Mohan 05/04/04
Enviado: 5/4/2004 12:45Market Force: Bullish/Neutral. Market to continue to move higher but exercise caution on a higher opening and early rally today to 1151.00 for intraday pullback.
Trade Setup Summary for Friday, April 2, 2004:
We stood aside on Friday and did not recommend any trades on our Live Update service.
Recap of Friday's Action:
Good Morning and welcome back from the weekend.
We had offered a continued Bullish call for Friday with a Neutral bias for the trading day and suggested standing aside from trading.
It was an ideal call as they once again gapped up the futures HUGE by +10 handles and then traded in a quiet range bound setup with mostly erratic Trailblazer patterns.
A good day to stand aside as we saw it coming.
We will be looking for a little more range and volatility this week which will be good for the trading action.
I have been doing some excellent research on the Trailblazer trading patterns this weekend and will be applying that to this weeks trade action.
The market is expected to continue bullish with some CAUTIONS on rallies that get going too fast. Here's the scoop.
Today's Call & Briefing:
We had remained bullish on Friday and we are more bullish for today but with a CAUTION on another gap up opening this morning and early rally.
We want to be especially aware of how they open and act in the first 30 minutes of trading or so today.
Ideally we will get a lower opening and early drop which should continue the bullish action possibly through Tuesday's close.
If so we are looking at 1151 as the first goal higher with 1156 as the fufillment of an up pattern. At that point we are expecting the market to start rolling into a SELL MODE which we will be looking for a decent but contained pullback as they take off strongly to the upside later in the year.
As we are very short term traders, indeed intraday traders, I will always focus on that. But those of you who are familiar with my work here know that I also give highly accurate forecasts for the longer term periods too using our 18 proprietary indicators and other indicators I have developed for both short term (up to 3 months) and longer term views.
We had been very bullish since the beginning of the so-called Iraq War, went into a short term Sell Mode last month with prices closing over 1160.00 until Mid March with prices just under the 1100 handle we moved into a Buy Mode.
We are now on the verge of rolling back to a short term Sell Mode on the next day or two higher which we expect a pullback to the 1125 area or so. IE: not a big deal but just an energy gathering pullback for a launch to new highs going into the end of the year. Actually we are expecting the next several years to be very positive for stock market investing but more on that later.
So overall for today we are looking for flat to lower openings to be bullish for continued higher prices today and through Tuesday mid session. If we get ANOTHER early rocket ship blast upwards that could throw some water on today's higher move as prices pullback some.
Later this week we will be recalibrating a new SEll MODE and looking to see if we enter that or go into an aberration on that sell mode and keep rocking and rolling higher. The small pullback mentioned is fully expected to manifest however.
Whatever the market does is fine with us as we follow our Trailblazer approach and are able to trade the market in the direction dictated by that.
With Trailblazer the key is to stay on the same side primarily of the current Market Force direction but be willing to take small counter directional trades for a volatility bounce in the opposite direction of a full 3rd level TB move.
Value Area: 1,138.00 - 1,142.00
We are expecting the markets to move above 1142.00 today and hold above this VA which will be a mild bullish sign as we finish off the upside pattern shooting for 1156.00.
Buy Pivot Target: 1,136.75 - 1,137.75
On any lower openings we will first be watching this price zone to see if we get any strong Trailblazer formations. However, I am committed now, especially on Monday's, to letting the first Hour play out and let the High Five give us some clear hints as to bias.
So we can compare this zone here with the Hour One BreakDown which ideally will be the first Hour One pivot hit so we can do some buying.
Sell Pivot Target: 1,145.75 - 1,144.75
This zone formed the Highs on Friday and we want to see how prices respond here. On a lower opening and early move lower we would expect prices to rise through this area and stretch for 1150.00 which is the +4.25 stop/pivot.
Above that our goal as mentioned is 1151 and then 1157.00 to finish off the pattern.
10 Day "Pit Bull" Moving Average: 1,113.70
We are still in a "Buy Drops" mode above this number. After we finish off the upside pattern in a day or so we will be looking for the gap between this number and the current closing price to start shrinking. We will then be looking for rallies to get hit with stronger selling.
Pro Trader's Action
We are looking to have a very nice week with increased volatility and hopefully more range.
We got a Quadruple Options expiration coming up on Thursday with the MARKETS CLOSED ON FRIDAY so it will be a short week for trades.
The 9/11 committe and the public demand is forcing testimony out of Condi Rice on Friday publicly and the Bush squad privately so there may be some affect on the markets the following Monday but it is hard to say just yet.
Look for some updates on our Trading Handbook soon as I have implemented our newer approach to the Hour One pivots using the Trailblazer approach. Hopefully by the end of the week those changes will be there for you to read but for those who have read our "Ask Mohan" posts and follow our daily Live Updates you are already up to speed on these. It's mostly for the many new subscribers joining who are not aware of the drastic changes the markets have been through since December of last year in relation to our TCF Handbook.
