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Trade the 30 Second Bars, There Is No Longer Term 5/6/21

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First, the 2 hour bars. I mean, what is this? Meatgrinder? Veg-o-matic? Slice and Dice? Shake and Bake? Swing Trader's Nightmare? Day Trader's Delight?

I guess it all depends on your time frame. 

Today sets up bullish. 

No.

Wait. 

Today sets up bearish. 

No. 

Wait. 

tvc_84f4307311a465058be4917d161b1fd6.png

 

On the hourly bars, the dour Europeans have repelled the Asian Tiger rebound at the downtrend line.

We're right smack in the middle of this infernal trading range. It's 5 AM in New Yak. The hour of power. Decision time. 

Or not. 

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Gold Going Nowhere, But We Have Mining Picks to Swing

Edited  by DrStool

 

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Bulls won yesterday's screen game with 34 buy signals and 12 sell signals. That reverses Wednesday's output. That score was 10 buys to 38 sells. 

We've had a couple days of 45 to 56 sell signals over the past 10 days, But that's still well below the the thrust of the 155 buy signals that started the 6 month cycle up phase back on March 28. That was the Big Kahuna. That wave has waned, but there's no big counter wave yet. 

The 5 day total is 101 buys to 127 sells. That's a slight increase in buys since yesterday. Overall it is weak, but not intermediate term thrust territory. Good chart reading and picking should allow for gains in both directions. Bad reading and picking will lead to two way losses.

That's the problem with rangebound markets. When it comes to swing trading, strong trends will cover for a multitude of sins. Trading ranges are meat grinders that can chew you up. This is when it pays to day trade, using very short time bars, measured in minutes.

I screen all stocks and ETFs from the NYSE and NASD, excluding those with less than an average of 1 million shares per day traded, and selling for less than $6 per share.  The table below shows swing trade buy signals and sell signals from yesterday's action. The numbered columns represent the time frame of the support or resistance trend around which the signals were generated.  

Every weekend I use the previous week's screens to select charts that have potential for a move, and I post them for subscribers.  

Out of Gas – Swing Trade Picks For Week of May 3, 2021

 
You can see which ones I actually pick each week by subscribing to Technical Trader. Try it for 90 days risk free (first time subscribers).

Here is today's  output. 

Symbol Buy Sell 500 200 125 50
AER 1 0 0 0 0 1
AXL 1 0 0 0 1 0
ADI.O 1 0 0 0 1 0
AU 1 0 0 0 0 1
AM 1 0 0 0 0 1
AMAT.O 1 0 0 0 0 1
BAM 1 0 0 0 0 1
CZR.O 1 0 0 0 0 1
CPE 1 0 0 0 0 1
CERS.O 1 0 1 0 0 0
CXW 1 0 0 0 0 1
NUGT.K 1 0 0 0 1 0
LLY 1 0 0 0 1 1
ETRN.K 1 0 0 0 1 0
GT.O 1 0 0 0 0 1
IGT 1 0 0 0 1 0
HYG 1 0 0 0 1 0
EWI 1 0 0 0 0 1
KAR 1 0 0 0 0 1
LTHM.K 1 0 0 0 0 1
MXIM.O 1 0 0 0 0 1
NRG 1 0 0 1 0 0
SBH 1 0 0 0 0 1
SCCO.K 1 0 0 0 1 0
STLA.K 1 0 0 0 0 1
TMUS.O 1 0 0 0 1 1
TU 1 0 0 0 0 1
TMO 1 0 0 0 0 1
UBS 1 0 0 0 1 0
EMLC.K 1 0 0 0 0 1
GDXJ.K 1 0 0 0 1 0
BSV 1 0 0 0 0 1
WPM 1 0 0 1 0 0
HYLB.K 1 0 0 0 1 0
ALDX.O 0 1 0 0 0 1
CLVT.K 0 1 0 0 1 0
DRH 0 1 0 0 0 1
DLPN.O 0 1 0 0 0 1
EIX 0 1 0 0 1 1
EB 0 1 0 0 0 1
AG 0 1 0 0 1 0
HFC 0 1 0 0 0 1
MMP 0 1 1 0 0 0
PPL 0 1 1 0 0 0
SHOP.K 0 1 0 1 0 0
TCBI.O 0 1 0 0 1 0
Totals 34 12 3 3 16 27


This is raw data. These are not recommendations. They represent charts that have triggered short term signals near key cyclical support or resistance levels. Pick through these and see if there are any that you like using your own charts. Feel free to post your charts here with comments. 

Here are a few that look interesting. Again, these are NOT RECOMMENDATIONS Click to enlarge

 

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Get ’em While They’re Hot – Swing Trade Picks For Week of April 26, 2021

 

 

 

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1 hour ago, potatohead said:

Lee,

Congrats! You have been absolutely on top of this in your research.

THE TREASURY DEPARTMENT SAYS IT WILL EMPLOY MEASURES TO AVOID AN UNPRECEDENTED DEFAULT ON THE NATIONAL DEBT THIS SUMMER

 

https://apnews.com/article/financial-markets-national-debt-health-coronavirus-pandemic-government-and-politics-a95665cfc7fbd8504fc91fdb2a6eb861

Thanks Bob! I appreciate your support! 

You're a goldmine! 😁

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23 hours ago, No Einstein said:

TSLA ...do or die time....stuck between the up trend line from 3/5 and the 50 day MA...

683 and i kid you not 666...

.if the devil wins. and 666 breaks,..tsla is in big trouble

bingo!!!

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Unbelievable bullshit market. Trade those 30 second bars like there's no tomorrow because that's the only time frame that works. 
 

Total bullshit. 

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The Fed and US Treasury are literally keeping dead bodies alive, and having them walk around and pretend to be markets. 

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