Uh Oh. He’s at it again.
Goof E I mean.
Hey, if it works, why not keep trying the same bait?
[8:53] E: this may be a good time for bouncers to take profits
[8:54] E: primary overnight was down
[8:54] E: then bounce
[8:54] E: and $ capture profits from bounce before open
[8:54] E: so if u attempt short side
[8:54] E: think of it as scalp
[8:55] E: against the gap
[9:33] E: i was thinking catch a few early longs
[9:33] E: target 54… test the 53 angel
[9:34] E: so grab something along the way
[9:34] E: xxxxxxxxxx
[9:37] nirav 777: trapum to raise up…
[9:44] k 2: good call E
[9:47] Kevin i001962: well done e
Our room is focused on teaching repeatable strategies and critical thinking; West made an outstanding trade, and was able to articulate his thinking for the room members.
E: @westlead congrats on outstanding trade today wtg
“Teach a trader to fish…”
The market has been advancing lately by trapping shorts. That trend is in place, and the test for support has worked consistently. The market may be manipulated (it is), but it still doen’t mean we have to donate our funds.
“59 should be the perfect entry if we get luck E”
“short the pre market high bounce prior to open and look for angel test 53, 52 reel in the agg longs ”
Preference today was to use the 51.75 launch from Friday as support, and test for the half gap at 60.25 after the early longs got a haircut. The primary trade eventually became the 61, and we liked the 62 as resistance for profit taking prior to lunch. Chop was expected until FOMC minutes released, and we had two reasonable short plays after the news bounce.
RT @MissTrade: Bizarro Market 2010 / nice … fishing expedition to test friday’s 51 support area good example
@MissTrade then the 60.25 half gap becomes primary target for the “one good trade idea” b4 lunch/ pre news chop
“62 as resistance scalping short b4 lunch”
“if u had a good morning…why not keep it?” trap early longs /late shorts was the plan today
We were doing our imitation of flat fish waiting for an action/ reaction. Playing an action move if we are so inclined, then play the reaction trade back to the normal support. I had 57 support to test the 68.63 T1 target, and warned traders not to expect a plunge, as the Boyz have been aggressively squeezing any short who over stays.
The 66 was suggested as first resistance in the push from the news, and target 62; 60.75. 57 suggested as support, target the bounce, and on any higher high, 68.63 to 69.
E: if target is 68.63 and we get anywhere near late day… better odds to fade it, or at least take profits.. . 11k dow seemed key
The EOD trade had better risk reward using 72 as stop for the 68 entry short for the 64.75 target.
RT @traderCRM: RT @eminiwizard: 64.75 if u get it take it and run anywhere near it << sums it up thx E /
Hook line and sinker.
Pigs do fly, and so do fish.