Mohan 17/10/03
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There was not much to say about today other than there is some slight bullish tone due to the earnings reports coming out. However, yesterday's early response to these initial earnings reports was to take profits so we should consider this reaction as a sign of possible things to come.
There was not much to say about today other than there is some slight bullish tone due to the earnings reports coming out. However, yesterday's early response to these initial earnings reports was to take profits so we should consider this reaction as a sign of possible things to come.
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Mohan 17/10/03
No Headline Call today due to Options expiration. No TCF trade setups also due to Options expiration.
Trade Setup Summary for Thursday, October 16, 2003:
Sell at 1047.25 or higher on Spike up over the BreakOut.
Cover at 1048.25-9.25 for small 1-2 pts. loss
Recap of Thursday's Action:
Good Morning and thank you for joining with us today.
We had our double edged Headline Call for Thursday looking for higher prices if we got some lower early moves which is what occured. The S&P500 opened about 2-3 handles lower and put in a bottom right there. They slowly moved higher most of the day but not really giving us any trading opportunities according to our system until later in the session. Right as the Philly Fed report was coming out the market made a spike leap on one bar higher to run through the BreakOut and get us on the short side. The High Five at the time of the B/O were not setting up for a bullish B/O so we shorted them into that spike bar/candle.
They pulled back nicely initially and we had our profit zone pegged in the 1039.00 area which we though might come in and test support again but No Cigar on that move as they ground higher. They slowly moved up to the Sell Pivot Target at the 1051.00 area and then pulled back later into the closing hour but never giving our short from the 1047.25 or higher any profit.
You were able to easily cut the trade into the last 30 minutes or so with a small 1-2 pt. loss and just cancel the day as a wash.
There was not much to say about today other than there is some slight bullish tone due to the earnings reports coming out. However, yesterday's early response to these initial earnings reports was to take profits so we should consider this reaction as a sign of possible things to come.
There is no Headline Call today due to Options expiration on which days we do not suggest trading. The bias is still there in our Market Force indicators for selling rallies as the best side of the market to stay on for easiest profits but as mentioned, no trade suggestions are made for these days.
Today's Call & Briefing:
Today is a good day for some extra research or projects around the house if you have them. Sure, the Option expiration days can have some nice moves but we find that very often it is just large hedge traders and others repositioning their portfolio strategies and the real volume backed moves are not there.
We do have a bias towards staying on the sell side as mentioned but for today we will look to stand aside as per our normal policy on the Option expiration days and the Fed announcement days.
Value Area: 1,043.00 - 1,048.60
Watch this zone for viewing market bias. We still have that strong support at 1039.00 and the Pit Bull is closing the gap even more too so let's keep an eye on the reaction to these things today if you decide to watch the screen.
Buy Pivot Target: 1,043.25 - 1,044.25
No trade at this Pivot Target recommended.
Sell Pivot Target: 1,053.75 - 1,052.75
No trade at this Pivot Target recommended.
10 Day "Pit Bull" Moving Average: 1,039.90
Look at the ol' Pit Bull crammed right up against the 40 handle there. This 1039-40 area is the big support right now. Will it crack soon? Today perhaps? Should be interesting to watch. We are expecting prices to blow through this zone lower pretty soon.
Pro Trader's Action
We had a decent week staying on the sell side. I made a special commentary this week on the "Illusion of the Markets" which I hope you all read (In the Recap section on Wednesday 15th briefing).
Overall our TCF system and the market lately has been rewarding us on the short side and keeping us out of the market when things are not setting up correctly to profit. The days where we were off were only a few small losses so everything is kept contained. Times like these are what test the real traders from the "Hobbyists" who think they ALWAYS have to be making all these points. Sometimes the action is just not there, or the range and the points. We just want to focus on survival and preserving capital by following our proven system. The big days will take care of themselves if we just show up for work and learn to do the right things in the S&P500 Jungle.
Have a great weekend and all the best to you and your loved ones who support you in this great business...S&P500 Futures trading. Mohan
Trade Setup Summary for Thursday, October 16, 2003:
Sell at 1047.25 or higher on Spike up over the BreakOut.
Cover at 1048.25-9.25 for small 1-2 pts. loss
Recap of Thursday's Action:
Good Morning and thank you for joining with us today.
We had our double edged Headline Call for Thursday looking for higher prices if we got some lower early moves which is what occured. The S&P500 opened about 2-3 handles lower and put in a bottom right there. They slowly moved higher most of the day but not really giving us any trading opportunities according to our system until later in the session. Right as the Philly Fed report was coming out the market made a spike leap on one bar higher to run through the BreakOut and get us on the short side. The High Five at the time of the B/O were not setting up for a bullish B/O so we shorted them into that spike bar/candle.
They pulled back nicely initially and we had our profit zone pegged in the 1039.00 area which we though might come in and test support again but No Cigar on that move as they ground higher. They slowly moved up to the Sell Pivot Target at the 1051.00 area and then pulled back later into the closing hour but never giving our short from the 1047.25 or higher any profit.
You were able to easily cut the trade into the last 30 minutes or so with a small 1-2 pt. loss and just cancel the day as a wash.
There was not much to say about today other than there is some slight bullish tone due to the earnings reports coming out. However, yesterday's early response to these initial earnings reports was to take profits so we should consider this reaction as a sign of possible things to come.
There is no Headline Call today due to Options expiration on which days we do not suggest trading. The bias is still there in our Market Force indicators for selling rallies as the best side of the market to stay on for easiest profits but as mentioned, no trade suggestions are made for these days.
Today's Call & Briefing:
Today is a good day for some extra research or projects around the house if you have them. Sure, the Option expiration days can have some nice moves but we find that very often it is just large hedge traders and others repositioning their portfolio strategies and the real volume backed moves are not there.
We do have a bias towards staying on the sell side as mentioned but for today we will look to stand aside as per our normal policy on the Option expiration days and the Fed announcement days.
Value Area: 1,043.00 - 1,048.60
Watch this zone for viewing market bias. We still have that strong support at 1039.00 and the Pit Bull is closing the gap even more too so let's keep an eye on the reaction to these things today if you decide to watch the screen.
Buy Pivot Target: 1,043.25 - 1,044.25
No trade at this Pivot Target recommended.
Sell Pivot Target: 1,053.75 - 1,052.75
No trade at this Pivot Target recommended.
10 Day "Pit Bull" Moving Average: 1,039.90
Look at the ol' Pit Bull crammed right up against the 40 handle there. This 1039-40 area is the big support right now. Will it crack soon? Today perhaps? Should be interesting to watch. We are expecting prices to blow through this zone lower pretty soon.
Pro Trader's Action
We had a decent week staying on the sell side. I made a special commentary this week on the "Illusion of the Markets" which I hope you all read (In the Recap section on Wednesday 15th briefing).
Overall our TCF system and the market lately has been rewarding us on the short side and keeping us out of the market when things are not setting up correctly to profit. The days where we were off were only a few small losses so everything is kept contained. Times like these are what test the real traders from the "Hobbyists" who think they ALWAYS have to be making all these points. Sometimes the action is just not there, or the range and the points. We just want to focus on survival and preserving capital by following our proven system. The big days will take care of themselves if we just show up for work and learn to do the right things in the S&P500 Jungle.
Have a great weekend and all the best to you and your loved ones who support you in this great business...S&P500 Futures trading. Mohan
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- Mohan 161003.GIF (36.7 KiB) Visualizado 205 vezes
Abraço,
Dwer
There is a difference between knowing the path and walking the path
Dwer
There is a difference between knowing the path and walking the path
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