iwm updatepreviously i discussed the requirement for iwm to break-out of the range it was in \ consolidate above it & hold to see continued upside for that final fifth wave.
we've broke out finally, but is this a real breakout, or is it just another trap?
i'd like to see it consolidate up here for at least another week before making any kind of decision.
if it could pull this off, we'll see small caps go parabolic for a bit.
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20 year count 👇
M2K1! trade ideas
Hustle in the RussellAnother straight forward idea, RTY came back into a very nice retracement area with the down sloping trend line and horizontal support from the September high. This is a great area to add for a bounce and a stop would be a daily close below today's low. The target is around the 2380 area, and if all goes well it should tag it before the end of the year.
Russell 2000 Futures Headed To 2668?Exactly one year ago this month the Russell 2000 broke out to new highs and many were calling it the November to Remember as the RTY had an all-time record 18.4% monthly total return This November the Russell 2000 is also breaking out to new highs and on my strategy the look is exactly the same as last year. Will this be another November to remember? I think so, but I don't think it will be an 18.4% rally like last year. I do think that the RTY could rally 10% and look to test 2668 before the end of the year. I use Bollinger Bands with 20 period, 3 standard deviation settings along with a simple 10 period simple moving average on a weekly, daily and 60 min charts as my strategy for this long swing trade.
RTY UpdateThis is what I mean by pump and dump, look at the sell volume in the morning.
The algos have managed to convert futures trading into a pump and dump scheme and teh dip buyers are letting them make their money, lol. Small caps still flat despite the dump. Sideways action until the dip buyers are gone.
Watch MFI though, as soon as it goes oversold we'll see another pump
Multiple Chart TypesConsider using multiple chart types when performing technical analysis for a clearer picture of what the market may be telling you. Here is a tri-screen view of Traditional Japanese Candles on top, Renko Candles in the middle, and Heiken-Ashi Candles on the bottom. Each setup has something to share.