Sideways

Sideways

Lack luster trading saw the Boyz knock out both ends of the overnight range in a limited opportunity trading day that produced less than a ten point range.

It was an inside, two way day as expected, and just enough travel range to keep our shoe laces untied ratrher than run and apply for the greeter job at Walmart.

The Primary trade was down, which gave way to the lunch contra and one more sell opportunity EOD for those not sleeping.

We liked paid by 2500 and 2502 to 2505 as stops and PFS by 2492 today; inside day expected ow.ly/ViJM30frK8e DT4$2 magnet 2492.75

Thank You

@TRADEnPERFORM

Zoom

09:13:29 From Dennis Parmelee : good morning
09:13:42 From Dennis Parmelee : 9 am rule make sure paid if long
09:16:14 From Dennis Parmelee : strength of bounce negates higher odds for head and shoulders pattern we talked about
09:16:36 From Dennis Parmelee : monthly chart
09:23:06 From Dennis Parmelee : be patient today
09:23:43 From Dennis Parmelee : dont be in a rush to expect too much either side
09:24:04 From Dennis Parmelee : highest odds likely for inside day
09:29:25 From Dennis Parmelee : risk reward not very good right now
09:30:00 From Dennis Parmelee : risk 2 make 2 for gap
09:30:36 From Dennis Parmelee : grab a point
09:30:40 From Dennis Parmelee : if took it
09:34:31 From Renato : looking for 503-04 for a possible short?
09:34:42 From Renato : according to the o/n move…
09:38:01 From Dennis Parmelee : 02/05 renato
09:43:34 From Dennis Parmelee : 2500 to 05 is range boyz will short if coming back
09:45:08 From Dennis Parmelee : today could be wac a mole
09:52:22 From Dennis Parmelee : predictive chart suggests 02/5 as resistance
09:54:09 From Dennis Parmelee : no demon yet
09:54:47 From Dennis Parmelee : conservative shorts using the 02/05 as stop zone for shorts
09:55:12 From Dennis Parmelee : try for a couple
09:59:10 From Dennis Parmelee : nq idea paying off if anyone played it
10:00:19 From Dennis Parmelee : most days i think market is somewhat predictable
10:00:43 From Dennis Parmelee : today seems unreasonable
10:01:03 From Dennis Parmelee : maybe i am impatient today
10:01:19 From Renato : haha
10:01:59 From Renato : that’s the hardest part in this business: control emotions.
10:02:58 From Dennis Parmelee : agreed
10:03:09 From Dennis Parmelee : automation removes that roadblock
10:03:25 From Renato : as traders we accept we will NOT be right 100% of the time.
10:03:36 From Renato : but most of the time.
10:05:24 From Dennis Parmelee : yes
10:05:29 From Dennis Parmelee : xxxx
10:05:35 From Dennis Parmelee :  xxxx
10:05:41 From Dennis Parmelee :  xxxx
10:05:49 From Dennis Parmelee :  xxxx
10:06:00 From Dennis Parmelee :  xxxx
10:16:44 From Dennis Parmelee : i dont like today’s set up for a big move
10:17:26 From Dennis Parmelee : so risk 1 or 2 to make 1 or 2
10:17:33 From Dennis Parmelee : relax
10:18:00 From Dennis Parmelee : symmetry
10:18:09 From Dennis Parmelee : is about xxx
10:20:26 From Dennis Parmelee : xxx
10:20:46 From Dennis Parmelee : so that i was thinking should be reasonable
10:20:59 From Dennis Parmelee : 3.25 is yest demon
10:21:08 From Simon : Russell ATH again, relentless
10:21:36 From Dennis Parmelee : we will get correction
10:21:50 From Dennis Parmelee : when zero hedge throws in the towel and buys
10:21:56 From Dennis Parmelee : thanks Renato
10:22:23 From Dennis Parmelee : this is a squeeze type trade
10:23:16 From Dennis Parmelee : 4 point ib
10:23:18 From Dennis Parmelee : yikes
10:24:45 From Dennis Parmelee : xxx
10:25:04 From Dennis Parmelee : close to symmetry
10:25:11 From Dennis Parmelee : 99.25 is ib mid
10:25:39 From Dennis Parmelee : sidelines is ok
10:29:11 From Dennis Parmelee : dont think big move
10:29:17 From Dennis Parmelee : pg
10:30:44 From Dennis Parmelee : hit
10:32:52 From Dennis Parmelee :xx

