Today’s thesis was simple, but not easy.
Two way day, better odds playing long side in possibleTaylor Day Three.
Experience matters in the fine tuning and the Art of Trading.
As traders we focus on many ideas, including technical patterns, fundamentals, psychology.
Today’s educated guess came from years of seeing the market move and understanding how we could expect prce to move today as a piece of the bigger puzzle.
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Simple is as simple does DT4$3 ow.ly/x9gl30h33aZ 18.88 support for now as per yesterday’s calculations
DT4$3 Heads up at the tail ow.ly/Z1o730h2Gqy good night
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eminiwizard [7:40 AM] https://content.screencast.com/users/EMWS/folders/Jing/media/5709baaf-8b8axxxxxx29516/2017-12-06_0730.png (36 kB)
[7:40] good morning
[7:41]yesterday we calculated 18.88 as next target as a function of target xxx being challenged
[7:41]Wei asked if that could be done
[7:41]this 18.88 came first
[7:41] 20 low overnight
[7:42] 45 points off 65 high
[7:42] watchout for bounce/slingshot today
[7:42] taylor day 3 possible
[7:42] xxx
[7:43] xxxx
[7:43] xxxxx
[7:43] java
Zeek Snodgrass [8:14 AM] gm
[8:14] ADP at 8:15
[8:15] all as expected
[8:15] no reaction, as usual
[8:17] I think that we are going to make the right shoulder of a head and shoulder bottom I think xxx is the max area for keeping this formation intact
[8:18] NQ flirting with taking out last Fri rth low of 6246
[8:19] we are exactly at the same price level as a week ago
Zeek Snodgrass [8:24 AM] shake and bake day to start the Santa rally
Zeek Snodgrass [8:31 AM] xxxxxx
Zeek Snodgrass [8:38 AM] globex: 21.25 angel 29.75 demon xxxx
[8:39] T1 37.5 xxxxx
[8:39] stuck in 22-27 range for many hours
[8:40] Fed on deck next Wed
[8:40] rollover to March contract Thursday and Friday
[8:41] it is normal to have a move down prior to rollover and a move up during or after rollover
[8:42] 5 min chart a bow tie formation the 30 minute does not
[8:42] so may take more time to get the charts lined up for a contra move higher
[8:43] if we exceed xxxx then bulls completely in control and expect xxxx
eminiwizard[8:44 AM] gm
[8:45] i was thinking similar
[8:45] but thinking xxx
[8:46] xxxxx
[8:46] must hold
[8:48] https://content.screencast.com/users/EMWS/folders/Jing/mediaxxxxxxx6b2-8d24-94f6afc66cf5/2017-12-06_0847.png (44 kB)
[8:50] the gap up and give ball to charlie is how they play the game
[8:50] now everyone convinced we are crashing
[8:50] so i am conservative short side
[8:53] https://content.screencast.com/users/EMWS/folders/Jing/media/8f117xxxxxxxx8e8-f992eba391ee/2017-12-06_0852.png (34 kB) twm
[8:55] https://content.screencast.com/users/EMWS/folders/Jing/media/8b529337-6xxxxxx-db109d331353/2017-12-06_0854.png (43 kB)
eminiwizard [9:00 AM] this is the work I did yesterday to project 18.75
[9:00] https://content.screencast.com/users/EMWS/folders/Jing/media/454612xxxxxxxxx3-ab906cb6c46e/2017-12-06_0859.png (62 kB)
[9:01] staying under 34 helps that idea
[9:01] so 18 support right now as posted
[9:03] 28.75 gap
[9:04] late close 27.5
eminiwizard [9:16 AM] https://zoom.us/j/689579609
eminiwizard [1:58 PM] https://zoom.us/j/629117221
[1:58] afternoon session for anyone around
zOOm
09:17:01 From Dennis Parmelee : good morning
09:17:15 From Dennis Parmelee : paid for sure pre market by the gap
09:17:42 From Dennis Parmelee : starting with premise 2 way day
09:17:46 From Dennis Parmelee : then adjust
09:33:35 From Dennis Parmelee : gappers paid
09:33:50 From Dennis Parmelee : and sideline if dont like today’s open
09:34:02 From Dennis Parmelee : agg shorts playing range
09:34:18 From Dennis Parmelee : agg longs already got paid at gap
09:35:24 From Dennis Parmelee : better odds looking for longs today
09:35:39 From Dennis Parmelee : as contras to the weeks range
09:48:17 From Zeek Snodgrass : you buyers are the FED NSA Goldman and a few traaders
09:48:42 From Zeek Snodgrass : only remaining report is oil inventories at 10:30
09:49:44 From Zeek Snodgrass : Trump……..???????
09:52:55 From Dennis Parmelee : georgia boy
09:53:00 From Dennis Parmelee : im peach
09:53:32 From Dennis Parmelee : pfs by 26 if short
09:54:41 From Dennis Parmelee : 2 way day expected
09:54:53 From Dennis Parmelee : and suspicious of news event
09:55:07 From Dennis Parmelee : will take time to stabilize
09:55:28 From Dennis Parmelee : but i think need to be cautious expecting too much either side right now
10:05:07 From Dennis Parmelee : rain ping pong
10:08:51 From Dennis Parmelee : xxxx
10:11:24 From Harvey : no – when i’m logged into my gmail a/c it’s fine
10:11:34 From Cobalt : working on my end
10:11:45 From bc : i will try again and let you know
10:13:46 From Harvey : after the weekend is fine – the rollover day is messy anyways, i don’t trade it
10:15:27 From Dennis Parmelee : 27.5 is magnet
10:22:15 From Zeek Snodgrass : 25.75 pg xxxxx
10:23:11 From Zeek Snodgrass : we could follow recent pattern of taking out globex high and low
10:23:55 From Dennis Parmelee : yes
10:24:03 From Dennis Parmelee : high already undone
10:25:02 From Zeek Snodgrass : 25.5 IBL, it needs to hold or we will need to build support to challenge the rht high
10:25:20 From Zeek Snodgrass : one tick does not count as true break of 25.5
10:27:05 From Dennis Parmelee : right
10:27:25 From Dennis Parmelee : think hit and run is plan
10:31:33 From wei : could this is another bear flag?
