In hind sight, we can see with at least as much vision as the one-eyed man, who is King in the Land of the Blind.
If we read the criminal handbook, Heinz site says there are at least 57 ways the Boyz can steal our money.
The first, and most important, is if we get complacent about assuming they are incapable of lashing back with a ferocious bounce.
“Characteristic of corrective markets are sharp rallies… so accept stop outs and play at a new level.”
From last night’s post to our members .
We were prepared for the bounce…so as always, how high?
The differential between Friday’s rth and globex range set the stage for equalizing the disparity today.
I felt that the 74.5 retest was healthy; and wasn’t sure if we could get by it this afternoon.
Truthfully, the bounce exceeded my expectations. I did not believe it would run this far. When momo developed, it became unstoppable until the risk /reward idea made more sense to cover long side trades.
Any day high was possible, but risk reward said near the 79 retest, odds favored EOD profit taking rather than the push to test 82. I try to keep an eye on price and time.
There were thr eee killum bars, leaving shorts with lighter pockets and longs with a bit of a hangover.
Friday’s low was the key driver in the morning IB conflict, and we felt that was immediate support RTH.
Volume seemed light, and the footprints of the PPT were all over the tape during this end of quarter mark-up.
I prefer to be a lover of the market, not a fighter. Many times we are out of the market, and then we need to find timing trades as contras, or chasers in pullbacks, catching a piece of the move depending on trade dynamics.
The large one-directional moves lately have wrecked havoc with traders trying to capture too much beyond day trading swings. It is a dangerous market for undisciplined traders who allow themselves to carelessly believe we will plunge without the Boyz putting up a strong defense of their turf.
That’s the blood of traders we saw today, not ketchup.
Even with Hamburg, it tastes good…