Tag archive for ‘support and resistance’
The Trend is Your Friend…
The Trend is your friend…
until it comes to an end…
There are many half-truths in our business. Enough to drive you crazy.
We have a core philosophy at eminiwizard.com that guides us.
It helped us call for the 87 target as resistance pre market, and then we suggested off by 81 to 82 and reverse. Profits gained in [...]
Riding the Rhythm
The market did it’s normal two step shuffle back and forth, and although the range was small, it did offer opportunities.
Sometimes we need to be nimble, and other times we can just ride the rhythm.
Small range days it makes more sense to catch a piece of the action, and usually it doesn’t make much difference [...]
Emini Resistance and Support
Ho hum, boring day.
Anyone who just glanced at yesterday’s closing price and today’s would conclude nothing happened.
Flat.
As a trader, we experienced a bit more, wouldn’t you agree?
Note the heading of this blog, and the caption on the chart below.
Subtleties exist in the market, and we must always discover them, because there is a huge difference in [...]
I support Resistance
Two days ago we posted the 47 to 52 as resistance.
“All off by 50″ in the trade that jammed the late shorts.
To play the game, we must know how the enemy thinks and acts.
The “chump change” higher high or lower low is meant to trick and deceive us.
A great example of that was the 22.5 [...]
The Middle is the Middle
Wild day.
That’s all I can say.
This market is not for the faint of heart; nor anyone without seat belts or stop losses.
How many ways can it trick us? More than I can tell you, that’s for sure.
Selling highs, buying lows, that’s all I know. The odds are better there.
What’s high?
What’s low?
Everything is relative.
Keep it simple, [...]
Shakin’ hands
In last night’s post we speculated that the weak hands were being shaken out by the Boyz; today’s action confirmed that opinion.
The market has taken a nose dive of 50 points off last Friday’s high.
Gotta love option expiration.
“Bounces are for shorting” was our mantra, and the market never looked back after we called the longs [...]
Round numbers
Someone recenty asked me for my current support and resistance.
“Hard to say.”
Can’t you be more specific?
“Of course, I just don’t want to confuse you.”
Try me.
Ok, Round numbers, let’s call 825 as resistance, and 775 as support, with 800+/- being the middle.
Intermediate support may be somewhere between “85 and 92″.
The rest is, as they say, “Horse [...]
Emini to the Maxi
The early morning test of the weekly low held, and that was all she wrote for the short side other than intra-day range trading and scalps.
Our system sell was 70 resistance, and we stood aside late day after the first attempt as it became obvious the longs were trying to jam the shorts.
As a trader, [...]
Stop Using Stop Losses
Stop losses aren’t for everyone. Some very sophisticated traders don’t use them. They use a form of hedging, and/or have a mental blueprint that allows them to have a catastrophic stop when their premise is broken.
I don’t advocate that methodology for beginners. It takes time to understand how markets work, and in the live arena, [...]
Buy Fear Sell Greed
On a personal level, the Emini wizard system recognizes that we all have emotions, and that we need to understand how to use them for our advantage.
If you have been around the markets for awhile, you probably will agree that you experience these “feelings”, and sometimes, if not often, talk yourself out of some great [...]
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