I have gotten few emails asking me why do I constantly close my shorts if I am short now? Truly confused and with the subject’s question I have one more”
“Can be long term short and short term long? Or should I just watch quick profits to evaporate?”
Below chart shows that I was correct in identifying top at the end of May when I went from “somewhat short” to net 100% short on SPX and once channel was identified around June 7th it has been working great (using secret weapon – 33% channel extension – in uptrend lower 33% tends to be touched and vice verse )
Shame on me – I forgot WHO on this blog invented 33% ext SpringfieldJack?? no?
July 3rd chart update – channel adjusted – now it makes way more sense (not removing original picture above as tribute to my silliness which steered me off few good trades…
and yet another simple chart with just a trendline and a channel NIKKEI 225 futures