I should probably wait until after today's trading session to wrap-up the trading week, but I don't like working weekends. If it becomes necessary, I can always add a second update, but I think we're seeing a reversal this morning.
Today, I'm giving away free charts, so if you have money waiting to be put to work, this could be your lucky day!
I've already had another excellent week, as it turns out!
It was one of those rare moments when you get it perfectly right, and like I said on twitter...
Scalping profits on my #Gold short 👏👏👏
— Veteran Market Timer (@3Xtraders) September 15, 2022
And this:
20 min. left in the trading day. Taking 12.5% Net gains in one of my short positions 👏👏👏
— Veteran Market Timer (@3Xtraders) September 15, 2022
And the rug pulled out on the Oil trade
#Oil kind of looks like a bearish engulfing pattern to me, but you usually have a red candle... $USO pic.twitter.com/b1y8I08X4C
— Veteran Market Timer (@3Xtraders) September 14, 2022
This morning
Market futures appear to be trading into a little ending triangle, on this Options Expiration Friday pic.twitter.com/QIF0NSXmvu
— Veteran Market Timer (@3Xtraders) September 16, 2022
Many of you are probably asking, "what triangle"?
This Triangle! You see, I've been doing this so long, that at this point, I recognize chart patterns instinctively. I no longer need to draw them, although many times I still do, but this one was obvious.
It's called an ending diagonal triangle. Don't forget it!
GOLD
I like gold in my pocket, but I also like the gold trade here
Gold finally back tests key support - own some gold when the #SHTF pic.twitter.com/MN8vrgbzOf
— Veteran Market Timer (@3Xtraders) September 15, 2022
If you were paying attention yesterday, you should already be long
The reversal on a st view, this morning
#Gold spikes off LT support 👏 pic.twitter.com/B29dqKOuYA
— Veteran Market Timer (@3Xtraders) September 16, 2022
Yesterday, I was watching the chart chick on Bloomberg talking to some idiot about the $VIX, and they were trying to spin some tall tail about why the market could crash, yet the $VIX could stay down around the 30 level? Total lie! These people are looking for a 20% sell-off on the $SPX, and obviously have skin in the game! I'll give chart chick the benefit of the doubt, and say, she let this shark come on her show, as a personal favor, but I'm sorry I even turned the sound up to listen to that garbage.
I'm not going to make a prediction on the $VIX, because it's better to trade the market you have, than the market you want, but I know exactly where the $VIX is going in a 20% market correction, and it ain't gonna look like 30. Try 34, 35, 36's, $VIX 62.50, even....!
But there's just absolutely no fear in this market, when the $VIX ends the day up only .42%, as it did yesterday.
Take care, and have a great weekend!
AA
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