Rally caps still on
Seven days of a rally from a reversal at 2485, but who’s counting.
The end of quarter/ first of month bias has produced a 53 point rally during the past eight days.
That’s about four and a half points a dayon average.
Yesterday’s middle was 29.5, and we used 28 support for gap fill and target 34.25 to 36.5, with a fibo target at 38 the high odds resistance target.The pull back was a welcome relief to the rhythm of the higher lows higher highs pattern.
Slack
Renato Santos [8:13 AM] GM ALL
[8:15] On my map I have 42-44 as important RES area, will we get there today or maybe on Friday? we’ll see.
[8:15] *IF* we will see new highs today, this 30-28 needs to hold, IMO.
eminiwizard[8:35 AM] hi Renato
[8:35] 29.25 yest middle
[8:35] https://www.screencast.com/txxxx
Screencast.com EMWS
2017-10-04_0833 (89kB)
[8:36] weekly 25% pb
[8:36] agg support at 25.25 to 27.25
[8:37] below that xx
[8:38] 4 point range again
[8:38] xx
[8:38] xxx
[8:38] xxx
[8:39] my map 42.31 is xx
[8:40] many completion targets 35 to 37
[8:42] looks like market coming back to find new passengers
Zeek Snodgrass [8:43 AM] 33.5 target hit from yesterday. That is a major target for me xx
[8:43] gm
[8:44] watch yesterday’s low for NQ
eminiwizard [8:44 AM] gm z and thank u
[8:44] https://content.screencast.com/users/EMWS/folders/Jing/media/01358832-afdd-4d0cxxxxxxxx.png (41kB)
[8:45] 5980 looks important
[8:48] think small
[8:49] if we get a point or so pre market its helpful
[8:49]xxx approaching
[8:50] buy dip think small
[8:50] 4 point ranges annoying
[8:51] 31 xxx pre market
[8:51] if we get two way day today will be a miracle
[8:52] so much nonsense
[8:53] 30 points higher than soc reently 2502.75
[8:55] https://content.screencast.com/users/EMWS/folders/Jing/media/0c5a7xxxxxx.png (51kB)
[8:56] this is xxx to the tic
[8:56] think inside day first
[8:58] magnet currently is 24
[8:59] so that should be support for now
[8:59] may get headfake on longs first today then bounce
[9:00] brb
eminiwizard [9:08 AM] get half gap get paid
[9:09] 8:51] 31 half gap xxx
[9:09] now we see what they have in mind for IB
eminiwizard [9:17 AM] https://zoom.us/j/39020xx zoom room
tradingsimon [9:17 AM] uploaded this image: image.png
tradingsimon [9:18 AM] Just on the NQ, rejection at 6010 and reversal down will be a strong signal
[9:19] can’t disagree with the new lower low but rejection of new high just as important. See you in room
new messages
tradingsimon [1:58 PM] uploaded and commented on this image: image.png
1 Comment
And we have so far, rejected both TL and a new high and now back below yest close
E: 10:49 AM agreed support intact no new progress i think we test 34.25 to 34.5 before day over / T1 achieved using 37 as next resistance
11:29 E and 36.5 T2 #ES_F time for lunch break DT4$2 step by step
DT4$2 premarket ideas 8:38] …targets 38 8:45] 5980 looks important #ES_F 8:40] many completion targets 35 to 37
#ES_F where is LordV when I need someone to promote one of my favorite trade setups the vwap to vpoc trade??? You are slipping my man,
stopped clock trade a winner for shorts DT4$2 IB breakout 32.5 next key #ES_F
Thank you
@BEFREEinFL @jdextras @oneminutetrader @onefourdroopy @MissTrade @LongTplexTrader @azur_wtt @ES_F__NQ_F thanks to all
Zoom Room
09:20:54 From Simon : hi all
09:21:04 From Renato : GM
09:30:47 From Dennis Parmelee : gm 31.5 half gap
09:33:50 From Dennis Parmelee : using 1 to 2 point stop
09:34:57 From Dennis Parmelee : shorts are using 32 agg resistance
09:40:36 From Dennis Parmelee : above 32 demon is good fortune
09:41:48 From Dennis Parmelee : 1 tick missing from gap
09:44:12 From Dennis Parmelee : hoping for two way day
09:46:05 From Dennis Parmelee : if shorted demon fast 2 points get paid
09:46:10 From Zeek Snodgrass : 30.75 angel 29.5 demon
09:46:39 From Zeek Snodgrass : 25.25 is 15 min chart rain line
09:47:10 From Dennis Parmelee : this is the sneaky pete
09:51:31 From Dennis Parmelee : more chop likely
09:54:46 From Dennis Parmelee : 5980 holding for now
10:00:23 From Dennis Parmelee : 32 paid
10:02:15 From Zeek Snodgrass : NQ equalled eyst low
10:02:19 From Zeek Snodgrass : yest
10:05:56 From Dennis Parmelee : dont take it personally
10:06:04 From Renato : lol
10:06:24 From Zeek Snodgrass : Waiting for Trump to call about the Fed Chair position
10:08:09 From Dennis Parmelee : 30.25 pg
10:14:38 From Renato : one of those days when A & D are “in luv”?
