When going fishing the pole isn’t the key to catching fish.
Choosing the right bait is.
7:06 E: should be magnet near the 47/78 area #EMWS
[08:10] E: using 48 as agg resit till that level doesnt hold #EMWS
[09:07] E: we can go to any low today
[09:08] E: all we can do is hit and run at this level
[09:09] E: accept stop outs
[09:09] E: try again
[09:09] E: do not be afraid of shorting
[09:09] E: just respect stop outs
We had a member poll during lunch… price was around 1245 at the time.
Q: “Shall we make it 4 days in a row? (Longs trap late shorts and squeeze)
Choices for Answers:
- Yes we get into the 50’s before EOD
- No, we range trade
- No, we make new low
What would you choose?
Stolen Range was the idea this morning
Trapped longs were on the hook, and we thought test for the support made sense.
Half gap trade?
[09:42] E: half gap is 58.5
[09:42] E: fuggedaboutit
48 Level as posted was chosen as resistance.
The obvious targets below were challenged in the morning, and our gutsy call was for turtles to get caught, so we had 35 as support for the bounce. It was the marginal low idea.
[10:37] E: out all but trailer
[10:38] E: at 37/36
[10:38] E: watch out for sneaky pete
The bounce zone back to 48 was a beauty… and the slingshot trade was in full potential, just as we have seen so many times before.
I didn’t like it.
At the Open we had a very specific idea that it was too low to short, but early longs likely to get hit, before the late shorts got pounded. Bias: Hit bounces, treat them as scalps, hope to get lucky.
A webinar reviewed the key ideas of playing a day like today. Never too low to go lower. Unusual to get 52 point days, but we had on on long side, so a mirror day possible.
When the afternoon assault comes, the 48 zone has refused to relinquish its power. The arch is formed as we had hoped, and Zeek and I made a few lucky guesses. It was like poker players raising the ante on each other.
BINGO and symmetry trade done.
I think low is in.
Relax, take a deep breath. The symmetry is shown, understood, and another great day of trading and education for our members.
That’s why comments like this to me are so encouraging.
Our Poll results:
No one chose the first answer
10% said range
25% said other
I was with the 75%.
[15:48] E: battle is for the 22/21 that fails the 18.75 t1 available
Know next targets… if we keep a few fishing poles in the water, we may be surprised at what we catch.
Recap yesterday post to members…
[16:13] E: [15:02] E: but could pb to 1230 1225 too
[16:13] E: [15:03] E: if we tanked this afternoon
[16:13] E: instead they did the stop run all shorts
[16:13] E: then they plunged overnight without them
[16:14] Zeek411: gn
[16:14] E: sweeper move
[16:14] E: knock out the shorts
[08:06] E: 48 first barrier long side
[08:06] E: 42.5 angel
[08:07] E: and yesterday I said 2 days we could be right back at 1220
[08:07] E: not yet
[08:07] E: but nearer
[08:13] E: the most important idea today is scalp with trend
[08:13] E: be surprised if get more
[08:13] E: and then as the market bounces
[08:13] E: accept stop outs
[08:13] E: try again
We’ll tackle other ideas tomorrow…