Scrambled eggs conceal the Truth: We don’t know which came first, the chicken or the egg.
E here, from the Nutmeg State with a Story Untold.
Some Market Profile enthusiasts awhile ago plastered my stream with the hard-boiled evidence of a steep, imminent decline. Truthfully, it’s been short and skinny frog’s legs that have been boiling since then.
Trading accounts and opinions were shared to show how silly and naïve day trading The Emini wizard System is compared to the Market Profile (MP) Juggernaut.
Only one Truth is out there, and that is the evidence of hindsight.
As traders, we don’t have that luxury when we make decisions to buy, hold, or sell.
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A serious student of the markets may ask themselves two simple questions.
First, “What does E (or anyone else) know that I don’t?”
Secondly, “How can I add that knowledge to my own understanding of the markets so I can become a better and more profitable trader?”
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“My charts are never wrong!” one trader exclaimed. “We will test 1790 before the end of July”. Jury is still out on that one, but we seem to be going in the wrong direction since he declared his thesis.
Fairly recently George Orwell’s 1984 was a resistance not to be broken according to an MP guru. Using typical #EMWS analysis, I suggested that 1982.5 was an important inflection point according to my view of the market, and we would use that as a directional signal. We had already bounced from the undercut low, and 1831 was holding. 1875 was a power pivot that had also held.
“No worry, we are going to short the daylights out of 2025 was the next idea proposed by MP. Vigorously and defiantly rejecting alternative views only means we may dig ourselves deeper and deeper into the abyss of our blind spots. Two weeks ago, that 2022/2025 zone held support on the retest.
How could a day trader like E have any clue about the “less is more” and “rinse and repeat” approach to trading?
In fact, we can’t unless we first understand the importance of the Generals who move the market: Swing and Position Traders.
Remember years ago when a trader claimed we were in dangerous territory at 1550? The death of the S and P was imminent. Using the #EMWS, one summer morning I said 1552.5 is support until broken. The market touched within one tic of it that day while I was at a funeral, and has never looked back.
Prior to that, 1438 was a big zone. Last year, as it was hitting 1831, “close all shorts.” Last year’s high was projected at 2034.25 to 2038.5 before any further advance.
That high is obviously an objective for the longs to target and the shorts to defend.
The details of my analysis has been systematically captured in posts, charts, notes, and videos from The original Eminiwizard site to this Marketwizardz site, available to anyone who cares to revisit them.
No hiding from the truth.
“The year opened at 2037.75 and 2031.25 is a big support pivot below it.”
For some, drop a T and change it to an S, scrambled eggs style.
The Truth hurtS.
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I don’t know where the market is going, I make educated guesses. I am not smarter than these traders, and I am certainly not making fun of them. All I am saying is I will continue to look at objective criteria to see next support and resistance zones. The last important support was identified at 2068. Above us we have 2105 to 2112 before anything else.
I can reverse engineer great traders like @AnthonyCrudele and immediately see how he derived a projected target of x. Before that, I will look for LYH and T1. His target is T2.
Step by step, The Emini wizard System humbly continues to shine its light.
Club 5000 will receive their second video early this week, and stay tuned for the Navigator Special, an opportunity for your mouse to make your trading roar like a lion.
