Mohan 02/04/04
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Mohan 02/04/04
Market Force for today: Neutral/Bullish. Market expected to press higher today but with Neutral MF and mixed indicators suggest standing aside today. Big sell off coming anytime soon.
Trade Setup Summary for Thursday, April 1, 2004:
1) S@1030.25/ B@ 1134.25 up to -4.00 pts.
2)S@1133.25/B@1128.75 up to +4.50
3)S@1030.50/B@1128.50 +2.00
TOTAL: +2.50
Recap of Thursday's Action:
Good Morning. Our Headline Call on Thursday was looking for sell offs from a higher opening and early push up.
This is exactly what we got on Thursday as you can see from the chart above with the S&P500 gapping up +3 points on the opening and running higher.
We had the Sell Force in the markets on Thursday but the underlying bullish force has not fully dissapated yet and the drops kept returning higher.
The overall actual trading range on Thursday was only about 4 points...between 1129 and 1133 so we were able to scape 2.50 points profit from the small range scalping intra day.
We had gotten short earlier after the gap up and the rise to the 3rd Level Trailblazer move. The markets pushed a bit higher hitting the 4th and 5th level and not wanting to risk 6 pts. on a stop we had set our stop lighter.
Upon seeing 1134 become a huge wall of resistance exactly as we had described in the Morning Call (Sell Pivot +4.25 stop/pivot=1134) we re-shorted the market and prices pulled back to the 1129 area. This occured after prices stalled somewhat in the tight 4 point range.
We re-shorted a reflex rally off the early first drop where we took profits, saw prices push a bit higher and challenge 1133.00 again, and then finally drop off.
The resiliant underlying bullish force which is still a bit intact brought prices back up into the close.
Today's Call & Briefing:
We are standing aside in trading today as we have calculated the Market Force as Neutral. There is a good chance of the markets pushing higher again and crossing over the 1137 point we had Identified last week as a goal up. Fufilling that price and slightly higher should pave the way for the large, lower move coming soon.
We are at a point in the Market Force pattern where the expected Sell off for Thursday kept starting but finding support with the High Five strong.
When I sequence the pattern and we do not get the expected Sell Market Force kicking in on the specific day in the pattern then we will expect another day up which is today.
Stand aside today with the Neutral market force. It's Friday anyway and usually Friday's trading can be a bit more challenging then the other days.
We will let this pattern play out and be ready for next week to start a new trend we expect will be to the downside.
Value Area: 1,129.20 - 1,133.20
Watch for support and resistance.
Buy Pivot Target: 1,128.50 - 1,129.50
No Trade at this pivot. Stand aside in trading today.
Sell Pivot Target: 1,136.75 - 1,135.75
No trade at this pivot. Stand aside in trading today.
10 Day "Pit Bull" Moving Average: 1,110.20
We are still bullish above this number and want to buy large swings lower as long as we stay above this.
Pro Trader's Action
We are going to be standing aside in the trading today. I will be updating on the Live Intraday service during the first few hours and then we will call it a day.
It has been a great week launching our Live Intraday Service and I really want to thank you for all your great emails and compliments on the service.
It has been a large extra committment on my part but with the way the Markets have drastically changed and the effects it has had on our system we used very succesfully in 2003 it is important to have this service now more than ever.
As the ranges open up we will be able to get larger scale profits out of the trades and I will become more and more skilled in running the service and getting us in to the good trades.
Let's get ready for a Great 2004. Have a good weekend and I'll update here on the Morning Call late Sunday nite.
All the best to you and your family that supports you in your trading business. Mohan
Trade Setup Summary for Thursday, April 1, 2004:
1) S@1030.25/ B@ 1134.25 up to -4.00 pts.
2)S@1133.25/B@1128.75 up to +4.50
3)S@1030.50/B@1128.50 +2.00
TOTAL: +2.50
Recap of Thursday's Action:
Good Morning. Our Headline Call on Thursday was looking for sell offs from a higher opening and early push up.
This is exactly what we got on Thursday as you can see from the chart above with the S&P500 gapping up +3 points on the opening and running higher.
We had the Sell Force in the markets on Thursday but the underlying bullish force has not fully dissapated yet and the drops kept returning higher.
The overall actual trading range on Thursday was only about 4 points...between 1129 and 1133 so we were able to scape 2.50 points profit from the small range scalping intra day.
We had gotten short earlier after the gap up and the rise to the 3rd Level Trailblazer move. The markets pushed a bit higher hitting the 4th and 5th level and not wanting to risk 6 pts. on a stop we had set our stop lighter.
Upon seeing 1134 become a huge wall of resistance exactly as we had described in the Morning Call (Sell Pivot +4.25 stop/pivot=1134) we re-shorted the market and prices pulled back to the 1129 area. This occured after prices stalled somewhat in the tight 4 point range.
We re-shorted a reflex rally off the early first drop where we took profits, saw prices push a bit higher and challenge 1133.00 again, and then finally drop off.
The resiliant underlying bullish force which is still a bit intact brought prices back up into the close.
Today's Call & Briefing:
We are standing aside in trading today as we have calculated the Market Force as Neutral. There is a good chance of the markets pushing higher again and crossing over the 1137 point we had Identified last week as a goal up. Fufilling that price and slightly higher should pave the way for the large, lower move coming soon.
We are at a point in the Market Force pattern where the expected Sell off for Thursday kept starting but finding support with the High Five strong.
When I sequence the pattern and we do not get the expected Sell Market Force kicking in on the specific day in the pattern then we will expect another day up which is today.
Stand aside today with the Neutral market force. It's Friday anyway and usually Friday's trading can be a bit more challenging then the other days.
We will let this pattern play out and be ready for next week to start a new trend we expect will be to the downside.
Value Area: 1,129.20 - 1,133.20
Watch for support and resistance.
Buy Pivot Target: 1,128.50 - 1,129.50
No Trade at this pivot. Stand aside in trading today.
Sell Pivot Target: 1,136.75 - 1,135.75
No trade at this pivot. Stand aside in trading today.
10 Day "Pit Bull" Moving Average: 1,110.20
We are still bullish above this number and want to buy large swings lower as long as we stay above this.
Pro Trader's Action
We are going to be standing aside in the trading today. I will be updating on the Live Intraday service during the first few hours and then we will call it a day.
It has been a great week launching our Live Intraday Service and I really want to thank you for all your great emails and compliments on the service.
It has been a large extra committment on my part but with the way the Markets have drastically changed and the effects it has had on our system we used very succesfully in 2003 it is important to have this service now more than ever.
As the ranges open up we will be able to get larger scale profits out of the trades and I will become more and more skilled in running the service and getting us in to the good trades.
Let's get ready for a Great 2004. Have a good weekend and I'll update here on the Morning Call late Sunday nite.
All the best to you and your family that supports you in your trading business. Mohan
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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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