Was today’s price action a “windex” move for you?
I overheard a few traders in a chat room say today was difficult trading.
It should have been “crystal clear”, as if someone had cleaned up your computer screen with windex, so that reading the tape was easy for you.
Globex traders got a head start, and obviously their choice was simple: peel off part of their position and then see what the RTH first hour action was like.
The 19 entry was a “no brain-er” in hindsight.
We do not pretend that trading is easy. As you know, we dont do an end of the day post and say “see, we said this is where it was going.”
Even Lefty Louie can do that.
I remind you of Carl Futia’s blog, as he is unafraid of posting his thoughts in the heat of the battle.
Tonight’s post will be short, as I am exhausted. Weekend guests (and their dogs) finally left, and I was up at 3 a.m. on a hunch there would be a play. Knowing that guests were here, I felt the early play was my only likely shot to play with a clear head.
Daily and weekly breakout mode was called, and that’s really all you needed to know until the odds shifted middle of the afternoon for profit taking. It was not the kind of day I expected a reversal.
One of the players who has studied with me asked me before I left early how high I thought it would bounce. 95 -96 was my answer.
Ratio trader threw out a chart, and it is worthy of study.
Here is one of mine that provides some structure you may not have thought about; the throwback line.
Support targets become available as the preceding one is taken out. We never know for sure until hindsight which one finally holds.
898.25 is presumed support until broken.
Keep studying, keep learning, trade with the trend.