Dip stick

Minor Dip

A very controlled pullback was the order of the day.

The longs had a great week, and minor profit taking was observed, with no sign yet the shorts have any interest in retaliation.

Tops take time to develop, and all we know is the shorts were run out of town this week and will need to regroup as we made successive new all time highs until today.

A crack in the foundation?

No way. Consolidation day.

Zoom Room

08:49:53 From Dennis Parmelee : good morning
08:52:18 From Dennis Parmelee : 44.5 target 1 tic awy
08:57:28 From Dennis Parmelee : paid by 43.75 and stops down for xxx 42.75
09:02:20 From Dennis Parmelee : paid for sure
09:02:58 From Zeek Snodgrass : 41 yest first hour high
09:03:54 From Zeek Snodgrass : NQ making new lows
09:05:16 From Zeek Snodgrass : 44.5 is now the angel
09:06:21 From Zeek Snodgrass : 2546.5 is xxxx
09:11:25 From xxx: hey zeek where did you get the 43.25 if you dont mind me asking
09:13:24 From Zeek Snodgrass : I have xxx
09:13:35 From Zeek Snodgrass : today’s gap is 49.75
09:20:41 From Di : a war….. that might slow it down
09:28:55 From Dennis Parmelee : war yes
09:29:03 From Zeek Snodgrass : 43.25 is low trade for globex
09:31:08 From Dennis Parmelee : 47 half gap
09:32:28 From Dennis Parmelee : two way day
09:32:33 From Dennis Parmelee : if lucky
09:33:24 From Di : yikes
09:33:27 From Renato : lol
09:33:57 From Renato : anyway, anything’s possible…
09:35:09 From Dennis Parmelee : using xxxxx now
09:35:17 From Dennis Parmelee : hit one bounce
09:35:22 From Renato : I had this area as possible swing short area…
09:35:29 From Renato : 42-46
09:35:42 From Zeek Snodgrass : first candle is a doji
09:35:45 From Renato : STOP 2553…
09:36:17 From Zeek Snodgrass : You mean since the Fed manipulation went into high gear?
09:36:39 From Zeek Snodgrass : Oil looking like a giant wrecking ball trade
09:41:11 From Zeek Snodgrass : I would not know where to start
09:43:38 From Dennis Parmelee : 46.5 xxxx
09:43:42 From Dennis Parmelee : pfs
09:43:56 From Simon : It will be like the last xxxx
09:44:14 From Simon : open, buy, turn off PC
09:44:20 From Simon : insane
09:47:05 From Zeek Snodgrass : no half gap xxxx , then look for break of 43.25
09:47:43 From Dennis Parmelee : think small
09:49:57 From Simon : you said, if the low for the day was in oh boy
09:50:07 From Simon : i’m saying it hasn’t been unusual
09:50:16 From Simon : but I need more movement
09:52:05 From Dennis Parmelee : what is current GCF?
09:52:09 From Simon : whilst you’re here and talking… how long will I have in future to review and revise from the protected blog. I’d like to work through over time again, I need to repeat it for it to sink in
09:54:00 From Simon : xxxx
09:55:14 From Mike : yep xxx
09:55:19 From Simon : Great thx Dennis, be great to know I can go back otherwise I’ll be copy pasting it locally. My Spreadbet is always off vs the futures
09:55:48 From Dennis Parmelee : xx = 43
09:57:35 From Dennis Parmelee : thinking chop
09:57:41 From Dennis Parmelee : not killer short
09:57:57 From Dennis Parmelee : thinking xxxxx
09:58:15 From Dennis Parmelee : angel intact 44.5
09:59:10 From Zeek Snodgrass : move along, show is over, back to our regular bot trading
09:59:30 From Zeek Snodgrass : we are still 2 ticks from half gap
10:00:24 From Renato : long weekend…
10:04:34 From Zeek Snodgrass : shorts screwed again
10:04:45 From Zeek Snodgrass : very low volume first 30 minutes, no sellers
10:04:55 From Zeek Snodgrass : I guess everyone is long and strong and greedy
10:07:24 From Zeek Snodgrass : last 8 days looks like a blow off move starting
10:10:38 From Simon : Martin Armstrong? Phase Transition?
10:14:21 From Dennis Parmelee : thinking small potatoes both directions
10:14:30 From Renato : Love the way you convey your ideas, E. Good job!
10:18:02 From Dennis Parmelee : thanks renato
10:18:10 From Renato : Lately, in this type of market, all I’m doing is scalping… +3 here, +3 there wuickly adds up.
