Zymmetry

“Be careful of over trading today.”

“Let’s use the 82 to 83 as mid point idea.”

“Test for support at 79.13.”

“86 to 87 as primary target and resistance this morning.”

“Ratchet type squeeze day possible; after yesterday both sides looking for big moves, I don’t see it…volume should be light.”

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Pre market we suggested hit and run type trading, and likely range day, slight bias to MATD.

The Jets wanted to defend their turf, and the Sharks controlled the surf.

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Five questions we asked our traders to articulate for their “napkin plan” today”

• What type of day do you expect , range or trend?
• Are there any trades worth taking?
• What is your timing model?
• What is normal support and resistance?
• What will be the primary trade?

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The slow-mo climb left the Jets under water. Yesterday’s big meal was digested, then a second helping ordered.

The 82 battle was won by the Bulls today… as NFP approaches tomorrow morning.

Triple Seven said “I think we hold 84 this afternoon to squeeze shorts into the close.” Kudos on a great call.

Adios at 88.75 T1, with 91 to 92 the outside flyer, but too late for my interest.

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Check your w8850 for the midpoint symmetry.

Surf’s up…play it cool before the news.

Breakout Day

Posted 9/2… finally.

On a night when I could write at least 1000 words on today’s action, I am stymied. My website is down, and I am writing this on another one that is operational for now…time to change hosts I think.

Anyone who thinks that markets are easy, needs to show me why.

Vader said it well: 90% on twitter are always profitable? Totally opposite what the Brokers keep telling us?

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Today’s 59 resistance held early as we thought, then doubled at 50.75 and it was off to the races when it broke 59 stops.

We had 57 as possible support, and 54 as primary support for the long side breakout pre market.

Markets don’t normally run like this in a one way up day; but they happen, and more often then traders are willing to admit. Maybe 3 x a month?

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[8:04]  unpektable: GM E
[8:05]  E: hi pek
[8:05]  unpektable: perfect as always with your call of 37-50-62
[8:05]  E: week opened 63.75
[8:06]  E: thanks pek

[8:23]  E: 54 as possible support for the 64 test (week open)
[8:25]  E: and market will be attempting to get to any high possible today
[8:27]  E: 8:07]  E: 63/58 57 right now
[8:28]  E: [8:08]  E: first of month
[8:29]  E: 8:06]  E: today should be buy pb

[8:37]  E: today’s dilemma
[8:37] winning emini: gm E
[8:37] TC 89: gm winning
[8:37]  E: first of month bias
[8:38]  E: is up
[8:38]  E: but we are already at “up”
[8:38]  E: but probably not “up” enough
[8:38]  E: so scalping either side if u play
[8:38]  E: and acap trades better if scalping short
[8:39]  E: because 62.5 is a normal profit taking idea
[8:40]  E: first time at 62 we cannot buy it
[8:40]  E: but as u saw..
[8:40]  E: buyers agg at 57

[8:50]  Zeek411: makes me think we can test 1072 and 1075 late in the day
[8:50]  Zeek411: 777 jtc today
[8:50]  Zeek411: typical first day of the month
[8:51]  Zeek411: this is so they can offload to new money at higher prices
[8:51]  E: note how the 5 min gave incomplete look
[8:51]  Zeek411: it is confusing and annoying
[8:51]  E: but 10   15   30 on the money
[8:51]  Zeek411: snow day is an option
[8:51]  Zeek411: bbl
[8:51] nirav 777: jtc..
[8:51] nirav 777: yes the jumped it…
[8:51] nirav 777: my i jumped with them ast night..
[8:53] Tall Red: someone tweeted CG on how to restore her TOS charts, she is back up!  TOS/TDAmeritrade were no help!
[8:54]  E: so 80/XX/XX mid still what i am thinking
[8:56] Tall Red: y
[8:56] winning emini: y
[8:58] nirav 777: Futia: $ES_F today’s range estimate is 1055-70. I think the ES will stage an upside breakout from its recent trading range and head for 1140

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Three ways to play it: Long, short, not at all.

