Mohan 18/05/04
Enviado: 18/5/2004 15:01Market Force: Bullish (Caution). Market is ready to rally but news is totally Bear Ugly which is holding back the upper move.
Trade Setup Summary for Monday, May 17, 2004:
S@1087.50/ B@1083.25 +4.25 profit
Recap of Monday's Action:
Our overall Healine Call and Market Force indications panned out today although the bounces off the low were met with a very Bearish High 5 so the end result was a See Saw type trading environment. Here are my Wrap Up comments from Monday's Live Update Service.
"With the way the market set up today with the dramatic early gap down (-11.00 handles approx.) and then a later rally attempt we wanted to work the short side.
The prices pushed up to our objective that we were honing in on at the 1087-88 area and we shorted at 1087.50.
We got a nice pullback down to support which was developing around 1082-3 forming an intraday Value Area so we covered the short at recommended 1083.25 for a +4.25 profit.
After watching the market some time, although tempting to get long on another lower dip, we stood aside.
The result of the day was a See Saw market moving between around 1082 and 1088. So on balance we booked our fairly early profit catching the main early trend down.
Market tried, but failed, to get above the 1090.00 crucial area to get a rally going. If prices can hang up near 1090 overnight on Globex then maybe we can get some higher prices going tomorrow."
WE ARE GETTING A HUGE RESPONSE TO OUR 1 WEEK FREE TRIAL TO THE TCF LIVE UPDATE SERVICE. This service is hosted by me daily with analysis, Trailblazer chart formation training, Market Profile key numbers, and exact trade entry/exit/stop management lessons to cut your learning curve drastically. I post the results and daily Market Wrap Up here on the Morning Call so you can see the results. Call (800) 806-4801 and ask for your free trial today to join me in the live action.
Today's Call & Briefing:
Our Headline Call for today is for Bullish Market Force to kick in but CAUTIOUS because of the Ugly news everywhere.
The key is to try and play off the See Saw of opinions influencing the market, continue our cautious stance as far as scalping profits daily, and just keep wading through this period of weakness.
THE OPENING PRICE WILL BE CRUCIAL TODAY.
If the market holds above the opening that will be the first step to moving higher. Next will be to see if prices can hold above 1083.00-1086.00.
Above that a rally can get going if prices can move above 1090.00 and then 1095.00. Depending on the opening that may be a tall task or it may be a piece of cake. I suspect with the current Ugly News environment it will be a struggle...BUT POSSIBLE TODAY.
WATCH FOR TODAY: A move below the Hour One low for support to come in and see a gradual rise today after almost 10 sessions of pounding lower.
Although it would seem like a difficult trade to make there is a good chance that we could get a BreakOut of the first hour high IF THE HIGH FIVE SUPPORT THE HIGHER PRICE ACTION.
No matter what...Unless the High Five are very bullish (can't imagine why)...look to just take some scalp profit off the table and not too much risk.
Value Area: 1,082.00 - 1,086.00
With the lower Value Area zone developing at 1082.00 as suggested Monday on our intraday live service this will be a very key zone for today. Trade above this and above the 1086.00 will support higher prices.
If we get a gap up opening above 1090.00 WATCH FOR PULLBACKS TO 1086 TO FIND SUPPORT.
Buy Pivot Target: 1,079.25 - 1,080.25
We may get another pullback down to this zone but it is not fully expected.
A bullish move would be more reliable finding support above the top of the Value Area. A pullback down here again could be a sign that they are going lower so it would be more risky.
So no trade at this target but we can use it to compare to the Hour One lows for today.
Sell Pivot Target: 1,090.25 - 1,089.25
Here is a key price zone for today. If they rally through this or move here, pullback and then move higher again we may find support coming in here on such a move.
+4.25 stop/pivot is at 1094.50 and moving above that number could send em back towards the 1100.00 handle.
10 Day "Pit Bull" Moving Average: 1,099.40
With the Pit Bull right here at the 1100 handle we have an interesting possibility IF they can rally up here today.
I would certainly expect initial resistance to come in but the chance of us moving through this to the upside this week could be possible IF WE CAN PUT THE BAD NEWS BEHIND US in terms of the market having factoring that in already. Good luck with that one.
Pro Trader's Action
Another WILD CARD market today as we look for a potential bullish move but with Caution as to actually how high they can run em up.
Just be ready to reverse and go short if the High Five appear bullish at first and then later start getting very heavy again. If this occurs we can play both sides although I suspect today will be a challenging move higher.
How and if we can catch that will remain to be seen after the market opens and we get into the numbers, Trailblazer chart formations and the indicators.