10:19:23 From Renato : *quickly
10:21:57 From Di : Dennis do u ever look at VPOC or LVNs and volume profiling??
10:22:26 From Zeek Snodgrass : lack of range is troubling
10:22:38 From Zeek Snodgrass : bad news, turn the bots off????
10:23:51 From Zeek Snodgrass : If you used fundamentals such as earning and sales, we have reached the target for the next 10 years
10:24:09 From Mike : haha yes we have zeek
10:24:14 From Zeek Snodgrass : AMZN still makes no money
10:24:17 From Dennis Parmelee : no Di
10:24:21 From Zeek Snodgrass : I am here until 11:30
10:25:11 From Di : gotcha thx just wondered, its ok, ur method works – thats all u need
10:27:49 From Di : yep!
10:31:09 From Zeek Snodgrass : be here
10:31:34 From Simon : no worries, I’ll short 50 for you 🙂
10:32:19 From Dennis Parmelee : be back in about 30 mins
10:35:06 From Zeek Snodgrass : 45.5 new demon
10:35:53 From Zeek Snodgrass : I am thinking we can get one of those 30+ minutes sell programs
10:35:59 From Zeek Snodgrass : see if we can break 44 first
10:36:29 From Zeek Snodgrass : petty cash being used to buy stocks
10:36:37 From Zeek Snodgrass : can’t lose mentality
10:37:01 From Zeek Snodgrass : Oct xxx
10:46:39 From Zeek Snodgrass : 45 is the new angel
10:46:47 From Zeek Snodgrass : 4.25 pt rth range
10:50:35 From Zeek Snodgrass : oil new low for today and the week
10:50:47 From Zeek Snodgrass : If 45 gets taken out we can test 41 and xxx
10:51:11 From Zeek Snodgrass : I guess someone noticed that production is at a 2 year high
10:51:53 From Zeek Snodgrass : If we have a xx correction by year end, I would venture a guess that xxx of hedge funds close
10:53:07 From Zeek Snodgrass : one more try at taking globx low out
10:56:26 From Zeek Snodgrass : 42.25 xxxx back level hit
10:56:41 From Zeek Snodgrass : that means take some or lower stop if short
11:01:09 From Zeek Snodgrass : 30 minute pb so far
11:01:29 From Zeek Snodgrass : do not get trapped short, honor stops
11:01:33 From Zeek Snodgrass : 45.5 demon
11:18:25 From Dennis Parmelee : well well well
11:18:32 From Dennis Parmelee : 42 hit
11:18:37 From Dennis Parmelee : magnet 40.5
11:18:42 From Dennis Parmelee : not quite
11:24:48 From Dennis Parmelee : t1 south 2540
11:25:02 From Dennis Parmelee : so agg support 40/41
11:25:12 From Dennis Parmelee : xxx
11:28:29 From Zeek Snodgrass : low could be in I thought we would get low before 11am
11:28:45 From Zeek Snodgrass : now boys getting ready for eod program trades
11:28:49 From Zeek Snodgrass : dfd
11:29:17 From Dennis Parmelee : ty zeek
11:29:23 From Zeek Snodgrass : no sure if will be here Monday
11:29:23 From Dennis Parmelee : have nice weekend
11:29:27 From Zeek Snodgrass : holiday trading
11:29:28 From Mike : ty z
11:29:41 From Renato : thanks Zeek! Enjoy your holiday.
11:36:02 From Dennis Parmelee : 43 is gcf
11:36:38 From Dennis Parmelee : high is in for the week i think
11:37:59 From Dennis Parmelee : be happy with small victories
11:38:25 From Dennis Parmelee : thiis is still range trading
11:38:52 From Dennis Parmelee : and minor , controlled pb
11:39:00 From Dennis Parmelee : until we see yest low go
11:39:14 From Dennis Parmelee : marketstil is still bullish
11:39:37 From Dennis Parmelee : xxxxxx
11:39:48 From Dennis Parmelee : xxxxxx
11:39:57 From Dennis Parmelee : xxxxx
11:47:27 From Dennis Parmelee : if short paid by 42/41 and think db
11:47:32 From Dennis Parmelee : double bottom
11:49:42 From Dennis Parmelee : primary trade may be done
11:52:19 From Dennis Parmelee : lower lows and lower highs
11:52:39 From Dennis Parmelee : but need profit taking by eiod
11:52:41 From Dennis Parmelee : eod
11:52:44 From Dennis Parmelee : by shorts
11:52:54 From Dennis Parmelee : so think morning for short
11:53:02 From Dennis Parmelee : lunch neutral
11:53:05 From Dennis Parmelee : eod battle
12:02:06 From Dennis Parmelee : i want to believe
