Yee Ha Ha Ha Ha
Trying to get my work done, and the Stanley Cup finals are just too distracting…
What can I say… when it rains it pours.
Chewy read the pattern right… the 60 minute chart had an umbrella pattern… and needed the rest of the charts to fall into place. Last night’s post I said I thought we would break the 58.
That didn’t take long.
The Yee’s got going, and the Ha’s started to get picked off step by step, one by one as momo developed today in an elevator day that said “going down”.
Given a choice, we prefer to take trend trades until it becomes obvious the direction has changed, or timing says “enough”.
We also have a preference for getting the direction right… from pre market activity: Steak and Lobster rather than Hamburg.
No problem mind you either way… as long as we keep eating.
Overnight, we felt the gateway to lower lows was the 76.
We had that as yesterday’s support; today it turned into resistance.
Trade management became the key for the Ho Ho Ho. Risk reward said don’t get mangled up late day waiting for the final point or so. 55 support for those with profits who wanted to try the late contra.
The Kaiser Soze began late yesterday, near the 88 resistance as we posted last night. What started as a simple retracement completed the round-tripper and then some.
It’s option expiration week, so anything goes.
I leave the prediction business for those smarter than me. If it is testing for support, then I need to see evidence of that before I think the low or high is in. The depth of this pullback said leave the contras to the guessers as any day low was possible.
New members have seen the power of the system unfold before their eyes.
Congrats to the Boston Bruins… hustle all the way to the final whistle.