10:16:41 From Dennis Parmelee : inverted rth
10:18:04 From Zeek Snodgrass : thi8nking range expansion at end of this hour
10:18:09 From Zeek Snodgrass : 1-3 pts
10:18:23 From Zeek Snodgrass : xx
10:18:29 From Zeek Snodgrass : xx
10:19:38 From Dennis Parmelee : too narrow to assign any meaning to patterns
10:19:48 From Dennis Parmelee : other than inside yest range
10:20:06 From Dennis Parmelee : 32/34 ressit
10:20:29 From Dennis Parmelee : all we know is that has become a pivot
10:24:47 From Dennis Parmelee : trap and squeeze
10:24:55 From Dennis Parmelee : then base on base
10:25:50 From Dennis Parmelee : shorts cant break down 29 not going south
10:27:11 From Dennis Parmelee : 25.5 is support for 34
10:27:28 From Dennis Parmelee : and risk reward is the problem for that idea
10:29:34 From Simon : unplanned press conf tillerson very soon, watch out
10:29:53 From Zeek Snodgrass : He is probably going to quit
10:31:01 From Dennis Parmelee : video shows the technique
10:31:21 From Dennis Parmelee : 1 tick for gap
10:32:48 From Zeek Snodgrass : bulls won the first hour
10:32:58 From Zeek Snodgrass : this hour is for taking out the 33.25 hi
10:33:06 From Zeek Snodgrass : if they fail, look for lunch pb
10:42:29 From Dennis Parmelee : pg late xx
10:42:46 From Dennis Parmelee : price migrated back to test the open 30.25
10:42:58 From Dennis Parmelee :xx
10:43:06 From Dennis Parmelee : bulls won the hour
10:43:44 From Zeek Snodgrass : bbl
10:43:48 From Dennis Parmelee : ok
10:44:51 From Simon : np, was damp nothing in the end
10:44:53 From Dennis Parmelee : xxx
10:48:19 From Simon : 3.5 range, even though moved more and some opportuntiy still nothing
10:48:29 From Simon : just like yest
10:48:34 From Dennis Parmelee : agreed
10:48:43 From Dennis Parmelee : support intact
10:48:48 From Dennis Parmelee : no new progress
10:49:10 From Dennis Parmelee : i think we test 34.25 to 34.5
10:49:16 From Dennis Parmelee : before day over
10:55:31 From Simon : E – Q about Florida/hurricanes. did you the prices of labour/materials etc go up for a bit? Have people got replacement cars if damaged already? I’m trying to understand some of the econ US data that is coming out, you be my spy on the ground 🙂
10:57:03 From Dennis Parmelee : prices are gouging
10:57:17 From Dennis Parmelee : labor and materials ridiculous
10:57:26 From Dennis Parmelee : take look at alcoa maybe
10:57:39 From Dennis Parmelee : for soffits and sheet metal etc
10:59:27 From Simon : Yea, OK, so spike in data isn’t long term, “prices paid” figure jumped 20%
10:59:35 From Simon : and car sales were up
11:01:17 From Dennis Parmelee : gap closed
11:01:27 From Dennis Parmelee : yest high test
11:01:38 From Dennis Parmelee : pAID FOR SURE IF LONG, STOPS UP
11:02:37 From Simon : that is Tillerson news now, says never considered leaving
11:03:51 From Simon : “interesting” good word… still loyal I say
11:03:56 From Simon : for now
11:04:37 From Simon : oh yea, reason doesn’t matter, still level to level move
11:06:58 From Dennis Parmelee : use objective criteria