10:43:43 From Dennis Parmelee : meager scraps today my friends
10:48:07 From Simon : Dennis, are you happy to have “awkward” students?
10:48:26 From Simon : I want to ask something but I’m not sure it’ll come across correct
10:53:38 From Simon : I struggle with the pfs thing
10:53:48 From Simon : take yesterday

about 11 am: verbally paid by 85
Twitter 11:18 Advised DT4$2 traders short paid by 85.5, use 82 support for profit taking bounce
10:54:18 From Simon : read through sequence
10:55:00 From Simon : tough calls, how to learn WHEN to pfs
10:55:32 From Simon : all great advice, my entriues are fine, exits are what i find to be difficult
10:55:53 From Simon : you were spot on yesterday, when to exit… if I got that I’d be profitable
10:59:31 From Simon : (listening and leaning closer to the screen)
11:00:45 From Simon : yea, you can scale out
11:02:58 From Simon : Thanks, I understand, you are indicating each level on the journey
11:03:24 From Simon : you are not indicating this is point to close trade
11:06:58 From Simon : I understand, hopefully, you understand why I asked
11:07:49 From Simon : hehe, holding on, yea, tough
11:12:36 From Simon : Thanks
11:13:31 From Simon : Sponge here , thinking sponge though 🙂
11:16:15 From Dennis Parmelee : i did a few recordings
11:16:22 From Dennis Parmelee : but bottom line
11:16:32 From Dennis Parmelee : re enter and catch pieces
11:16:40 From Dennis Parmelee : take stops when wrong
11:16:59 From Dennis Parmelee : and dont risk giving back 5 points to make 1
11:17:06 From Dennis Parmelee : yellen speaks?
11:17:21 From Dennis Parmelee : why leave chips exposed for news event?
11:22:24 From Dennis Parmelee : undercut low under 92
11:24:25 From Simon : Fed & Yellen. They have stated in their meetings in the last few months about concern of elevated stock prices. Doesn’t mean market will listen but they have been willing to put it in writing. Makes me cautious to be long recently.
11:25:55 From Dennis Parmelee : sharp bounces out of nowhere
11:25:59 From Dennis Parmelee : then rollover
11:31:26 From Simon : Fed Bostic and Yellen at lunchtime 😉
11:31:41 From Dennis Parmelee : paid for sure by 92
11:31:50 From Dennis Parmelee : if buying think small
11:32:02 From Simon : be busy in an hour, going to take a break now, back in about 30
11:32:05 From Dennis Parmelee : paid by 95.5
11:32:13 From Dennis Parmelee : ok
11:32:53 From Simon : glad I asked!
11:32:58 From Simon : was helpful
11:33:03 From Simon : food, laters
11:33:17 From Dennis Parmelee : break here for a few

11:48:40 From Renato : enjoy your walk.
11:48:44 From Dennis Parmelee : ty
12:31:33 From Dennis Parmelee : 92 buyers paid by 95.5 to 96
12:31:49 From Dennis Parmelee : trailers for the 97.5
12:32:16 From Dennis Parmelee : range
12:32:59 From Dennis Parmelee : catch pieces of the move
12:33:53 From Dennis Parmelee : xx back and retest of the IB low breakdown
12:37:35 From Dennis Parmelee : note the idea that whoever wanted 10 point idea either side got messed up
12:39:58 From Dennis Parmelee : premise is neutral
12:40:14 From Dennis Parmelee : both ends taken out of overnight range
12:40:19 From Dennis Parmelee : primary down
12:40:28 From Dennis Parmelee : means one bounce can be hit
12:40:39 From Dennis Parmelee : xxx
12:46:04 From Evan’s iPhone : E one more quick question that i know ive asked before. But when you are referencing T1 and T2 on the daily or weekly,
12:47:33 From Dennis Parmelee : t1 = xx
12:47:46 From Dennis Parmelee : T2 = xx
12:48:02 From Dennis Parmelee : that is for daily breakouts
12:48:08 From Dennis Parmelee : weeklies
12:48:20 From Dennis Parmelee : because range is larger
12:48:39 From Dennis Parmelee : i use t1 xxxx
12:48:45 From Evan’s iPhone : thank you
12:48:50 From Dennis Parmelee : t2 as xxx
12:48:57 From Dennis Parmelee : great ? to clarify
13:13:24 From Dennis Parmelee : typical lunch trading
13:13:56 From Dennis Parmelee : xxx low holding for now
13:13:58 From Dennis Parmelee : 92
13:22:00 From Dennis Parmelee : xxx
13:22:57 From Simon : Fed Up, Russell Up 🙂
13:23:36 From Dennis Parmelee : pattern seems to be inside day, very neutral
13:23:44 From Dennis Parmelee : week opened idea
13:23:54 From Dennis Parmelee : range trading that zone
13:42:59 From Dennis Parmelee : this looks like trap and squeeze
13:43:10 From Dennis Parmelee : a mini version of yesterday
13:43:28 From Dennis Parmelee : demon 99.5
13:43:41 From Dennis Parmelee :  almost done
14:19:38 From Dennis Parmelee : demo on risk and reward
14:19:42 From Dennis Parmelee : hope it helps
14:19:59 From Dennis Parmelee : pfs BY 96.5
14:27:53 From Dennis Parmelee : dont over trade
14:27:58 From Dennis Parmelee : dont over think
14:34:06 From Dennis Parmelee : dont shoot the messenger
14:35:51 From Dennis Parmelee : xxx
14:35:58 From Dennis Parmelee : xxx
14:36:05 From Dennis Parmelee : last small swing
14:38:24 From Dennis Parmelee : two way day
14:38:28 From Dennis Parmelee : no trend
14:38:39 From Dennis Parmelee : inside day
14:39:03 From Dennis Parmelee : still xx
14:43:54 From Dennis Parmelee : From Me to Everyone: 09:24 AM
be patient today
dont be in a rush to expect too much either side
highest odds likely for inside day

