Reflexes

Don’t laugh.

I have no idea what the news was this morning. I never have the TV on while trading. I know, call me crazy, but how in the world can I analyze the data and make split second decisions?

We had morning prep before the news and I tried to come up with reasonable support and resistance. I never expect to be perfect, but hope to be close. That’s the snow fence idea.

69.25 was identified as possible first resistance, so we called 70.25 stop and 72 as possible target also.

Magnet was identified as 55.5, and 52 as likely support.

Using intuition and reflexes is about all we can do with news spiking.

These come with no guarantee; just numbers that fit and the risk that comes with trading.

Speaking of risk,  we love the edges, and prefer to play outside in.

I glanced at the charts a short while ago,  (left late morning) and it looks like the market  stabilized and remained range bound the rest of the day.

Many thanks to all who said some kind words for my calls. I just try to call them as I see them, giving partial targets along the way in fast markets, then trying to find the high odds potential reversal areas.

To the very nice young lady who called me a genius: I am flattered,but no, I can assure you I am just a humble student of Angels and Demons. They are potential reversal bars, and when identified correctly, assist us in finding professional entry points.

Anyone who succumbs to the idea that they are masters of the market deserves a swift lesson in humility and will probably get it sooner than he thinks.

55.5 was identified today as the Angel, and it turned out to be the winning ticket.

There needs to be a reason to expect the Angel “zone”, and we had already identified that area as potential support through our proprietary system.

Have a great weekend all; there is more to life than trading.

Time to kick back and relax.