“Não diabolizo projetos” como a mina da Lagoa Salgada

[Dwer]

No Headline Call today due to options expiration

Trade Setup Summary for Thursday, January 15, 2004:
Appologies...No chart today due to technical difficulties.

Sell 1132.75/ Cover at BreakEven

* Sell BreakOut/ Cover at Breakeven going into final 15 minutes close.

Recap of Thursday's Action:
Good Morning and welcome to Friday's briefing.

There is no Headline Call today due to options expiration. We stand aside on options expiration day due to the different type of market activity by the specialists and commercials executing option strategies and portfolio adjustments.

Our Headline Call for Thursday played out exactly according to script as we had forecast an early drop in the morning off the open, support, rally off of support and then a drop later in the session after 1:30 est.

We saw prices just barely miss the Sell Pivot target where we wanted to short and also just miss the B/D where we had suggested a buy.
The BreakOut was the first Hour One pivot hit and we shorted there at 1132.75.

The market pulled back as planned after 1:30 est by about 4 points but returned to the entry going into the closing period. Therefore we covered at Break Even scratching the trade.

AS OF TODAY I AM GOING TO BEGIN LOOKING TO SCALP ANYWHERE FROM 3-6 POINTS OFF OF THE TCF SETUPS FOR A FEW WEEKS OR UNTIL WE START GETTING FULL 6-8 POINT MOVES OFF OF THESE SETUPS.

This is really a survival method of taking what we can get from the TCF setups until the ranges open up a bit and we see the setups hitting 6 pts. or more. We should be back to our regular approach in a week or so. For now however it is important to scalp less points as we see them appear to continue to grow our accounts and not get stopped out waiting for 6-8 points.

I will update you regularly on this and we will all be able to see when the market ranges will start giving us our normal 6-8 point moves again.

Today's Call & Briefing:
There is no Headline Call today due to options expiration day. We do not trade on option expiration days and recommend standing aside in "position neutral".

Value Area: 1,128.10 - 1,134.50
Watch for support and resistance.

Buy Pivot Target: 1,125.25 - 1,126.25
No trade at this pivot today.

Sell Pivot Target: 1,138.75 - 1,137.75
No trade at this pivot today.

10 Day "Pit Bull" Moving Average: 1,124.00
We are closing in on the Pit Bull. Watch for prices to start pulling back to this area soon.

Pro Trader's Action
Let's stand aside today and look for expanded ranges next week as we observe how many points the TCF setups are offering with these lower market ranges. As soon as we see the setups giving us a steady 6 points again we will return to holding for that amount. In the meantime simply look to take 3 to 6 points on a TCF setup move. Look to tighten the stop if the trade has moved in your favor focusing more on using a 6 point initial stop and then getting that stop to 3.75 after trade begins to move favorably.

Have a great weekend and we will review our progress with this temporary adjustment each day of trading until the ranges open up more again.

Mohan