Chop Suey, chopped salad, chop Liver: However you wish to describe today’s non-action, it was nasty inside day range type trading.
Zeek reminded us pre-market it was Morning After Trend Day, and that suggested hit a bounce and try for the half gap and gap. Renato called 70/72 as resistance, we all agreed.
Di reminded us with YM on a tear, hard for SP to take a nosedive.
Simon hit us up with the fundamentals in the afternoon when the market swooned.
Teamwork at its best.
“None of us is as smart as all of us.” – Jim Rohn
zOOm
09:19:33 From Dennis Parmelee : good morning
09:19:58 From Dennis Parmelee : 72/73 resistance at open
09:20:05 From Dennis Parmelee : accept stops
09:20:21 From Dennis Parmelee : longs should punch back a bit more today
09:25:33 From Zeek Snodgrass : It is technically a MATD, but we had xx average range yesterday
09:28:50 From Zeek Snodgrass : I have 58 as support if 60.75 gap fills
09:28:53 From Dennis Parmelee : certaily good point matd
09:31:49 From Zeek Snodgrass : 65.5 half gap
09:32:36 From Dennis Parmelee : target is 70.5 for longs
09:32:59 From Dennis Parmelee : shorts need to defend that
09:37:09 From Dennis Parmelee : half gap i like, not sure i like gap
09:37:36 From Mike : flash PMIs at 9:45
09:37:42 From Dennis Parmelee : half gap is middle target
09:41:04 From Dennis Parmelee : take what u can
09:41:31 From Dennis Parmelee : ty zeek
09:41:37 From Zeek Snodgrass : new in 3.5 minutes
09:42:10 From Dennis Parmelee : bingo
09:46:15 From Renato : 70-72
09:46:44 From Dennis Parmelee : 71
09:46:48 From Dennis Parmelee : kiss
09:46:58 From Dennis Parmelee : and xxx
09:47:11 From Dennis Parmelee :xxxxx
09:49:24 From Zeek Snodgrass : 66.5 demon, no angel rth
09:49:29 From Zeek Snodgrass : globex angel 63.5
09:50:49 From Zeek Snodgrass : richmond Fed manufacturing index at 10am
09:51:07 From Zeek Snodgrass : How many widgets did the government produce?
09:53:54 From Mike : yep thanks
09:54:22 From Zeek Snodgrass : as the Fed how they produce so much prosperity?
09:54:23 From Dennis Parmelee : hurricanes produced labor and rehab
09:54:26 From Zeek Snodgrass : ans widgets
09:54:27 From Dennis Parmelee : but not yet
09:54:43 From Zeek Snodgrass : both conjured up out of thin air
09:54:47 From Dennis Parmelee : clean up b4 rebuild
09:57:29 From Dennis Parmelee : gap is 63
09:57:46 From Dennis Parmelee : xxx off high
09:57:49 From Zeek Snodgrass : still no angel
09:58:09 From Dennis Parmelee : xxxx yesterday’s range
09:58:29 From Zeek Snodgrass : globex angel hit
09:58:42 From Dennis Parmelee : second test of that 2563.75 target
09:58:59 From Dennis Parmelee : thexxx extension
09:59:06 From Zeek Snodgrass : 63 gap fill
10:00:40 From Dennis Parmelee : 63.5 all day angel
10:00:49 From Dennis Parmelee : risk reward
10:07:07 From Zeek Snodgrass : 65.25 rth angel
10:08:33 From Zeek Snodgrass : 67.5 pg
10:23:22 From Zeek Snodgrass : watch for short squeeze going into end of hour
10:23:36 From Zeek Snodgrass : all bulls need if hour close above 67.5
10:28:55 From Dennis Parmelee : zeek nice touch with pg idea
10:31:24 From Zeek Snodgrass : ty
10:31:35 From Zeek Snodgrass : bears won first hour
10:40:42 From Dennis Parmelee : 2 way day
10:40:56 From Dennis Parmelee : i think we test 71/72 by day’s end
10:41:16 From Dennis Parmelee : 50/50 confidence in that idea
10:42:00 From Zeek Snodgrass : volume is now very low
10:42:49 From Zeek Snodgrass : no news items item scheduled for rest of today
10:43:26 From Zeek Snodgrass : 6 pt rth range
10:43:35 From Zeek Snodgrass : we may trade this range until the afternoon
