Picture yourself as a safe cracker.
Got the picture?
Now see the dial turning, back and forth, as the tumblers fall into place.
You already have a pretty good idea of the combination, and your fingers are relaxed and nimble as you crack the code.
Our system is crude, unsophisticated, no match for the likes of Market Profile and a gazillion other popular systems.
It is simple, reasonably accurate, however, and gets us a into the right neighborhoods as dynamic pivots keep self-adjusting.
The pattern reversed itself from Friday, and we noted two interesting things, and made assumptions accordingly:
1) Globex range larger than normal, and RTH morning range smaller than usual.
2) Although we weren’t crazy about the long side…we felt the short side took a tumble on Friday, and therefore was less likely to do it again today.
The high odds trade, short side premarket. Why not play it?
Bounce, but how high?
IB high goes, the rest is history as posted.
We expected range trading in the afternoon.
I left for an appointment late afternoon.
Zeek did a great job as usual covering and guiding the team.
15:47 Zeek411: His policies aare bad for america if you like life liberty and the pursuit of economic freedom
15:52 Zeek411: the reason why???? 51% of workers pay no taxes, government dependency has reached an unsustainable level. What does Waldo do, expand the government. I rest my case
15:53 Zeek411: no volume since 12:30
15:53 Zeek411: summer start and someone forgot to tell me?
15:57 st 78: Zeek..not sure if this has already been mentioned..absolutely love your comments..technical or fundamental or general..:-)
15:57 Zeek411: ty
15:57 Zeek411: I do not expect anyone to agree on the political commentary
15:58 Zeek411: I am just angry that the USA has decline precipitously in last 3 years and no one seems the least bit alarmed
15:58 Zeek411: the market posts credit goes to E and his fabulous system
16:00 GT 22: Nite guys, enjoy the evening
16:00 Zeek411: cya GT
16:01 GT 22: Nice post Zeek
Evidently the Boyz have strayed away from the Hamptons this morning… http://youtu.be/imy7nRdFEdw can’t get away from them… #EMWS
live your dreams… it’s high time we joined in the dance… http://youtu.be/ZdDwm3QIwfg #EMWS
gone way to soon … http://youtu.be/RabAcvizwKY #EMWS
everything I own … http://youtu.be/-Q1kB0R4Ijs #EMWS
08:28 E: should capture 35, 36 area #EMWS
08:35 E: if agg short 08:35 E: 39 resistance #EMWS
gap traders say yeehaa #EMWS
09:54 E: yeehaa at 36 half gap #EMWS
09:34 E: anyone plying long 09:34 E: 39 target hit more is good luck 09:26 E: 1340 is fighting pivot #EMWS
09:38 E: angel at 36 hit and run advised in chop #EMWS
08:53 E: gap is 34.5 to 35 #EMWS
09:03 E: high odds trade is done 09:04 E: try scalps short on bounces 09:1 E: wait for new set ups 10:42 E: gap players be happy #EMS
market has sliced and diced traders looking for bo or bd 10:49 E: and market in no hurry #EMWS
still inside fridays range, still inside globex range no volume lunch coming #EMWS
i think this is lunch so squeeze move for busting overnight stops #EMWS
5 pearls of wisdom … / roflmao #EMWS
12:04 E: use 47 as resist #EMWS should be for profit taking 12:20 E: 35 min program starts 11:50 how good are the boyz?
@FlowTraderES nice touch flow wtg #EMWS
12:20 E: remember this pattern 12:20 E: when quiet morning 12:20 E: then likely to bo or bd at lunch #EMWS
@donaldT44 ty for rt … we had no idea which way would go but saw that 1055 uh oh bar … when bo ib then 46/47 targ #EMWS
TS You guys ever heat pepperoni in the oven? RT @Phileo99: @eminiwizard sorry, haven’t kept up w/ the lingo – what does slim jim 1hr mean?
@TraderSmarts sideways narrow range #EMWS
RT @bizman70: @eminiwizard what time frame were u using to see that trap bar / 5 min chart #EWS
@bizman70 I put red ellipse around it at the time and said this bar is important says not so fast shorts #EMWS
@TraderSmarts rofl yes New Haven specialty at Pepes or Sally’s http://bit.ly/iL4k8F #EMWS
@Phileo99 the original fighting line for us was 40 … note symmetry as that is now the middle #EMWS
RT @ZenIg: Greece Leads Surge in European Debt Risk http://tinyurl.com/6kj8w5x/ Zeek new map of EU, Greece is no longer on the map
RT @Phileo99: thx for confirming – no more volatility till maybe later in afternoon session/ 13:58 E: no volume hurry up and wait #EMWS
14:13 E: short side is against primary today 14:17 E: trap and squeeze 14:19 E: longs target? #EMWS
14:34 E: i am thinking this is test the 47 and any more it can get 14:34 E: but not liking the long side anyways beyond 46/47 #EMWS
14:49 E: get a few points this range lock it up #EMWS
14:11 E: if u get gift take it #EMWS
14:33 E: no volume squeeze unreliable … shorts still need to get back into no man’s land or be vulnerable at close #EMWS
afternoon appointment good luck all thanks for posts, rt, and comments #EMWS
RT @eminiplayer: 1340 is test of breakout from day session in ES / lol dont u ever sleep? http://bit.ly/l71D2P #EMWS
RT @GICfutures: @eminiwizard lol / rofl #EMWS
@eminiplayer rofl 2 hrs past my bed time #EMWS
nice call player #EMWS
@eminiplayer @eradke @BamaTrader lol my 89 yr old mom says “wait til u get to be my age” told her by then wont remember what she said #EMWS
@chewtonic actually like both sides… but i think dark side happens faster and i talked about that with members last week. #EMWS
@chewtonic easier to pick one side…and tough to teach, trade, do it all like flip , catch parts of the moves ok for me. #EMWS
@chewtonic gives us decent range, who cares… catch a piece of it. #EMWS
bull market manufactured by overnight gaps… in a secular bear market… no volume, I think it pays to be conservative long side #EMWS
@vkligys @YooDman thanks … much appreciated #EMWS
@chewtonic Understood… and usually enough oppty both sides … hedging another way to play… long calls/ short emini etc #EMWS
@vkligys rofl vytis … u must enjoy that job more than I thought… #EMWS
Note : Many times we are left with “contra” trades… assuming we are sleeping overnight. Just natural to play the migration back to previous support or resistance. “Be neither a Bull nor a Bear, but a seeker of the Truth” – A. Elder
One truth I am aware of… many good friends on twitter to share ideas with in this lonely business.
@vkligys @chewtonic @YooDman @eminiplayer @BamaTrader @eradke @GICfutures @Phileo99 @TraderSmarts @bizman70 @donaldT44 thanks all #EMWS
@FlowTraderES @50Pips @day54 @skytr8r thanks all for rt and comments much appreciated #EMWS
Much appreciated all.