Vector summary for Friday July 21
Self explanatory chart; see notes. Another fine performance of Vector for both scalpers and swing traders. The bias was swing short all day, and all signals were swing shorts.
Vector for Monday? Vector closed bearish again yesterday. So swing short is the bias for Monday.
Technically, the DOW daily (CLICK HERE) shows the strong impulsive support that was found at 10700 recently, and count-wise we’ve done a little 1 up then 2 down move the last 4 days. The question is this: Will an impulse 3 up be delivered by the market on Monday Tuesday Wednesday this coming week? Optimists might think so. Vector doesn’t.
For those interested to know where I am relative to Vector and futures, you’ll recall my swing short position from 11042 on Thursday. I went into yesterday intent on adding to that short. I took the first signal and stopped out even. I passed on the next several signals, actually waiting for a signal that aligned well with a resistance area so I could reduce the risk for the add. Those next several signals occurred at support levels, or levels short of good price resistance so I passed. The decision and patience paid off and I added at 10932 after lunch, which saw a scalpers move of +32, then a bullish retrace that came within a couple points of my add and the market fell away to the close, leaving me short 2 contracts at an average price of 10987 and +162 or +$810 on the full position. I have stops to even for each entry now.
The fuzzy count on the 120-minuted Dow YM futures chart shows the support and resistance lines. I’ve noted the 2 areas of crucial support and resistance I see as it. The count favors short down into support areas.
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