Relax and Feel the Pulse of the MarketFind the Rhythm
You’ve got a nice swing
Do the math and round it off. How else can we play this type of market? I played a quick nine holes this afternoon, and my golfing partner wimped out. I was planning on 18, but he was tired..I tried out a new lob wedge and a new putter, and figured out how to swing them both by the end of the round.
Jim told me I had a nice swing, but it used to be better. My muscle memory has a bit of amnesia, but it’s coming back. It’s all about the tempo and rhythm.
I got back around 3 jumped in the cockpit, and we were off and running. Instincts and intuition are part of this game. Zeek was still there with Mike and a few other junkies. We were at our desks by 6:30 am, so you know we love this business.
I had a feeling 75 would get tested, and truthfully I thought 85 would be too. Sizing up the backswing, I observed the market had a nice swing as well. “Thats a 50 point trade, so figure bounce to 62/65, maybe 67 since it was a 2 point offset of 90/40. “Note we are making lower highs and higher lows”. Keep it simple. I noted yesterday’s mid zone stalled today’s obligatory stop run on late shorts.
75 stop for shorts. Longs paid by 62/65 for sure. Low is probably in. Maybe close around 64.
If our mind is relaxed and agile, we can detect the rhythm and find logical smaller trade ideas inside the bigger ranges.
Yesterday’s High was 2723.75, so I figured this morning those last few points for the C note werent worth it and assumed 2625 support until broken. 28.75 and 26.25 were primary targets, near enough.
I know, not very geeky and rocket scientist type calculations.
If you have all your tools hung up neatly on a peg board in the basement, stop trading. This business is not for you. If you cant come in and size up the rotations within 2 or 3 minutes,I am not sure you can compete with the bots.
In a corrective market, we take stop outs and try short side one more time.
Ferocious rallies are meant to knock shorts out of position before resuming the waterfall.
No one “knows” until hindsight, agreed.
3 to 5 max. Trade smaller size to compensate for larger swings
Advised trailers done if long by 66 first time back, and perhaps low is in for day. Going out to lose some golf balls, have a great weekend all #EMWS Boyz may want to test 75 by EOD, be conservative and protect profits if any
10:46 E 28.75 is t2 #EMWS Any day low available // 72 resistance intact and make sure get paid by 32/28 advised
8:30 AM E pfs 65 trail above 68/72 max, 68 as resist #EMWS
We better order bigger hat sizes for all the gurus who called this correction. lol. 2930 was my suggestion for the high, staying humble and my hat still fits. No one knows, we make educated guesses. #EMWS many will be wrong
6:31 E market is taking profits 6:35 E convenient trade is maybe 62, paid by 62/65 #EMWS time for some java and wheaties
58.75 reminder was yest low and 52.25 also important benchmark today for directional purposes #EMWS
lol be well Bama.
Cant expect markets to rebound overnight if major leaders miss earnings estimates #EMWS
First fetch me a cup of java please (Bama)
RT @TraderSmarts As a trader you need to have confidence. You have to believe in yourself and what you’re doing. Be aware though when CONFIDENCE morphs into HUBRIS. When this happens — stop trading and get in alignment.