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What surprised me was the power of the move; 64 test, 68.75, 74.5 all valid, and done in the express elevator in a heartbeat.

I saw the 78 to 82 as extended resistance, and the egregious targets 82.25 to 83.5+

I will not fade this kind of move. “Easier to play the long side”. Thrust from ladies tee, chip around the green, thrust into the close.

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Normally there is an ebb and flow… when there isn’t, we call it a rabid dog day. It is so important, that we have it categorized as a play.

Contras are hard, and not likely to pull back more than five points on this type of day.

Bucket shop theory says better to hit it at the end of day.

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If you step out of the flow, the trick is “how to get back in?”

Many market pros just walk away, waiting for more “normal” behavior.

The squeeze into the close is the “rip your face off” part; then after hours the Bucket shop traders give it up sometimes.

One day does not make a market; but don’t let it make or break your spirit and account.

The General: @eminiwizard getting excited (when you win or lose) only colors your judgment — key thing is to stay in the game

He is smart and savvy…if you aspire to be like him heed those words.

Intuition

No middle ground?

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Th Ant philosophy is alive and well. Kick save, ice it.

Amen to Rain.

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“Don’t get married to your positions.”

37 is support until broken, 48 middle, 59 key resistance.”

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We called a few timing trades today, and by and large got most of it right. The market had numerous reports to digest, and as usual, zigged and zagged catching early longs, late shorts, late longs, late shorts.

Yadaya yadaya yadaya.

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The rhythm is designed to catch all those who do not have any vision.  Those who wait for the “guarantee” are sure to be disappointed.

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The Primary trade was the weekly support (“We are too stretched”) vs the Daily breakdown. Target 1 was 52.75, and we had intermediate resistance at 54.25 to 55.

Lunch chop was anticipated prior to FOMC.

The late day breakdown tested the 45, then the 42 as we anticipated, and the bounce to the 45.75 and 48 was also expected EOD, EOM. The final surge was the one I wasn’t sure would occur, but no matter, we had already played the meat of the move, and we were sidelined.

When 49.5 broke, it signaled trouble for the shorts who didn’t understand the dynamics.

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There is so much noise on twitter, it is deafening.

Time to lighten up again and let the Testosterone junkies go for it.

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Just enjoying the summer picnics, ants and all.

Timing

“We can always get more money, but we can’t get more time.”

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Last night’s post referenced time as an important commodity.  I believe those who squander it will regret it, myself included.

The day back to work after returning from vacation often presents challenges. Rebooting equipment, wrapping our mind around the previous missed action, and a sense of summer fading faster than Friday’s rally.

We liked the outside in approach (retracing) and looked for hit and run opportunities, especially for the down side.

Most unusual for me as presumably it was MATD. Intuition suggested that 74 was resistance, and the 10 point buffer over night never once came into play.

Long Guessers were continually being stopped out: Not one Angel held.

I liked the 74 resistance from the daily and weekly ema’s.

Lunch was typical in it’s bounce…but immediate rejection at the 58 59 area suggested that the long side premise was lacking in conviction.

Prime targets were 53.75 as T1, the 52.75, the 50.88, and then the assumed support at 48.5 which gave way late day. 47.25 was T2, and a support level from Friday was 44.5; late buyers EOD were surprised to see it get tagged.  Any day low was possible, but that was an extended reach by the Pikers. I commented to members that I hadn’t seen any stopping volume.. then some came in at 4:05 after the Faders were forced to exit.

The process of moving the Angels or Demons alerts me to possible trends in play.

If we exit trailers late day, then we are content to let the market play out without us.

Out of ammo; why get in trouble after a good day?

Chart Patterns

I’m back.

Retracing my steps from departure a week ago, I find I have come back more than half way; in truth I am back home, with a few noticeable changes.

First my wallet is lighter.
Second, time has elapsed, and I am a week older.