11:15:29 From Dennis Parmelee : squeeze trade yet again
11:21:11 From Dennis Parmelee : realize this is very unusual trading
11:21:17 From Dennis Parmelee : this is not the norm
11:21:32 From Dennis Parmelee : volatility will return
11:21:54 From Dennis Parmelee : one day could erase three days of gains
11:22:20 From Dennis Parmelee : not calling for that
11:22:35 From Dennis Parmelee : just putting into perspective how unusual these ranges are
11:23:26 From Simon : IN Aug 1 day hit 4 weeks of move
11:23:43 From Dennis Parmelee : amazing
11:24:14 From Simon : aug 10th took us back to jul 12
11:25:22 From Dennis Parmelee : stops up
11:25:31 From Dennis Parmelee : 32 stop
11:25:44 From Dennis Parmelee : for 34/ 34.25
11:26:05 From Dennis Parmelee : capture ifjust want to go sideline
11:26:08 From Dennis Parmelee : if long
11:26:26 From Dennis Parmelee : may take another hour for 1 more point
11:28:02 From Simon : I think that’s 6 in a row for ATH
11:29:01 From Dennis Parmelee : 34.75 T! and 36.5 T2
11:37:52 From Dennis Parmelee : zeek got his extension idea right
11:46:50 From Dennis Parmelee : ok tking break back in awhile
11:52:49 From Dennis Parmelee : T2 done
11:57:29 From Dennis Parmelee : ok back later
11:58:06 From Dennis Parmelee : any day high possible
11:58:19 From Dennis Parmelee : but i like paid by 37.5
12:11:54 From Zeek Snodgrass : taking a long lunch
12:38:32 From Dennis Parmelee : 38 achieved and that is aboutxxxxx
12:39:16 From Dennis Parmelee : 32 support called for the jam
12:39:27 From Dennis Parmelee : so that is squeeze pivot
12:39:42 From Dennis Parmelee : xxx done
12:39:48 From Dennis Parmelee : xxx
12:39:59 From Dennis Parmelee : xxx
12:40:06 From Dennis Parmelee :xxxxx
12:40:39 From Dennis Parmelee : step by step
12:41:29 From Dennis Parmelee : symmetry trade with xxxxxx
12:47:52 From Renato : ty
12:48:17 From Dennis Parmelee : u bet
12:48:31 From Dennis Parmelee : not too far from your 42/43 idea renato
12:49:54 From Dennis Parmelee : 34.5 is intraday 40 back
13:09:19 From Dennis Parmelee : the adage i have said for years is still true today
13:09:30 From Dennis Parmelee : buy support in uptrends
13:09:41 From Dennis Parmelee : sell resistance in down trends
13:10:02 From Dennis Parmelee : This MBO has been a beast from 85 support
13:13:06 From Dennis Parmelee : simon what is xxxx according to our calculations
13:13:15 From Dennis Parmelee : wthin 5 points ok
13:13:23 From Dennis Parmelee : even 10
13:14:07 From Dennis Parmelee : anyone can answer
13:14:26 From Dennis Parmelee : i asked simon because he helped me see my mistake on a chart
13:21:07 From Dennis Parmelee : 9 up 3 back
13:21:36 From Dennis Parmelee : program trade
13:41:51 From Evan’s iPhone : for TYM i have xxxx, but not sure if that same as what you are referring to
13:50:25 From Simon : sorry was away , back now I’ll look up
13:53:19 From Simon : Yea xxxxx
13:54:01 From Simon : and we just bounced off of yest close
13:57:40 From Evan’s iPhone : andxxx almost played out right?