12:02:16 From Dennis Parmelee : i know what you are thinking
12:02:20 From Dennis Parmelee : plunge
12:02:23 From Dennis Parmelee : lol
12:02:31 From Dennis Parmelee : 2540 T1
12:02:43 From Dennis Parmelee : 2536.75 T2
12:02:50 From Dennis Parmelee : be prepared
12:03:09 From Dennis Parmelee : but think drip drip drip
12:03:19 From Dennis Parmelee : and then fish caught on hook
12:03:33 From Dennis Parmelee : yanked out of the water
12:03:38 From Dennis Parmelee : lol
12:03:58 From Dennis Parmelee : timing better for buy now
12:13:29 From Dennis Parmelee : backing and filling fast up range
12:13:32 From Dennis Parmelee : inside day
12:14:33 From Dennis Parmelee : lunch
12:14:34 From Dennis Parmelee : brb
12:35:21 From Simon : gap close on NQ just now, other index all have gaps open
12:38:30 From Dennis Parmelee : thanks simon
12:38:47 From Dennis Parmelee : this is timing trade
12:38:52 From Dennis Parmelee : all we know
12:43:22 From Dennis Parmelee : xxxx
12:43:34 From Dennis Parmelee : 44.75 to 45.25
13:01:57 From Dennis Parmelee : looks like 43 gcf becoming a magnet
13:25:07 From Simon : Dennis, to pass the time, assuming you don’t want to have Friday afternoon off
13:26:21 From Simon : What action would you see if the market is “normal” or even in a decline for a while… how does your system/charts change… what is your routine in a declining or ranging market be
13:27:03 From Simon : the last two weeks has been unusual by your own definition
13:28:51 From Dennis Parmelee : good question
13:39:57 From Di : good question and good answer, i like hearing what those involved are thinking (Video  for DT4$2)
13:42:00 From Simon : when the market turns … it gets busy
13:42:10 From Simon : i need to work more on the preplan
13:42:29 From Dennis Parmelee : think chop suey
13:42:31 From Simon : so Im ready…. it’s like 5 days of boredom and 15 minutes of opportunity
13:42:43 From Dennis Parmelee : longs have 40/42 support
13:43:05 From Dennis Parmelee : 10 min chart has tails under 42.5
13:43:29 From Dennis Parmelee : shorts have not pressed anything today
13:43:35 From Dennis Parmelee : so think range
13:46:10 From Dennis Parmelee : talking about your love life or the market Simon?
13:58:59 From Simon : was away for last few minutes getting some food
13:59:21 From Simon : you got love tips?
13:59:27 From Simon : hehe
13:59:59 From Simon : oh yes, go home with head genuinely held high
14:00:31 From Simon : I find when I walk down the stairs from upstairs … the wife wants to believe you had a great day!
14:01:01 From Simon : its a very short commute to unload your day if you work from home
14:01:41 From Dennis Parmelee : bias flipping to longs edge as day gets closer to closing
14:01:52 From Dennis Parmelee : because shorts want profits from day trade
14:02:38 From Simon : so this course is day trading
14:02:43 From Simon : agreed?
14:03:06 From Simon : I sit here feeling I have an edge to be short for weekend risk
14:03:11 From Evan’s iPhone : i think you could make the argument that it gives ideas for all time frames though
14:03:15 From Dennis Parmelee : yes
14:03:21 From Simon : how do you fight that feeling? do you get it?
14:03:48 From Simon : ask how to fight fomo effectively i think
14:05:18 From Renato : That’s how I do it.
14:05:34 From Renato : Sometimes I could be both short and long…
14:06:05 From Simon : yes, my broker even lets me be long and short on the same instrument
14:06:22 From Renato : ah!
14:06:57 From Renato : great.
14:07:05 From Simon : im trying to help my own mind sort itself out and remain in the correct TF and not allow TF mix to screw me up
14:08:09 From Simon : i think I might be in the camp, i can do 1 and I can do 2 but if 3 then it’s MANY and I lose control… I think I need less to make more
14:08:26 From Renato : for me DT and ST are two completely different animals
14:09:46 From Simon : yea E so still bias is up