Let's have a great week and I'll see you in the action. Mohan
Trade Setup Summary for Friday, April 2, 2004:
We stood aside on Friday and did not recommend any trades on our Live Update service.
Recap of Friday's Action:
Good Morning and welcome back from the weekend.
We had offered a continued Bullish call for Friday with a Neutral bias for the trading day and suggested standing aside from trading.
It was an ideal call as they once again gapped up the futures HUGE by +10 handles and then traded in a quiet range bound setup with mostly erratic Trailblazer patterns.
A good day to stand aside as we saw it coming.
We will be looking for a little more range and volatility this week which will be good for the trading action.
I have been doing some excellent research on the Trailblazer trading patterns this weekend and will be applying that to this weeks trade action.
The market is expected to continue bullish with some CAUTIONS on rallies that get going too fast. Here's the scoop.
Today's Call & Briefing:
We had remained bullish on Friday and we are more bullish for today but with a CAUTION on another gap up opening this morning and early rally.
We want to be especially aware of how they open and act in the first 30 minutes of trading or so today.
Ideally we will get a lower opening and early drop which should continue the bullish action possibly through Tuesday's close.
If so we are looking at 1151 as the first goal higher with 1156 as the fufillment of an up pattern. At that point we are expecting the market to start rolling into a SELL MODE which we will be looking for a decent but contained pullback as they take off strongly to the upside later in the year.
As we are very short term traders, indeed intraday traders, I will always focus on that. But those of you who are familiar with my work here know that I also give highly accurate forecasts for the longer term periods too using our 18 proprietary indicators and other indicators I have developed for both short term (up to 3 months) and longer term views.
We had been very bullish since the beginning of the so-called Iraq War, went into a short term Sell Mode last month with prices closing over 1160.00 until Mid March with prices just under the 1100 handle we moved into a Buy Mode.
We are now on the verge of rolling back to a short term Sell Mode on the next day or two higher which we expect a pullback to the 1125 area or so. IE: not a big deal but just an energy gathering pullback for a launch to new highs going into the end of the year. Actually we are expecting the next several years to be very positive for stock market investing but more on that later.
So overall for today we are looking for flat to lower openings to be bullish for continued higher prices today and through Tuesday mid session. If we get ANOTHER early rocket ship blast upwards that could throw some water on today's higher move as prices pullback some.
Later this week we will be recalibrating a new SEll MODE and looking to see if we enter that or go into an aberration on that sell mode and keep rocking and rolling higher. The small pullback mentioned is fully expected to manifest however.
Whatever the market does is fine with us as we follow our Trailblazer approach and are able to trade the market in the direction dictated by that.
With Trailblazer the key is to stay on the same side primarily of the current Market Force direction but be willing to take small counter directional trades for a volatility bounce in the opposite direction of a full 3rd level TB move.
Value Area: 1,138.00 - 1,142.00
We are expecting the markets to move above 1142.00 today and hold above this VA which will be a mild bullish sign as we finish off the upside pattern shooting for 1156.00.
Buy Pivot Target: 1,136.75 - 1,137.75
On any lower openings we will first be watching this price zone to see if we get any strong Trailblazer formations. However, I am committed now, especially on Monday's, to letting the first Hour play out and let the High Five give us some clear hints as to bias.
So we can compare this zone here with the Hour One BreakDown which ideally will be the first Hour One pivot hit so we can do some buying.
Sell Pivot Target: 1,145.75 - 1,144.75
This zone formed the Highs on Friday and we want to see how prices respond here. On a lower opening and early move lower we would expect prices to rise through this area and stretch for 1150.00 which is the +4.25 stop/pivot.
Above that our goal as mentioned is 1151 and then 1157.00 to finish off the pattern.
10 Day "Pit Bull" Moving Average: 1,113.70
We are still in a "Buy Drops" mode above this number. After we finish off the upside pattern in a day or so we will be looking for the gap between this number and the current closing price to start shrinking. We will then be looking for rallies to get hit with stronger selling.
Pro Trader's Action
We are looking to have a very nice week with increased volatility and hopefully more range.
We got a Quadruple Options expiration coming up on Thursday with the MARKETS CLOSED ON FRIDAY so it will be a short week for trades.
The 9/11 committe and the public demand is forcing testimony out of Condi Rice on Friday publicly and the Bush squad privately so there may be some affect on the markets the following Monday but it is hard to say just yet.
Look for some updates on our Trading Handbook soon as I have implemented our newer approach to the Hour One pivots using the Trailblazer approach. Hopefully by the end of the week those changes will be there for you to read but for those who have read our "Ask Mohan" posts and follow our daily Live Updates you are already up to speed on these. It's mostly for the many new subscribers joining who are not aware of the drastic changes the markets have been through since December of last year in relation to our TCF Handbook.
Let's have a great week and I'll see you in the action. Mohan