14:44:39 From Renato : lol
14:49:52 From Dennis Parmelee : volume eems light today
14:50:45 From Simon : “highest odds likely for inside day”
??? how is today an inside day?
14:51:19 From Simon : mmm, im going to recheck
14:52:58 From Simon : ok i see non-rth inside day. rth we had higher high. ignore me
14:53:30 From Dennis Parmelee : i usually do
14:53:35 From Dennis Parmelee : lol
14:53:46 From Simon : saves time and effort!
14:54:12 From Simon : i was looking at a rth chart lol
14:54:40 From Simon : sunday night high!
14:57:34 From Dennis Parmelee : this is noise
14:57:44 From Dennis Parmelee : 1 hr + to go
14:57:55 From Dennis Parmelee : at day’s middle
14:58:02 From Dennis Parmelee : no edge
14:58:21 From Dennis Parmelee : other than short has had second entry after lunch bounce
15:02:18 From Dennis Parmelee : above xxx
15:02:42 From Dennis Parmelee : so big boys may be doing window dressing for end of month and quarter
15:06:20 From Dennis Parmelee : make it xxxxxx
15:17:18 From Dennis Parmelee : base attempting to be built
15:18:14 From Simon : like a reducing oscillating wire
15:18:44 From Simon : strike it at open and it just waves in ever decreasing pattern
15:19:12 From Simon : piano wire/sound wave
15:20:12 From Dennis Parmelee : agreed
15:20:29 From Dennis Parmelee : size of bars so small
15:22:18 From Dennis Parmelee : doji day a possibility
15:22:54 From Dennis Parmelee : that would be about 97.5
15:24:44 From Dennis Parmelee : 60 globex
15:25:02 From Dennis Parmelee : holding the rain line after undercut low
15:26:21 From Dennis Parmelee : 5 globex neutral 96.5
15:27:07 From Dennis Parmelee : no trade recommended
15:27:34 From Dennis Parmelee : if bought 96.5 paid for sure by 98.5
15:27:46 From Dennis Parmelee : risk 2 make 2
15:34:02 From Dennis Parmelee : look for pattern
15:34:35 From Dennis Parmelee : small w
15:35:48 From Dennis Parmelee : shorts need to negate it
15:35:57 From Dennis Parmelee : by challenging 92
15:36:05 From Dennis Parmelee : make it an M
15:36:14 From Dennis Parmelee : not yet
15:39:49 From Dennis Parmelee : too steep
15:40:00 From Dennis Parmelee : not crazy about this leg
15:45:01 From Dennis Parmelee : pfs 96.5
15:45:06 From Dennis Parmelee : if short
15:49:33 From Dennis Parmelee : time for a swim
15:49:36 From Dennis Parmelee : be well
15:49:53 From Dennis Parmelee : trail if short for 95.5
15:50:20 From Dennis Parmelee : angel test
16:01:54 From Simon : 5 pt move into the close.
16:01:59 From Simon : goodnight all
16:02:42 From Renato : Thank you very much, E.
16:03:02 From Renato : great call as a range day
16:10:49 From Renato : GN ALL
16:38:14 From Dennis Parmelee : life gets in the way as they say
16:38:21 From Dennis Parmelee : if going out to dinner
16:38:28 From Dennis Parmelee : and wont be around
16:38:33 From Dennis Parmelee : a day trader goes flat
16:38:54 From Dennis Parmelee : 94 to 95 test
16:39:03 From Dennis Parmelee : why worry?
16:39:10 From Dennis Parmelee : so get a few chips
16:39:15 From Dennis Parmelee : and leave the party
16:39:29 From Dennis Parmelee : use xxx now
16:39:44 From Dennis Parmelee : good night