The time with family, lazily sunning myself at the beach, time spent swimming in the surf, cooking at the beach and boogie boards with grand children; already pleasant but distant memories.

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Unpacking and getting back to normal takes a day of transition.

So too with the markets, I find the easiest way to ease back into the rhythm is notice the broader picture.

A few charts worth noting, and all lines are remaining prior to departure August 21.

Friday’s intra day chart I added the yellow box.
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Member’s have access to these additional notated spreadsheets or charts.

MM

BOP

Model 50 FORD (Fix or Repair Daily)

GCF involves a four letter word called math

Enigma

LWM

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Summer is waning, and volume should be light this next week as we near Labor Day. September is rapidly approaching; I am keeping an open mind, and rather than laugh with Carl or worry with Bob or Tony, I am going to enjoy setting my sails to whatever breeze is blowing…

…Let’s see…life jacket, supply of water, check the maps…

Trend Trading

We hadda funn vakashun. It was gr8.

Lissend 2 musik and moovees.

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Why is evrywunne blaamng me? Nuttin 2 doo wid it.

Stop Losses

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I traced the plumbing back into the basement, and found a pipe that was hot.

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I took an out door shower, and it was scalding hot the way I like them.

KatamaMark fiddled with the controls. It was a fancy mixing valve that included all the bells and whistles. Up selling has a lot to do with that, so we will buy more stuff, and at more inflated prices.

KM unintentionally took a second shower as he explored the controls. The jet streams from the side “all body” shower heads got him good.

“Amateur”.

He finally found the 20% of the controls that give us 80% of our results.

Just use these two dials and don’t touch anything else. Occam’s razor at work.

Km has serious brain power, but he is in the middle of a two week vacation.

His brain is probably disengaged, like mine usually is.

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Where are the signs when we need them?

For those who read them, they may help.

For the rest of us, we stumble forward, and try to help those coming behind us.

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“Watch out for the stump.”

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We were heading out to the MV fair. We had a nice time there last year. I played whac a mole with George, he downed all my lemonade when I wasn’t looking, Ruth Ellen stepped on Meg Ryan’s foot and we watched the pig races.

It was raining this year, and half way out there I said “Is this nuts or what?

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In trading, if we are going in the wrong direction, it is usually easier… (well, not easier, but more profitable) to simply reverse directions and go with the flow.

Stop losses keep us from adding more pain to the one we are already experiencing.

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We did a U turn and headed for Scoops.

We could have saved money by going to the Fair. It cost eight dollars apiece to get in, before we even counted the 2 cups of lemonade. So we are already in the hole fourteen bucks before we count the games and corn dogs.

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The experience, of course, is priceless.

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Ali saw a sign that read “Jewelry”. If Joel had seen it first, of course, he could have ordered a double scoop ice cream for Lucy at Scoops in an attempt to stall.

No such luck.

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Speaking of inflating tires: jewelry, clothing, and food all magically carry larger price tags on the Island. More so than the already normally bloated prices on the mainland. Sorry, no dementia here yet; 25 cents for a movie and about two bits for soda and pop corn when I was a kid.

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They tell me I am “lucky”: now that I am a Senior citizen I can get into the movies for “only” $7.50.

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I felt bad about our U turn; it usually saves us some cash, but this was destined to be an exercise in futility.

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We were driving to Oak Bluffs for a birthday bash for Chris. Jimmy Seas is usually up to the occaision, and tonight was no exception.

Crazy but true: On the way there, as we were midway crossing state beach, an idiot driving a black Ford 150 pick up did a U turn right in the middle of the road. If KM was tailgating, we would have had an accident. As we passed him and exchanged a few wordless glances about his lack of driving skills, he seemed offended that we did not share his perspective on his right to do as he pleases.

He does, as long as it is legal and /or doesn’t put someone else’s life in jeopordy.

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Happy Birthday!

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We were stuffed after enjoying the feast.

