Tact and diplomacy are required when dealing with markets.
One reason, of course, is because markets are nothing more than a collection of people, and their opinions.
Not lines on a piece of paper (throwback to graph paper era), but the emotions of the traders behind those lines.
Speaking of throwbacks, did you see today’s throwback line?
We had a need for resolving a difference in opinion today between two of our more talented and seasoned traders.
One was really bearish, wanted sub 1250 today. The other wanted a slingshot bounce, trapping the shorts.
(I swear, there is a loonie loose on twitter who calls everyone a moron, despite never posting any objective criteria. If we argue with him, I am fearful of a Robert DiNiro response, as in Taxi Driver.
“You talking to me?”
Nope, minding my own business.
Much more profitable, and besides, nice comic relief in this stressful business…
Where was I, Oh yes..
Why not take the middle ground, and assume range?
I suggested we try 82 as aggressive resistance, and let’s try 65 as support, behind the 68 aggressive support.
The big and the small, they are the same- Book of Five Rings.
I used the idea that our two senior traders were representative of the entire market today.
Like I said Friday, common sense is better than any indicators we can develop.
We continue to find high odds, low risk trades.
I liked the 82 resistance for the half gap and gap, and follow through for testing into the 60’s. This is a classic for us.
[09:30] E: agg shorts using 82 as resist for half gap
[11:54] E: perhaps new low at lunch, then careful of bounce
[08:28] E: so cannot just be thinking short today
[08:35] E: we need to find methodology that works for us consistently
[08:48] E: we cannot be afraid to short
[08:49] E: but cannot just think new lows all day
[08:49] E: we will most likely need several attempts either direction today
[09:29] E: bias today is trap shorts and squeeze
[09:29] E: and hit bounces that fail
[09:29] E: must hold both those thoughts in mind
Risk and reward considered.
NQ conforming nicely.
Multi view pre market, locating charts that may be in play.
@eminiplayer @SpiderTrades @MissTrade @MagisterPips @spz_trader thanks all for posts on #EMWS today
Let me tell you about Mr. Market…