14:00:00 From Simon : and xxxx
14:00:12 From Simon : hope E is filling with pride 🙂
14:07:53 From Evan’s iPhone : i hope so too
14:10:16 From Simon : we are at 35, xxxxxx
14:10:29 From Simon : xxxxxx
14:11:16 From Dennis Parmelee : xxx trade near enough and i thinkk that xxxx swing is a great start for shorts
14:11:23 From Dennis Parmelee : dont get carried away
14:11:55 From Dennis Parmelee : 32.75 is xx rotationxx
14:21:18 From Dennis Parmelee : did a video review of those ideas
14:22:01 From Dennis Parmelee : symmetry trade done idea is powerful
14:22:03 From Simon : nice, thx
14:32:21 From Dennis Parmelee : 32 support for profit taking
14:32:28 From Dennis Parmelee : think high is in
14:33:17 From Dennis Parmelee : so 35 to 35.5 is key as first resistance
14:33:21 From Dennis Parmelee : mod swing
14:33:25 From Dennis Parmelee : mid
14:44:37 From Dennis Parmelee : sideline is ok
14:44:46 From Dennis Parmelee : middle trading is hard
14:45:15 From Dennis Parmelee : use 31/32 stop for longs if u want to try
14:53:45 From Dennis Parmelee : my reasoning for that call was thrust up, lunch contra; thrust for retest failure afternoon
15:00:13 From Dennis Parmelee : from Renato [8:15] *IF* we will see new highs today, this 30-28 needs to hold, IMO.
15:00:29 From Dennis Parmelee : on the money
15:10:06 From Renato : yep, it did hold.
15:11:20 From Renato : Main RES on my map probably o/n only now
15:11:31 From Renato : 42-46
15:11:44 From Renato : seeing is believing. 🙂
15:12:46 From Renato : Wish we would find a way to make $$$$ 100% of the time.
15:12:55 From Renato : But, it does not exist…
15:13:19 From Renato : It’s the cost of doing business, we have to accept that.
15:13:25 From Renato : or STOP trading.
15:14:15 From Renato : I think one of the biggest account killers is from fear of losing
15:14:21 From Renato : skipping trades.
15:14:45 From Renato : Losers skip the good ones and take the bad ones!
15:34:10 From Dennis Parmelee : afternoon chop
15:34:16 From Dennis Parmelee : lock profits
15:34:19 From Dennis Parmelee : if any
15:34:45 From Dennis Parmelee :xxx
15:39:50 From Renato : different methodology but similar levels.
15:41:26 From Renato : 😀
15:42:54 From Renato : I have learned a lot from you in these 2 weeks or so
15:42:57 From Renato : thank you!
15:43:21 From Dennis Parmelee : u bet
15:43:28 From Dennis Parmelee : use whatever helps u
15:43:33 From Renato : there’s always room to improve.
15:44:21 From Simon : quick Q – yourxxxx, which contract is that? I ask as my SB has a continuous cash contract and doesn’t have past contracts
15:44:35 From Simon : how do you ‘cope’ with rolls
15:44:59 From Dennis Parmelee : xx
15:45:02 From Dennis Parmelee : and low
15:45:25 From Dennis Parmelee : measured from xx
15:46:18 From Simon : so the March 17 contract gave you xx
15:46:56 From Simon : ok so static points are taken from whichever you consider front contract
15:47:03 From Dennis Parmelee : yes
15:47:38 From Simon : yea, no back adjustments that some use (I can’t with my broker anyway)
15:55:28 From Dennis Parmelee : afternoon low just made
15:55:41 From Dennis Parmelee : 3 point range
15:57:09 From Dennis Parmelee : 6 k nas
15:57:29 From Dennis Parmelee : leave it be
15:58:06 From Simon : laters, thx
15:58:14 From Renato : what about this xx area?
15:58:26 From Renato : expecting it to hold overnight?
16:00:04 From Renato : so it might be true to say that *IF* ES holds at those levels, new highs possible tonight or tomorrow.
16:00:18 From Renato : got it
16:01:28 From Dennis Parmelee : xx support
16:01:37 From Dennis Parmelee : for xx test +
16:01:56 From Dennis Parmelee :xx
16:02:13 From Renato : sounds good
16:02:20 From Dennis Parmelee : and xxx
16:03:56 From Dennis Parmelee : gn all
16:04:14 From Dennis Parmelee : 33 is doji day
16:04:57 From Renato : Thank you.
16:05:01 From Renato : GN