Battle of the Twit Wits
Yesterday’s substantial low was in place, setting the stage for today’s MATD.
I liked that trade, with a variation.
A moment of controlled ranting.
I have noticed a few traders who expect something for nothing, as many of you have. It is humorous to watch these twit wits play games.
Anyone who has not done their own homework and developed their own trading methodology deserves what they get if they take someone else’s trade without knowing how it fits into the context of that some one’s over-all strategy.
The most discouraging comment I saw, however, was on Dr Brett”s column, where a trader blasted him for “using” the trader community as a springboard to greener pastures.
Geez, gimme a break. Kudos to Michele B for setting that trader straight. I wish I had made the time to articulate how clearly she let this trader know he was out of line.
A big thanks to him, as well as to all the traders out there who try to share info unselfishly with all of us.
Capitalism is a good thing, last I knew. Someone is entitled to get paid for their knowledge.
A number of traders are now charging for their insights, and why not? Picking the brains of Mentors who have experience and savvy is worth a few bucks in my opinion.
@Eminiplayer made a comment recently and I agree with him 200%. How can we post timely to twitter while managing trades, and helping a few of our friends?
The value I see for twitter is that for traders on a budget, you get to study a variety of methods, and learn at a “slower pace”, but you will learn. That’s why I post charts and notes, and anyone who takes the time to study them will see recurring themes. All for free.
We had the 1208 as morning resistance for the gap fill, and target 1201 off all. The bounce back trade was the MATD, and depending on how you played it, the target was to test the 1210.5 High. We had that as resistance for the scalp back (profit taking), and thought it odd that it didn’t come back through the demon, so we anticipated another test of the 1205, and then to the key 1201 support. 1198 was our suggested theoretical support overnight.
Intuition suggested that since 1201 was firm, we needed range trading, and we assumed that the weekly profit taking contra had just occurred, allowing for a retest of the highs for Friday afternoon, in positioning for the now famous Monday Morning Club.
We moved support up to 1204 and 1206 at lunch, and 1211.75 was T1, and several targets ranging from 12.5 to 16.5 were valid.
Late day shorts were chewed up trying to guess the profit taking move.
We advised traders who had already caught several great moves to hold onto their profits. Manage long if still in, and guesses short need to be controlled to avoid ruining a great day and week.
On a breakout to a new yearly high, it can run to where it wants to.