Long and… Oops
Today was one of those day’s you were either going to be right or wrong at the opening trade.
The wall of worry has been climbed, yet we need to find areas of profit taking.
What’s the point of trading if you never take your chips off the table?
The Bulls actually made it easier to trade today. If They hit an overnight high of the 22 area, things would have been messier. By being egregious, we were left with little choice, unless you believed the gurus calling for 950.
My best thoughts were all posted on twitter, as well as the thinking behind the calls.
The 32 resistance was called, because it was a potential target. My feeling was better risk and reward going short, and then the 22 area was a make it or break it area.
The first hour can stretch to any hi or low, so trailers are for that possibility.
All logical supports get tested, and as one breaks, we look to the next one.
30.25 was R1, that was good enough for me, and when the Demon set up at the open, that is the time you really need patience to let the trade unfold if you believe you have the direction of the primary trade correct.
Our system looks to trade with the intra day trend, until we get near the end of the day. Then we are cautious about getting caught late.
Previous support when broken often becomes resistance; that’s why I called the 15 area as aggressive resistance during that morning sequence.
Knowing where the secret code hidden pivots are located adds credibility to the trade.
Best thought of the Day: “This week we are up +50 points and we need a breather”.
Worst thought of the Day: Manny and Steroids.
After hours the Angel support has already hit it’s first target.
Late to leave the party and you become fair game.