10:43:42 From Zeek Snodgrass : one tick left for gap fill
10:44:09 From Dennis Parmelee : yes best trade done for MATD
10:45:18 From Zeek Snodgrass : chopping middle area
10:45:25 From Zeek Snodgrass : not the place to begin a trade imho
10:51:02 From Dennis Parmelee : agreed
10:51:02 From Mike : yep was just thinking the same thing
10:51:29 From Mike : back in a bit
10:59:45 From Dennis Parmelee : relax
11:00:00 From Dennis Parmelee : look for profit taking swings
11:04:31 From Dennis Parmelee : late pg
11:05:56 From Dennis Parmelee : xxxdone
11:41:48 From Dennis Parmelee : 15 mins to go before we can conclude that the Primary trade is done
11:46:52 From Di : i think ES will have a hard time cracking until YM starts to go down, its on fire
11:48:33 From Dennis Parmelee : thank u
11:52:28 From Zeek Snodgrass : lunch bbl
11:53:01 From Dennis Parmelee : me too
13:15:59 From Dennis Parmelee : chop suey for lunch
13:22:24 From Zeek Snodgrass : I preffered chopped salad
13:30:28 From Simon : curry will be delivered soon, only hot thing happening today
13:34:43 From Dennis Parmelee : chopped liver coming up
13:37:48 From Dennis Parmelee : longs need stamina
13:38:02 From Dennis Parmelee : to ride out grind
13:39:32 From Dennis Parmelee : double top test
13:49:45 From Simon : that trendline you have drawn on that 5 minute…. I have the same, from highs of 5th and 10 th oct
13:50:17 From Simon : that TL was the BO up and today/yest retesting from above
14:01:32 From Dennis Parmelee : in my best crocodile dundee voice…
14:01:35 From Dennis Parmelee : now that
14:01:40 From Dennis Parmelee : is a trendline
14:14:06 From Dennis Parmelee : afternoon session trying to abandon 66
14:14:33 From Dennis Parmelee : double
14:26:49 From Dennis Parmelee : pfs 70.25
14:27:24 From Dennis Parmelee : From Me to Everyone: 10:41 AM
2 way day i think we test 71/72 by day’s end50/50 confidence in that idea
14:31:08 From Dennis Parmelee : 71.5 possible target
14:31:14 From Dennis Parmelee : for llongs
14:31:21 From Dennis Parmelee : to run stops
14:39:55 From Dennis Parmelee : tough range today
14:42:03 From Dennis Parmelee : anyone shorting new high keep tight stop
14:42:12 From Dennis Parmelee : higher highs higher lows
14:50:44 From Zeek Snodgrass : dfd cya tomorrow
14:50:48 From Zeek Snodgrass : great calls Dennis
14:53:37 From Dennis Parmelee : thanks zeek
14:53:41 From Dennis Parmelee : bye for now
14:57:46 From Dennis Parmelee : rainline test
14:59:01 From Dennis Parmelee : no follow thru long side
14:59:06 From Dennis Parmelee : just chop
15:03:46 From Dennis Parmelee : brb
15:11:26 From Di : looks like ES waited for YM weakness
15:17:54 From Mike : NQ nice middle test of 93
15:18:11 From Mike : i’m dfd however
15:19:05 From Mike : decent morning really annoying trading in the middle chop after that
15:19:47 From Mike : will leave chat open for now but not trading
15:19:55 From Dennis Parmelee : ok
15:25:42 From Simon : it was new FED gov /senate vote news, algos got busy for 50 seconds
15:26:44 From Dennis Parmelee : thank u
15:27:12 From Simon : trump asked for show of hands 0.0 … O.O …. are we at school?
15:28:11 From Dennis Parmelee : doubtful
15:28:24 From Dennis Parmelee : no one wants to listen to his ideas
15:28:38 From Dennis Parmelee : whether repub or dem
15:28:48 From Dennis Parmelee : he is too disruptive
15:29:01 From Dennis Parmelee : just what we need instead of same old same old
15:32:17 From Dennis Parmelee : best to all
15:32:19 From Dennis Parmelee : dfd
15:32:23 From Renato : thanks E!