14:11:24 From Simon : maybe the act of switching accts helps the mind to switch
14:11:47 From Simon : the fact that my acct lets me mix it up isn’t helping me
14:12:06 From Simon : overlaying TF on same acct has screwed me
14:15:58 From Simon : plenty there!
14:16:21 From Simon : thx
14:19:28 From Simon : New section added to office whiteboard and extra large marker used to highlight it!
14:20:11 From Dennis Parmelee : risk 2 make 2
14:20:43 From Dennis Parmelee : longs have not had a xxx rotation yet today
14:20:54 From Simon : the chart on screen now.. first one in 7 days with a down TL
14:21:17 From Dennis Parmelee : yes and too steep i think
14:27:01 From Dennis Parmelee : conservative shorts can let a bounce occur if it does
14:27:23 From Dennis Parmelee : say nearer to 46/47
14:27:38 From Dennis Parmelee : risk missing a traade
14:27:43 From Dennis Parmelee : but better odds
14:28:13 From Dennis Parmelee : a trader who had a good week
14:28:22 From Dennis Parmelee : isnt even thinking about trading now
14:28:43 From Dennis Parmelee : alfred e neuuman
14:28:52 From Dennis Parmelee : what me worry?
14:36:39 From Renato : When I don’t see anything I like, nothing to do but watch.
14:37:16 From Renato : No problem at all in not trading, I don’t want to jsut trade, I want to make $$$$
14:41:21 From Renato : In my view we take all “key areas” on either side, our job is to manage risk, if it does not move as expected, out, next!
14:41:30 From Renato : We want the “easy ones”
14:47:53 From Mike : been in and out since morning. left this open to see how things progressed.
14:48:06 From Mike : good ideas today all, have a great weekend
14:48:08 From Mike : and thanks E
14:48:14 From Renato : I really like your box system, E, it has given me several ideas I had never thought about.
14:48:46 From Renato : thank you E1
14:49:00 From Dennis Parmelee : u betcha
14:50:58 From Dennis Parmelee : xxxx
14:51:04 From Dennis Parmelee : 45.5
14:52:00 From Renato : got it, already applying it to bigger TFs. thanks.
14:54:01 From Renato : For us xxx is key at the CLOSE today.
14:54:51 From Renato : That’s what I like about trading the ES
14:55:08 From Renato : there are some types of move that it keeps repeating over and over again
14:56:34 From Dennis Parmelee : i think day low and hi are in
14:57:09 From Dennis Parmelee : gravy above 45.5
14:58:57 From Dennis Parmelee : shorts failed to put longs away = neutral
14:59:22 From Dennis Parmelee : shorts day trade profits evaporating
15:06:15 From Dennis Parmelee : xxxxx
15:13:50 From Dennis Parmelee : no trades recommended last hour
15:14:41 From Dennis Parmelee : keep profits if any
15:15:02 From Dennis Parmelee : shorts paid by 43.75
15:17:19 From Dennis Parmelee : low and hi likely in for day
15:17:35 From Dennis Parmelee : xxxxxx
15:17:45 From Dennis Parmelee : xxxxxxx
15:18:23 From Dennis Parmelee : last hr
15:18:37 From Dennis Parmelee : xxxxx
15:25:45 From Dennis Parmelee : have a wonderful weekend
15:26:07 From Renato : thank you Dennis, have a good one!
15:26:12 From Renato : long weekend.
15:31:31 From Dennis Parmelee : u 2
15:33:00 From Dennis Parmelee : xxxxxx
15:33:43 From Dennis Parmelee : paid for sure by xxx 47
15:34:16 From Dennis Parmelee : longs still no xxxx but nearly did
15:35:32 From Dennis Parmelee : 6 point rth
15:35:37 From Dennis Parmelee : awful
15:36:19 From Dennis Parmelee : will post in a bit
15:36:29 From Dennis Parmelee : relaxing and done for day
15:55:31 From Dennis Parmelee : 456 xxxx
15:55:45 From Dennis Parmelee : and in the pipe
15:56:31 From Dennis Parmelee : never met a long i didnt think would battle to the end
15:59:05 From Dennis Parmelee : paid for sure by 47 if long
16:02:46 From Dennis Parmelee : dbltop ib long
16:03:05 From Dennis Parmelee : gn all
20:03:01 From Dennis Parmelee : last swing xxx
20:03:21 From Dennis Parmelee : 45.25 close
20:04:26 From Dennis Parmelee : xxx 45.5
20:04:39 From Dennis Parmelee : late settle 2545