Trading to win using the Secret Code of the Illuminati

Bouncing Bears

http://www.eminiwizard.com/wp-content/plugins/sociofluid/images/digg_16.png http://www.eminiwizard.com/wp-content/plugins/sociofluid/images/reddit_16.png http://www.eminiwizard.com/wp-content/plugins/sociofluid/images/stumbleupon_16.png http://www.eminiwizard.com/wp-content/plugins/sociofluid/images/delicious_16.png http://www.eminiwizard.com/wp-content/plugins/sociofluid/images/technorati_16.png http://www.eminiwizard.com/wp-content/plugins/sociofluid/images/google_16.png http://www.eminiwizard.com/wp-content/plugins/sociofluid/images/myspace_16.png http://www.eminiwizard.com/wp-content/plugins/sociofluid/images/facebook_16.png

Not much to say tonight.

I missed most of the day, having non market obligations.

When I left, I gave our members a few ideas:

  • 1037.5 was target hit, mission accomplished
  • Expect bounce day
  • 1042 likely support
  • Outside target was 1062 1063 area. Expect test of 1053 to 1057

Easy to say, difficult to execute.

And any idiot like me can say that after the market had performed. This was done however,  pre market.

Trading it is entirely different from verbalizing it. Sticking to a diet, or keeping a commitment, is a matter of will.

The buyback longs scored a major victory today, getting the strong bounce.  As we have seen many times, markets do not move in straight lines, but have a series of missions.

We do not try to predict next week before tomorrow. We are content to take whatever we can out of each day and capture what the market gives us.

Direction is first and foremost, then pick targets.

The system was very clear about Long, and every metric we have discussed in our room, EVERY one, was shouting bounce and these are the targets.

PP as posted was 44.63 and RTH low was 44.75.

T1 was 56.75 and T2 was 62.5

42 as support, and likely 44.75 by XXX method.

All small charts were above the line.

Context is King.

Stochastics oversold, and shorts needed to take some profits.

This market is in need of clarification, and anyone who thinks they know exactly where it is going is smarter than me.

Step by step is all I know how to do.

Using Stop losses is probably not a bad idea either.

Bear market bounces are ferocious, so we are always nimble near the potential bottom of a leg.

End of month already… where does the time go.

Bouncing Bears

Bouncing Bears

Comments

  • eminiwizard (Author) said:

    Interesting post by Dr Brett and Don Miller tonight.

    http://donmillerjournal.blogspot.com/

    http://traderfeed.blogspot.com/2009/10/signs-of-trend-day-to-upside.html

    Many in our room were perplexed by the strength of today’s bounce.

    The train pulled into the station. There was a gap at 37 on the December conract. It filled,mission accomplished. You want two tics more?

    The train backs out of the station and picks up speed.

    Run to catch it or wait for another.

    Where was the train going? Local stops at 50, etc.

    All important charts above the line today.

    All spreadsheets nailed the targets.

    SEE the direction, get on the train. Get off when the train slows down and reverses at the next major station.

Trackbacks

There are no trackbacks