Mohan 28/10/03
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Mohan 28/10/03
No Headline Call today due to FOMC meeting.
Trade Setup Summary for Monday, October 27, 2003:
No TCF Trade setups occured today.
Recap of Monday's Action:
Good Morning and thank you for joining us today on the Morning Call.
Our Headline Call for Monday was looking for an early rally off a higher opening that would fizzle out most likely during the mid to later part of the session. We got the higher opening and the early rally right up to the Sell Pivot Target which we had not recommended taking.
Some of you shorted at the Sell Pivot Target on the early rally and that actually turned out to be the only real trade of significance for the day. The prices pulled back to the BreakDown of the Hour One pivots and basically went flat all day as traders waited for today's FOMC meeting to give some further clues as to market bias.
When the market hit the B/D there really was not a reason to buy as our Headline Call was looking for an early rally to pullback which it already had done. The call also was looking for the market to settle lower so there really wasn't any viable reason to be looking for higher prices.
If you went ahead and bought the B/D anyway there were small profits and losses on both sides of the B/D pivot with the market eventually settling near even. So for today we will not record a profit for the early Sell Pivot trade or show a trade at the B/D based on the above listed reasons.
Today's Call & Briefing:
We do not offer Headline Calls on FOMC meeting days. Our bias however for today is underlying bullish for higher prices. We consider that the FOMC days are better off left alone usually rather than take the risk of having a good trade on either side stopped out as the market makes erratic moves coming into the announcement.
The ideal scenario for seeing 2 more up days would be to see the market reach for a new month high above 1054.00 with slow grind rallies that build up bearish positions on the moves higher. As prices move up the bears are gradually cleaned out of those positions with each higher price explosion up.
If we do not see this but instead witness radical spikes higher then this will most likely draw overzealous Bulls into the market and we will see the lower push.
Right now after seeing our 1016 lower fufillment number get hit and watching prices rocket up after that we are expecting a shot at a new month high with an ultimate goal of stretching up to the 1071.00 price.
No TCF Trade setups recommended today due to the FOMC meeting.
Value Area: 1,030.80 - 1,036.00
If the higher price scenario is going to be correct then they will hold above this Value Area for most of today and moves back into it will get bought up and continue higher.
Buy Pivot Target: 1,026.50 - 1,027.50
No Trade at this target today. Observe the -4.25 stop/pivot for support.
Sell Pivot Target: 1,035.75 - 1,034.75
No Trade at this target today. Watch for prices to move above this and outside of the current range bound action just above this price. Look for trade to get back in the mid to higher 1040's.
10 Day "Pit Bull" Moving Average: 1,038.70
We have moved below the Pit Bull and there seems to be some support coming in. If we find prices push back up to the Pit Bull and form a "line in the sand" there then most likely they will be pushing back up higher again for a new month high test and beyond.
As mentioned above it will depend on the bias created by the traders positions overly weighted to one side combined with the Financial News one sided bias.
Pro Trader's Action
As mentioned we have no Headline Call and therefore no TCF setups for today. Let's just watch the action and see how the bias turns out in response to the FOMC announcement.
We had our lower 1016 area fufilled and they smoked the prices up hard right after that fufillment which is a bullish sign. Basically the market is POINTING in the direction it wants to go. Today should give further evidence of this if it is to be proven correct.
I am preparing to hop a plane this week and come visit with all of you who have signed up for our 21st Century Futures seminar. We have lots of surprises planned and I sure will look forward to meeting you there. Rest assured you will come away from the seminar with greatly enhanced clarity about our TCF Setups, briefings and YOUR TRADING CAREER. See you soon.
Have a great day, Mohan
Trade Setup Summary for Monday, October 27, 2003:
No TCF Trade setups occured today.
Recap of Monday's Action:
Good Morning and thank you for joining us today on the Morning Call.
Our Headline Call for Monday was looking for an early rally off a higher opening that would fizzle out most likely during the mid to later part of the session. We got the higher opening and the early rally right up to the Sell Pivot Target which we had not recommended taking.
Some of you shorted at the Sell Pivot Target on the early rally and that actually turned out to be the only real trade of significance for the day. The prices pulled back to the BreakDown of the Hour One pivots and basically went flat all day as traders waited for today's FOMC meeting to give some further clues as to market bias.
When the market hit the B/D there really was not a reason to buy as our Headline Call was looking for an early rally to pullback which it already had done. The call also was looking for the market to settle lower so there really wasn't any viable reason to be looking for higher prices.
If you went ahead and bought the B/D anyway there were small profits and losses on both sides of the B/D pivot with the market eventually settling near even. So for today we will not record a profit for the early Sell Pivot trade or show a trade at the B/D based on the above listed reasons.
Today's Call & Briefing:
We do not offer Headline Calls on FOMC meeting days. Our bias however for today is underlying bullish for higher prices. We consider that the FOMC days are better off left alone usually rather than take the risk of having a good trade on either side stopped out as the market makes erratic moves coming into the announcement.
The ideal scenario for seeing 2 more up days would be to see the market reach for a new month high above 1054.00 with slow grind rallies that build up bearish positions on the moves higher. As prices move up the bears are gradually cleaned out of those positions with each higher price explosion up.
If we do not see this but instead witness radical spikes higher then this will most likely draw overzealous Bulls into the market and we will see the lower push.
Right now after seeing our 1016 lower fufillment number get hit and watching prices rocket up after that we are expecting a shot at a new month high with an ultimate goal of stretching up to the 1071.00 price.
No TCF Trade setups recommended today due to the FOMC meeting.
Value Area: 1,030.80 - 1,036.00
If the higher price scenario is going to be correct then they will hold above this Value Area for most of today and moves back into it will get bought up and continue higher.
Buy Pivot Target: 1,026.50 - 1,027.50
No Trade at this target today. Observe the -4.25 stop/pivot for support.
Sell Pivot Target: 1,035.75 - 1,034.75
No Trade at this target today. Watch for prices to move above this and outside of the current range bound action just above this price. Look for trade to get back in the mid to higher 1040's.
10 Day "Pit Bull" Moving Average: 1,038.70
We have moved below the Pit Bull and there seems to be some support coming in. If we find prices push back up to the Pit Bull and form a "line in the sand" there then most likely they will be pushing back up higher again for a new month high test and beyond.
As mentioned above it will depend on the bias created by the traders positions overly weighted to one side combined with the Financial News one sided bias.
Pro Trader's Action
As mentioned we have no Headline Call and therefore no TCF setups for today. Let's just watch the action and see how the bias turns out in response to the FOMC announcement.
We had our lower 1016 area fufilled and they smoked the prices up hard right after that fufillment which is a bullish sign. Basically the market is POINTING in the direction it wants to go. Today should give further evidence of this if it is to be proven correct.
I am preparing to hop a plane this week and come visit with all of you who have signed up for our 21st Century Futures seminar. We have lots of surprises planned and I sure will look forward to meeting you there. Rest assured you will come away from the seminar with greatly enhanced clarity about our TCF Setups, briefings and YOUR TRADING CAREER. See you soon.
Have a great day, Mohan
- Anexos
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- Mohan 281003.GIF (39.85 KiB) Visualizado 130 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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