Live: Friday, Aug. 10, 2018

10:30 a.m. New York time

SPY has peaked and this morning began its next Elliott wave down. I count it as a B wave with an ongoing correction. It could rather be a 3rd wave down. As the movement progresses I’ll adjust my count as needed.

The SPY chart covers 10 days using 5-minute bars.


My position on SPY expires at the end of next week. My intent is to hold on until perhaps as late as Wednesday, and then exit. On Monday, when I have more verification that this is indeed the beginning of the downward wave, then I shall consider when I should entered the next position with a later expiration.

By Tim Bovee, Portland, Oregon, Aug. 10, 2018

Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.

No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decisions for his or her own account, and take responsibility for the consequences.


All content on Tim Bovee, Private Trader by Timothy K. Bovee is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

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8 thoughts on “Live: Friday, Aug. 10, 2018

  1. First oof all I want to say terrific blog! I hhad a quick question in which I’d like to assk if yyou don’t mind.
    I was interested to know hhow you center yourself
    and cleear ykur thoughts before writing. I’ve had a tough time
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    • Interesting question. Yes and no is the answer. I decided long ago that emotion is the worst enemy of effective trading. So I approach as a practice, a discipline, rather than a battle or a gamble. I consider a trade to be successful if I followed my rules and stayed within my norms and boundaries. if I strayed, then I count it as a failure, no matter what the monetary outcome is. But I don’t go through any meditative practice, like the Buddhist meditations that I’ve done for decades, before beginning to trade. Rather, i try to stay mindful under all circumstances.


  2. No secret method, I’m afraid. I’ve been a professional writer most of my life and so it comes as second nature. If I were to offer advice it would be this: Don’t overthink the writing. Just write whatever comes to mind, and then go back and edit carefully and strictly. The writing is from the heart; the editing, from the head.


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