10:32:52 From Dennis Parmelee : yes
10:33:40 From Dennis Parmelee : watch utl for clues
10:38:58 From Zeek Snodgrass : test of IBL
10:39:03 From Zeek Snodgrass : watch carefully
10:40:03 From Zeek Snodgrass : IB low broekn by 1 pt
10:40:06 From Zeek Snodgrass : looked like stops
10:44:58 From Zeek Snodgrass : rollover could be limiting buyers for now
10:45:06 From Dennis Parmelee : agreed
10:45:14 From Zeek Snodgrass : time will tell
10:45:28 From Zeek Snodgrass : look for newss
10:45:33 From Zeek Snodgrass : somethign just happened
10:47:20 From Zeek Snodgrass : looking to see if we can take out 32.25 high and jump the 33 ressitance
10:47:48 From Zeek Snodgrass : that means I am observing, no gambling since I don’t know the reason for the spike
10:48:25 From Zeek Snodgrass : cleaned out the longs and now trapped some shorts
10:48:31 From Zeek Snodgrass : stop and go
10:49:19 From Zeek Snodgrass : rth 28 angel 29.5 demon
10:52:19 From Dennis Parmelee : plan was looking for longs today as better odds
10:52:41 From Dennis Parmelee : range type longs
10:52:53 From Dennis Parmelee : then good fortune for retests
10:55:23 From Dennis Parmelee : long side primary target is 2637.25
10:55:47 From Dennis Parmelee : need to chew higher highs higher lows for that
11:22:25 From Dennis Parmelee : wac a mole
11:25:47 From Zeek Snodgrass : 28 pg xxx
11:30:08 From Dennis Parmelee : taking eye ball break
11:40:32 From Zeek Snodgrass : lunch bbl
12:28:26 From wei : so we will have symetry again ?
12:35:12 From Dennis Parmelee : range for now
12:35:20 From Dennis Parmelee : close is important
12:35:51 From Dennis Parmelee : we stalled where I said would be helpful for shorts
12:37:09 From Dennis Parmelee : still could be wac a mole
12:37:36 From Dennis Parmelee : aggressive shorts have done reasonably well against the bounce
12:47:40 From Dennis Parmelee : lunch break
12:47:55 From Dennis Parmelee : will reboot in a bit
=======================
Afternoon Session
13:59:29 From Dennis Parmelee : quiet lunch as usual
14:12:37 From Dennis Parmelee : double toppers may be playing wac a mole
14:13:03 From Dennis Parmelee : plan? if get to 28 be conservative
14:13:26 From Dennis Parmelee : cuz 2 point rotations
14:50:54 From Zeek Snodgrass : boys stocked the knife from falling
14:51:07 From Zeek Snodgrass : tomorrow could be a slow day due to the rollover
14:51:50 From Zeek Snodgrass : two items that bear watching. First, Copper has broken $3 Second is oil is naring $55.5 breakout
14:52:02 From Zeek Snodgrass : a collapse in either will be a red flag warning
14:52:30 From Zeek Snodgrass : Fires in California are a calamity that will afect the entire country
14:53:04 From Zeek Snodgrass : I think shorts overslept today. If Asia continue down tonight, this will be a one day wonder
14:53:50 From Zeek Snodgrass : Central banks are scared that bitcoin will break their monopoly
14:53:53 From Dennis Parmelee : one day wonder = ?
14:54:17 From Dennis Parmelee : DCB
14:54:18 From Zeek Snodgrass : great way to evade taxes
14:54:27 From Dennis Parmelee : Dead Cat Bounce
14:56:08 From Zeek Snodgrass : I think that we have proven this week that the suddden selloff on Friday was about to happen without news
14:56:22 From Dennis Parmelee : always looking for clues like 35 resistance
14:57:19 From Dennis Parmelee : ty Zeek
14:59:18 From Zeek Snodgrass : Al Franken getting the boot tomorrow
15:00:05 From Zeek Snodgrass : Conyers was retired by his poor judgement and criminal behavior
15:00:30 From Zeek Snodgrass : Hillary happy to see the men go
15:01:37 From Dennis Parmelee : http://www.msn.com/en-us/news/politics/frankens-support-fades-as-female-democrats-seek-resignation/ar-BBGiYx1?ocid=ASUSDHP15
15:02:59 From Zeek Snodgrass : dfd
15:03:30 From Dennis Parmelee : bye zeek
15:03:34 From Dennis Parmelee : thank u
15:08:02 From Dennis Parmelee : shorts need to undo dynamite triangle
15:21:12 From Dennis Parmelee : shorts using 35/38 as resistance
15:32:11 From Dennis Parmelee : 26 support until broken
15:47:18 From Dennis Parmelee : wac a mole 28/29 key now
15:48:55 From Dennis Parmelee : leave it be best advice i can give
15:49:13 From Dennis Parmelee : too late for new long i think
15:49:22 From Dennis Parmelee : if trail short up to u
15:54:32 From Dennis Parmelee : paid by 28 and done
15:54:53 From Dennis Parmelee : chip shot
15:55:51 From wei : thx
15:56:11 From Dennis Parmelee : gn all and be well