A short ride home, no lie, we were talking a mile a minute, and KatamateurMark, oblivious to the signal of the white posts, went past the driveway.

We did a U turn and a minute later, had already recouped the lost mileage.

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Minutes later I put on my Joey Tribiani pants. They are the ones that allow you to have a larger U turn in the waist when you are pregnant, or enjoying the Bounty of Thanksgiving.

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On the way, I was telling a story about Obamination.

At the aforementioned jewelry store, a sette was covered with a huge blanket that had multiple images of our current President.

A woman commented: “I see you are admiring this work.”

Untactfully I suggested: “No, but I am looking at it.”

She made a derogatory remark about my politics, and I did an abrupt U turn, and, remembering it was vacation, withdrew my words as fast as I could, trying to be non-confrontational.

I didn’t know if she would understand that I like the man but not his socialist politics.

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There will always be the polar opposites of darkness and light.

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We give energy to what we focus upon. When the darkness is pitch black, when our thoughts are the inkiest, more than ever we need to make a U turn to find illumination…

Balance

I’ll be back.

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I  am in that place of darkness, where ever deepening shadows dwell.

A few of my Loved ones and family have had a rough time of it lately.

Some things we can control, some we cannot.

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Premarket, the old reliable worked well. I was sleeping.

We had the 72 as first resistance for the gap fill at 63.75, and expected the 74.25 demon also to be resistance.

Gap play was sensible this morning, and then painfully await the 62 test, which we expected to hold. 57.25 was the next target lower as T1. The daily low 7/21 needs to go for more downside.

We felt we were stretched and the market would want to take profits by lunch.

The late day rally caught some hapless shorts off guard… not advisable to trade late Friday with thin volume, especially in the summer when the Boyz are in the Hamptons.

Heading to the land of the Black Dog, with some time uncommitted for anything but leisure and relaxation.

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Markets can wait, responsibilities put on hold, and stepping out of the race for a week.

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Be well, and my gift to you until we meet again …

Rhythm

If we cannot change our mind quickly in this business, we will be begging for mercy.

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My original premise this morning was cautious shorts. The 82 support held overnight.

I was wary of a news spike.. but recognized the 94.5 R1 resistance near the 93.75 pivot.

Scalps is all for the 83 test…done in a hurry.

Bounce target is 89.5 pivot and potential scalp short…

When the 86.5 angel let go…the 83 test is triggered…and then

” 94.5 r1 pivot 89.25 as resistance targets 86.5, 82 82 breaks targets 78 74 71.5 69, any day low do not guess this morning”

Conservative shorts advised to wait for 78 resistance. With profits, aggressive traders will try the contra using 68 support.

Potential for the gap fill was there at 64 area late day, but we felt that would be harder since we had already plunged and hit our primary target.

Step by step.

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The 68.5 low we called was strictly an educated guess… and chop zone defined, with 78 our primary resistance. 82 was the back up pivot.

Theory was discussed, chart patterns, and timing, along with a number of our tools explained.

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We had a new member with us, tried to teach him the basics…and showed a fellow trader what we were doing after he sent me an email requesting more info. I hope he was able to grasp some of our concepts.

Our key marketing strategist Jeffrey Lin popped in, always good to have him with us…and Josh from Infinity Futures also got a look at our style of trading.

A reminder we are educational in nature…we attempt to teach traders who want to be in control of their own funds.

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Vacation is a day away…and I am behind schedule  so I am in git ‘er done mode, kinda like terminal velocity.

Summer Friday, options expiration tomorrow, and quite possibly this is the last post for me until the end of August.

I hope you have also made some time to relax and enjoy yourself with your family… time is the most precious commodity we have…spend it wisely.

Overview

“Inside day possible today, lets assume 82 is support for now and yesterday high at 98.5 key resistance.”

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Following along with tradition, we all want to know “who won’?

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The glass is usually half full or half empty.

If we find it empty, fill it up. If we find it full, drink some until it is half empty…

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Education is a vital part of any business, and so is luck.