15:32:36 From Renato : 70 perfect 🙂
15:32:41 From Mike : gotta run guys see you tomorrow
15:32:44 From Mike : thanks E
16:07:41 From Dennis Parmelee : back
16:08:24 From Dennis Parmelee : magnet 67
if a child is 5’6″ tall at 15 years old, will she be 11′ tall at 30? This market has become so complacent no one expects a down day anymore
Illustrates recency bias only not the relative move from 666 low obviously. Bulls are born from bears and vice versa Known only in hindsight
keep it simple ow.ly/nZli30g5FM9 inside day comes first DT4$2 magnet is 2567
Belated thanks you’s to all. Been busy but no excuse. I like to say thank you for your interactions with me.
@treysdubya @K_Santander @jdextras @mmtrades5643 @Omar_Ghias97 @Cubby_Blu @abydnave @LongTplexTrader @shemesht @Serious_Trader thank you
@onefourdroopy @thomasoakes @clayidus @Intuitive_Power @11cjh11 @CorporateCommie @pipsnticks @stocktrader0610 thanks all
@SE1_Trading @DethTrader @sakamotoinvest @chigrl @IHBDSB @FuturesTrader71 @briddle817 @RenaTrader thanks to all
E 10:41 AM 2 way day i think we test 71/72 by day’s end 50/50 confidence in that idea / MATD went to shorts, inside day so far
Armstrong explains why professional traders get it wrong http://ow.ly/bZe430g6xix
Slack
Renato Santos [7:40 AM] GM ALL
per [7:40 AM] GM Renato
Renato Santos [7:41 AM] expecting 2570-72 to act as RES now.
per [7:57 AM] yes, would tend to agree with that
Mike M [8:01 AM] gm
Zeek Snodgrass [8:14 AM] gm
[8:16] 69.38 is yest middle[8:16] thinking gap and hal;f gap ideas[8:16] 72 was yesterday’s globex low and breakdown point[8:17] a test of 72 is normal[8:17] I hope to be here until normal time today
Mike M [8:19 AM] ty z
Zeek Snodgrass [8:21 AM] 60.75 is Friday gap fill
[8:23] xxx yesterday’s range xxx back[8:23]xxx range idea
Mike M [8:32 AM] wasn’t here yesterday but still show a gap of 6075 then back at xxxx
Zeek Snodgrass [8:38 AM] I have gaps at xxxxx
[8:39] I have 61 gap and 5 island gap going back to 2009 lows
Mike M [8:52 AM] hmm interesting where’s that 49.50 gap from?
Zeek Snodgrass [8:54 AM] oops it was filled
Mike M [8:54 AM] ok thanks
Zeek Snodgrass [8:54 AM] that gap was formed OCt 12
[8:54] formed Oct 12 and filled Oct 19[8:55] xxxx too far from it to be in play today[8:57] bbi 10
eminiwizard[9:03 AM] gm all
[9:04] https://content.screencast.com/users/EMWS/folders/Jing/media/01a73b4d-9071-42df-b0fa-6bdcccd354f9/2017-10-24_0736.png
[9:05] why worry about anything outside of yesterday’s range until it happens?
[9:05] today i be quiet and u teach me
Mike M [9:06 AM] haha y
eminiwizard [9:06 AM] hey why not?
[9:06] u guys as smart as me
Mike M [9:07 AM] right about yesterday’
[9:07] s range
eminiwizard [9:07 AM] Zeek Snodgrass [8:14 AM] gm
[8:16] 69.38 is yest middle
[9:08] this is where we begin
[9:08] 50 back etc
[9:08] inside day likely
[9:08] model xxx
[9:08] magnet 67
[9:08] xxxx
[9:09] xxxxx
[9:09] xxxxx
[9:09] xxxx in control
[9:11] i think 74 zone needs to hold for shorts today
[9:15] 72 is a retest of breakdown
Mike M [9:15 AM] heavy dose of tech earnings still to come this week, especially thursday
[9:16] i don’t mind shorting but more interested in intraday support still
eminiwizard[9:18 AM] https://zoom.us/j/9xxxxx3 zoom
[9:18] mike just said something very profound
[9:18] i told u u guys smart
