We had a few laughs today in our room about some of my more obtuse comments. They are not meant to be misleading, but on twitter I try to share without giving away our game plan.
“We need to know the game the boyz are playing”.
The bulls manipulated move yesterday left a few shorts “right”, but prematurely so. The bulls had won the game by the JTC trade, but failed to capitalize on an overnight squeeze.
The bears hit the 1208 resistance and that held up all day.
Triple 7 posed a conundrum: Which of these two fine cigars shall we smoke today?
(Neither, bad for your health!).
My guess would be to smoke the one that is more aged, it will probably be smoother.
The kick save by the bears goalie was all that was needed.
“I know @carlf is calling for 1202 to 1215 today, but I am sticking to my call. No matter what, I think we have to test the 97 to 98 area. (The big differential in yesterday’s globex and RTH range was part of my thinking.) If that happens, any day low is possible today.”
Morning Trade: Half gap and gap available; 1208 resistance. partial targets 98.25, 95, 93.5 reverse for profit taking with 1192 support. Longs off by 1203.25
Don’t over trade lunch. The longs are losing as long as they are below the blue line. The most confusing thing for traders will be to have a negative close today.
Retesting the low can trigger any day low if it breaks. Target gap fill, 89.75, 88; small bounce for profit taking. Use 95 as resistance.
PM Trade: 95 resistance, testing 85, 84.25, and 82 possible. Zeek liked the 83 area target, and I felt the 95 was the key EOD for the lower low.
Sequence trading…the best game in town.
Thanks to Pek for his very kind comment regarding my focus on the mechanics, emotion, and psychology of trading. I try my best to help our traders understand the trade logic as well as the timing for trades. Thanks to all of my members for their support and friendship.
We have a great team; I am blessed to have attracted such a great group of men and women. This room is not about me, but about the system. Day after day, it continues to guide us to the high odds turning points.
Thanks to all those great traders on twitter for sharing your ideas with us. @FH made a great call today for the 84 low. He is a great market pro and kudos for that insight.
Matt Davio got a look behind our closed door yesterday at our system. He is putting together a seminar this summer and I am trying to work out my schedule to attend. I have met some outstanding traders and people through Twitter; I hope to be there to meet some of you and share ideas.
About that kick save by the Bulls yesterday…