LayoverBack to Business
We advised traders to ignore the hype and snarky comments that are prevelant on sites like Twitter. What value does it add to our life to argue with the silly traders who want to taunt the bears or the bulls?
Their Bias is so strong they need to defend their opinion publicly; a sure-fire method of missing some good trades that materialize in BOTH directions.
I noticed some Bulls acting if this 300 point drawdown wasn’t a significant achievement for the Bears. Wait until next year is their motto.
Why wait? Traders love the opportunity to play the game and capture pieces of the swings as the market moves.
We have undermined many milestones, including year middle, last year’s high, and this year’s open.
Note the 2 year range fo better sense of locating ourselves on the GPS. We look at objective criteria to make educted guesses about what the market may do in the immediate future.
No guarantees, but using educated guesses to try and take 4 or 4 points per day per contract out of the market with as little risk as possible.
Business as usual with the strong gap up in overnight trade to threaten shorts positions, after the longs were flushed when Turkeys had a hard time flying last week.
Game plan today was to think small realign with longs for testing 72/75.25, with aggressive support at 52.
Mondays, especially after a long layover require a bit more patience to allow the market to establish a tradable range. We suggested conservative traders stay sidelined for this open and get better odds for a short from a higher high after early shorts and trapped shorts squeezed. We acknowledged that the odds were better for small hit and run shorts than for longs, but the charts suggested bot type buys were possible for the longs despite the 40 point bounce that already had occured.
10 minute RTH was elected as our primary chart, along with the 15 globex.
Live Trading November 12 through November 30 +
Join E in his Live Trading Room November 12 through the 30th from 9:15 to 11:15.
The focus is on finding low-risk, high odds trade ideas
for the E-mini S and P.
3:54 E 2 points remaining for 76.5 risk/reward target 4:35 E 75/78 shorts paid by 62.5 if took EOD trade ow.ly/9TZb30mL6So #EMWS
Armstrong on Bitcoin ow.ly/u8Pr30mL4gQ #EMWS
2:02 E 58 agg support ow.ly/hT0330mL3Yv today’s question was can we start to make higher lows and higher highs 2:14 E longs in control for now and its all about squeeze for the close now 2:33 E trailers for 75 test, 78 resistance 11:34 E 78 resistance #EMWS
We reminded traders to ignore the posturing on Twitter and treat this like a business: Try and grab 4 to 5 points per contract on average per day. Plan was to allow aggressive and trapped shorts to be stopped out then look for backing and filling as second or third mouse. #EMWS
8:43 E shorts if get to 55/52 should get paid 9:45 E longs will try for 72 /75 and doubtful we get big move either direction IB 09:57 E if missed it no worries, chasers today are weak hands. better odds short from hh #EMWS ow.ly/GA3p30mKVFR
armstrongeconomics.com/world-news/cry…. In July he knew what newbies didn’t
In New Haven it’s pizza 🍕 time enjoy.
Mission accomplished with dinner rolls and a copper bud. Nice weekend to u
Bots have gone through a learning curve and are now becoming proficient as sellers, not just BTFD. #EMWS find one good trade a day ow.ly/4SKy30mJi2t Early close, so eod trades starts by noon
Thank you Sanjay, and many blessings for you and your family as well.
What I’ve learned in these 11 years is you just got to stay focused and believe in yourself and trust your own ability and judgment. -Mark Cuban #EMWS keep it simple: Do our own work, follow our system, trust the process.
Pro Tip : Why settle for dry Turkey? Bakin’ with bacon!