Caution shorts, it may be time for a slingshot trade.
Call me paranoid.
As I said in last night’s post, I expected a jam yesterday, we didn’t get it.
Today that thought remained and I warned our traders of my skepticism of the short side early today.
Premarket ideas scale out the 41’s early and anything below 38 I am REALLY nervous.
Our model suggested Charlie would get whacked if he was thinking aggressively short. Zeek, our resident bear offered that idea, so we had every reason to believe short side would be scalps against intraday pushes to the long side.
“Do not linger”.
7:12 E: slingshot looking for
We felt the lunch contra was to test the IB breakout and the rotational pivot
The longs we felt woud run into resistance in the 50/52 zone.
Trust our intuition.
Daily chart will leave the most traders confused, just as the market should.
I talked with some very bright profilers the past few days. Whatever our methodology, remember basic psychology usually comes into play. It’s not just about our numbers and favorite lvn’s. Risk reward is a very real dynamic that enters into the picture, creating opportunities for astute sequence traders.
Seek excellence, not perfection.
The more we wait for confirmation, expect that more of the move is already done…
Most traders wont listen to someone else’s experiences; that’s why it take so long for most of us to develop a modicum of positive results.
Seasoned veterans had a hunch today was a bounce day; the question became how high.
With T1 at 51, I liked 52 resistance for the stall EOD, despite higher targets possible.
The Professional edge, day after day…