Good Luck today and I'll see you in the action. Mohan
Trade Setup Summary for Monday, May 17, 2004:
S@1087.50/ B@1083.25 +4.25 profit
Recap of Monday's Action:
Our overall Healine Call and Market Force indications panned out today although the bounces off the low were met with a very Bearish High 5 so the end result was a See Saw type trading environment. Here are my Wrap Up comments from Monday's Live Update Service.
"With the way the market set up today with the dramatic early gap down (-11.00 handles approx.) and then a later rally attempt we wanted to work the short side.
The prices pushed up to our objective that we were honing in on at the 1087-88 area and we shorted at 1087.50.
We got a nice pullback down to support which was developing around 1082-3 forming an intraday Value Area so we covered the short at recommended 1083.25 for a +4.25 profit.
After watching the market some time, although tempting to get long on another lower dip, we stood aside.
The result of the day was a See Saw market moving between around 1082 and 1088. So on balance we booked our fairly early profit catching the main early trend down.
Market tried, but failed, to get above the 1090.00 crucial area to get a rally going. If prices can hang up near 1090 overnight on Globex then maybe we can get some higher prices going tomorrow."
WE ARE GETTING A HUGE RESPONSE TO OUR 1 WEEK FREE TRIAL TO THE TCF LIVE UPDATE SERVICE. This service is hosted by me daily with analysis, Trailblazer chart formation training, Market Profile key numbers, and exact trade entry/exit/stop management lessons to cut your learning curve drastically. I post the results and daily Market Wrap Up here on the Morning Call so you can see the results. Call (800) 806-4801 and ask for your free trial today to join me in the live action.
Today's Call & Briefing:
Our Headline Call for today is for Bullish Market Force to kick in but CAUTIOUS because of the Ugly news everywhere.
The key is to try and play off the See Saw of opinions influencing the market, continue our cautious stance as far as scalping profits daily, and just keep wading through this period of weakness.
THE OPENING PRICE WILL BE CRUCIAL TODAY.
If the market holds above the opening that will be the first step to moving higher. Next will be to see if prices can hold above 1083.00-1086.00.
Above that a rally can get going if prices can move above 1090.00 and then 1095.00. Depending on the opening that may be a tall task or it may be a piece of cake. I suspect with the current Ugly News environment it will be a struggle...BUT POSSIBLE TODAY.
WATCH FOR TODAY: A move below the Hour One low for support to come in and see a gradual rise today after almost 10 sessions of pounding lower.
Although it would seem like a difficult trade to make there is a good chance that we could get a BreakOut of the first hour high IF THE HIGH FIVE SUPPORT THE HIGHER PRICE ACTION.
No matter what...Unless the High Five are very bullish (can't imagine why)...look to just take some scalp profit off the table and not too much risk.
Value Area: 1,082.00 - 1,086.00
With the lower Value Area zone developing at 1082.00 as suggested Monday on our intraday live service this will be a very key zone for today. Trade above this and above the 1086.00 will support higher prices.
If we get a gap up opening above 1090.00 WATCH FOR PULLBACKS TO 1086 TO FIND SUPPORT.
Buy Pivot Target: 1,079.25 - 1,080.25
We may get another pullback down to this zone but it is not fully expected.
A bullish move would be more reliable finding support above the top of the Value Area. A pullback down here again could be a sign that they are going lower so it would be more risky.
So no trade at this target but we can use it to compare to the Hour One lows for today.
Sell Pivot Target: 1,090.25 - 1,089.25
Here is a key price zone for today. If they rally through this or move here, pullback and then move higher again we may find support coming in here on such a move.
+4.25 stop/pivot is at 1094.50 and moving above that number could send em back towards the 1100.00 handle.
10 Day "Pit Bull" Moving Average: 1,099.40
With the Pit Bull right here at the 1100 handle we have an interesting possibility IF they can rally up here today.
I would certainly expect initial resistance to come in but the chance of us moving through this to the upside this week could be possible IF WE CAN PUT THE BAD NEWS BEHIND US in terms of the market having factoring that in already. Good luck with that one.
Pro Trader's Action
Another WILD CARD market today as we look for a potential bullish move but with Caution as to actually how high they can run em up.
Just be ready to reverse and go short if the High Five appear bullish at first and then later start getting very heavy again. If this occurs we can play both sides although I suspect today will be a challenging move higher.
How and if we can catch that will remain to be seen after the market opens and we get into the numbers, Trailblazer chart formations and the indicators.
Good Luck today and I'll see you in the action. Mohan