So you think you can dance?
MoM has given me many dancing lessons, and another one today.
They are priceless in the world of trading.
How about the sneeze and squeeze move?
A thing of beauty.
“Is today a range day or a trend day?” I was asked by one of our faithful traders.
“WoW, that’s a good question.” Stephen Covey always comes to mind when asked a significant question like that.
Let’s consider a few things.. I expect chop before lunch, first bounce target should be to test the 81 to 83.5… conservative traders wait until after lunch to see if you like a play. There is no need to do anything if you have had good morning. My preference is to short once before lunch, and assume it is a scalp to test the 79 Angel. Use the 84 as resistance.
“Most traders who missed the plunge… who were afraid to short 99 and 94 and 92… love to short the 82! Go figure. Don’t get in the Bear flag that we expect to build.”
It is options expiration, so let’s go back to premarket.
Original thought: Possible to break stops at 99, but that is resistance until broken. So what, it’s only risking a point or two. Play for the 94 then the Gap.” If that breaks, look for 89 and 87.5 test. No guarantees today about anything…
“Use the 92 as resistance at the open, and that’s crazy I know. We have already tested for resistance, now we are testing middle, then perhaps the low. There have been a lot of double crosses lately.”
85.5 is target.. next 83.5 to get taken out… yeehaa next 82 81 and any day low possible… gap is open at 76.25 and don’t be the last one out… Assuming 75 as key idea “. R1 99 today; PP 91.25, s1 83.5, s2 75.75.
Near enough for gov’t work…
Speaking of that, is there a PPT?
Nah… just my imagination…
Conservative shorts, select the trend trade, one more in the direction of the low… use 89 as key stop… if Bears can’t hold it… this will fly.
82.5 is ideal target… any more you are on your own…
If you are sidelines… no worries… this will squeeze to any day high… 92.25 minimum target to bust stops…
Same as this morning… 98 resistance for profit taking EOD scalp…for traders with profits only. Target is 91.25.
Remember yesterday’s high?
As The General said… “God Bless America”.
Dancing with the Devil is no easy feat. Or feet. But Mom, …
taught me how.
An “Embarrassment of Riches”.
Could be talking about Goldie… but I am not.
I am referring to the generosity and talent of a few world class traders who generously share their time, talents, and ideas.
Connecting the dots (which I try to do, but not always successfully…)
- The General : @HighFreqTrading: GS Settlement with SEC Trade #1 As discussed in our June (cont) http://tl.gd/2hhl83
Webinar attendees were able to interpret this info easily
- Don Miller, King of the Jellies 2:19PM ET Today’s Tank transcript reinforces the notion that profitable trading is all about betting size: http://rurl.org/2tx2
His new blog format is so much more helpful. Looking into the Jellie tank, what’s not to like?
- Day in day out, Carl Futia dares to share his contrarian viewpoint, and continually demonstrates poise under pressure.
World class counselors, at our fingertips.
(Special thanks to @JT707 for a great webinar yesterday… really neat insights.)