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Is there any difference between the short pre market and one during the middle of the day? At the end of the day?

Of course there is.

“the pre market short, imho had better odds today because it included a gap play” … 82 support til broken

EOD, too late for completion unless we planned to hold over. I didn’t. We worked all day…time to unwind and have a life. I did not expect 92 to break…and it did…after 4 pm. Missed is missed.

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Pre market we had the 93 as resistance area for the aggressive shorts. There were a number of reasons, and in a poll many of them, all good reasons, were given by members. The answer I thought was most relevant: 82% Odds for half gap fill, and the market wouldn’t do the same thing two days in a row.

demon 92.25 92 to 94 resist for gap fill, 86.75, and 85.5 angel test take profits … trail only left if u have one

82 was presumed support for bounce … with profits scalp all we know not looking to over trade now

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we came in thinking inside day kills premium… trapping shorts lately or jump the creek to manufacture long …

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@traderCRM @TraderSmarts thank u premise a few days ago we were ahead of ourselves daily..bounce likely…key is gap below, but 82 first

if shorts cant break 82 b4 lunch I think they lose the edge

Like the Road Runner, The knife down finally gained traction, and broke out during lunch.

yesterday resistance 97.75 demon

anything goes now this is stop run on low vol at lunch any high possible

89.5 should be the key support now and welcome to options expiration trapped shorts helped this push

i dont think market plunges this afternoon… squeeze more likely or chop

RT @daytrend: @eminiwizard no real buying? volume low… manipulated at lunch imho this is PPT Boyz move options ex stuff

IB broke to upside all we know

+1200 ticks all u can do is scalp if u like short side and use 99 idea as resist for now

t1 is 97.25 and measured move is 1101.5 T2

the head fake move is the marginal high so key is reaction on pb http://bit.ly/bBve07

dt traders scalp profit taking get by 94 to 92 then different story

@50Pips ty for rt yest was sell off late…i will be surprised if they do two days in row…

RT @TraderSmarts: Haven’t ran yesterday’s stops yet $YM_F / ty agree better odds short from dt but not expecting much

@50Pips the bogus lunch run confuses everyone … but buy 82 support or 87 better odds than buying 95

RT @eminiplayer: After 97 was rejected, thought we’d go a little lower than 95 / Boyz have a few fish on the hook i think

choppy and killing over traders technical demon is 96.5 and 94 magnet guards the gate for now …

RT @tradetime99: @eminiwizard sold the NQ demon @ 61.25 covered at angel 51.50,,,,yessssssssssss / wtg 92 94 is normal pb more is luck

late day so now key is 89.5 again and retest IB high

both sides dropped the ball

RT @eminiplayer: 89-91 = Support/ ty previous 92 93 resistance so that key first for me

boyz have to decide which fish are bigger to keep for frying

RT @Marketrend: @eminiwizard yes agree. double bottom today session / ty and dt also so inside day for now

@TraderSmarts just discussing that here 92 + keeps shorts on hook and – 95 keeps longs so dfd … see where it closes

too late for me but shows the bogus lunch squeeze still inside day and we had 92 breaks = another story

86.25 angel so nice trade shorts who stayed with it … not me

RT @vader7x: can’t keep me down / wtg right attitude

RT @tradetime99: @eminiwizard why did mkt fall off cliff at end / no idea our system any day low was triggered when 95 broke

@tradetime99 and the normal pb was 92 94… after 4 pm breaks the 92… and demon targets angel perfect trap but too late for many day t

RT @Summit_Trading: who is going to bid into this market tomorrow after.. two days in a row $ES_F /didn’t expect it at 4 pm options exp games

Inside day… let’s see if Coyote shows up or not.

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Taking it light next few days…going on vacation to Martha’s Vineyard.

I hope I don’t see any of the Boyz there.

Jedi, I am forgetting all about your chart  patterns but perhaps on the lookout …

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