Picture of Power
There were several “reasonable” opportunities to get short, then it was just trend day with no hope at redemption for the careless longs.
Our charts posted on Twitter showed our early morning thought already; and those who read last night’s post already saw our back up resistance at 1110.
The Maven and I joked around about the 85 magnet. It had lost some of its significance, but not it’s “relevance”. He correctly identified the need for the Bulls to break that 1110 or be at the mercy of the Bears. Kudos, great call.
If you have a 3 yr old son, and then have another child, undoubtedly you will focus on the newborn.
Does that mean you forget about your first born whose 15 minutes of fame are gone?
I hope not.
Those who are conservative (I am) don’t guess about reports. We react. We know that the news bias will play out, most likely squeeze back, then give one good opportunity to get in alignment with the trend.
How far that retest goes, no one knows. Put it on cruise control, and manage the trade.
Oliver Velez of Pristine first spoke the words to me of “Picture of Power”. It was a remarkable (free) promotional seminar, about 5 or 6 people max in attendance; my wife and I were two of them.
The chart was inverted, going long, but the same concept. That’s all I could think of today as this chart pattern played out.
Some things of value really are for free.
The 500 people in the next room were listening to the Donald’s crew, learning how to invest in real estate.
I choose the right seminar.
I called 88 as resistance; and did not expect it to break by more than a point or so. If it did, I was prepared to re enter at the 92 half gap resistance.
Target after target got hit, with feeble bounces as profit taking.
After the first attempt to take out the 88, I was no longer interested in the long side. Just not worth it. Let the guessers be right once ; wrong five times.
The General was on his game, and his fighter squadrons led the attack. Nice of him to share his AWACS targets with us…much appreciated.
Our work suggested that the 61.25 gap was a legitimate target today, with T1 at 60.88.
@FT71 presented a dynamic seminar on Market Profile yesterday, and I am glad I attended. He doesn’t use the moving averages and math, but I find they are a big help to the old fossils like me.
Use the tools at your disposal, be alert for clues, stay with the trend until it stops working.