The Boyz are never at a loss for special plays, are they?
They continually bewilder, befuddle, and bewitch us with their game plan.
That is, of course, unless we have read the criminal handbook.
Then nothing surprises us.
The plan today was hit bounces until it stops working, and assume they were scalps, based on travel range and thin markets the past two days.
When the IB high broke, it stopped working.
We chose 32.75 as visual support, and the 37.5 area as a logical entry point for long side traders. The Angel was 37.25.
RT @2pete: @eminiwizard is that a umbrella lol ? / 32.75 tail is being chewed 38 needs to show some support #EMWS
Early resistance was pegged at 47, then 52/57, with the 53.75 half gap as primary resistance. The high odds trade played out.
The lunch pb never materialized, squeezing late shorts, and our interpretation was that the stops were being trampled.
Since the primary trade was now long, we felt that 55/51 were logical contra targets after lunch, and the afternoon battle would be up to the Boyz.
No contest, as it was juiced into the close.
Naked runner wanted 65; he eventually got it, but risk and reward said would you give up 12 points to make 2?
Expectation was for one good short in the afternoon, so day traders had a field day if they were nimble and played both sides.
[15:21] E: ok if shorted
[15:22] E: this is the xx trade
[15:22] E: so take profits advised by 51
[15:22] E: any more is lucky
[15:22] E: nice trade
[15:28] E: keep profits
[15:28] E: protect profit mode late day
My preference was avoid lunch; and however you played it, nice swings were available. I was surprised that the shorts didn’t press it more, but logically concluded that the big Boyz may not get too involved in the September contract since rollover is only a few days away.
[12:44] E: since rollover is coming
[12:44] E: we may find vol lite
[12:44] E: as big players reluctant to enter sept contract
Kudos to the trampoline players from 36 low.
Burn, baby burn…
Satisfaction came in a chain reaction…