Knock, knock knockin…
Stretch marks were apparent at the open, and we called a half gap and gap fill available for our traders, using the 45.5 Angel support. Not an easy trade, but these are usually the ones that have a higher chance of succeeding.
The next attempt at the high was “too soon” we felt,with time frames needing more time to “build a base”. Then the market slow danced, teasing the late shorts a second time, and a few got trapped again, as the market dug in it’s heels around the 48 area.
We suggested that 57 was resistance, and that call raised more than a few eyebrows, as it was contrary to our normal first hour break out rule. The high of the day was 956.75.
These types of calls come from “intuition” blended with some solid tape reading.
Knowing why there are exceptions to the rules is what separates the winners from losers, and this information is easily available to serious students of the market.
A target of 52, 51, and 48 was called, and the low of 48.25 was hit before the close.
Our members have been sharing their ideas freely in the spirit of teamwork, and I enjoy the process of passing along some of the knowledge I have gained from over 15+ years of study.
When you try to teach someone, a funny thing happens: You learn as much as the traders you are trying to help. It just works that way.
Some of the traders post their trades; I prefer not to. I think it is more helpful to share ideas relating to methodology and psychology, including charts.
Keeping our ego out of the game is difficult but essential if we are going to remain unemotional in the process. Getting our left and right brain into our trading gives us an edge.
What’s your edge?