for a short position. However, I have already closed out my short position at 199 this morning.
I am leaning towards a potential long entry personally, but waiting to see if we get an EOD sell off and aiming long below 200 if we can see that.
My focus is actually on XOM right now, but hoping to add an IWM position by EOD if market permits :).
Best of luck!
DISCLAIMER:
Not financial advice. Not a financial advisor. Just an ex-epidemiologist who enjoys mathematical modeling.
At the end of the day, I trade price action. I use regression analysis to plan my entries and exits and chart support and resistance levels (I find it more accurate than looking at the chart). However, its not always correct and I am sometimes wrong.
Manage your risk! Its okay to be wrong, and you will be wrong, just manage your risk and you will live to see another day. Its not the end of the world :).
My linear regression models are done in SPSS. I can't share pictures, but am happy to answer your questions.
Trade closed manually:
Got long today at 199.90. Got a little freaked out when it tested below 199.80, but held. It has been bouncing off VWAP. My price target was 203 but I just closed the entire trade (5 contracts) now at 201.50 for a small win. Its just really rejecting VWAP today and I am getting kind of nervous.
It's starting to show some strength so I think 202 to 203 isn't out of the question! I just don't want to get chopped up.
Best of luck! Happy trading :).
It's starting to show some strength so I think 202 to 203 isn't out of the question! I just don't want to get chopped up.
Best of luck! Happy trading :).
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