A little patience this morning paid off Big time for day trade shorts who waited for the breakout and hit the run into new territory.
The turtle trap was set and caught early shorts and late longs, with a solid thrust to test the 2543 support zone.
We encouraged DT4$2 traders to scale out at the half gap, gap, and paid for sure by the hidden pivot at 2542.75.
The short side target was viable but we suggested to use it as support for the buy side bounce since a new all time high had just been made.
The NQ was a fabulous guide for us as well.
Zoom Room
08:57:56 From Dennis Parmelee : good morning
08:58:29 From Dennis Parmelee : starting zoom early today as I have dr appoinment 3:30 and will leave early
08:59:32 From Dennis Parmelee : market xxxx
08:59:39 From Dennis Parmelee : boyz in it
08:59:54 From Dennis Parmelee : and not xxxxx rule yet
09:00:00 From Dennis Parmelee : but close
09:00:13 From Dennis Parmelee : trail for 49.25
09:00:19 From Dennis Parmelee : if long
09:01:06 From Dennis Parmelee : double at 44 is the key
09:01:45 From Dennis Parmelee : 15 globex chart
09:02:08 From Dennis Parmelee : r1 48.75
09:07:54 From Dennis Parmelee : xxxxxx
09:08:06 From Dennis Parmelee : and pfs byxxx 49 done
09:08:15 From Dennis Parmelee : xxxxx
09:08:46 From Dennis Parmelee : xxxxx
09:09:18 From Di : fed speaker at 10
09:10:57 From Dennis Parmelee : ty
09:12:11 From Zeek Snodgrass : gm
09:15:51 From Mike : hi zeek
09:16:55 From Zeek Snodgrass : hi Mike
09:21:13 From Dennis Parmelee : 2 way day slight edge long above rainline
09:22:10 From Dennis Parmelee : feels like run stops first on shorts
09:22:25 From Dennis Parmelee : conservative shorts sidelined
09:24:11 From Zeek Snodgrass : earnings start either today or tomorrow
09:24:20 From Zeek Snodgrass : means positive bias to market
09:24:46 From Zeek Snodgrass :xxxxx target
09:26:05 From Dennis Parmelee : thanks zeek
09:27:42 From Dennis Parmelee : above 49 at open is good fortune
09:28:11 From Dennis Parmelee : agg shorts using 51/52 as resistance
09:29:09 From Dennis Parmelee : think small
09:29:14 From Dennis Parmelee : if trying short
09:29:20 From Dennis Parmelee : wac a mole idea
09:30:33 From Zeek Snodgrass : 2546.5 half gap
09:30:49 From Dennis Parmelee : same z
09:32:09 From Dennis Parmelee : shorts be patient
09:32:16 From Dennis Parmelee : be willing to miss
09:33:39 From Dennis Parmelee : fed speaker at 10 may help shorts
09:33:50 From Dennis Parmelee : meaning profit taking ahead of it
09:34:18 From Dennis Parmelee : so on new highs or even just chop
09:34:31 From Dennis Parmelee : better dds a tad later
09:38:06 From Howard Lu : dds?
09:39:04 From Mike : odds
09:39:10 From Howard Lu : thanks
09:39:18 From Mike : yw
09:42:06 From Howard Lu : yeah, looking to short around 55, haha
09:43:21 From Dennis Parmelee : pfs 52/53
09:43:47 From Renato : nice read, E.
09:43:51 From Dennis Parmelee : 55 t 2
09:44:03 From Renato : I like T2
09:44:13 From Dennis Parmelee : i think breakout traders paid by 55
09:44:33 From Renato : 40.50 perfect! great call
09:44:53 From Dennis Parmelee : thank you
09:47:09 From Dennis Parmelee :xxx
09:52:06 From Dennis Parmelee : 49.5 is id xxxx
09:52:08 From Dennis Parmelee : pfs
09:56:28 From Dennis Parmelee : be happy for small victories
09:58:43 From Dennis Parmelee : xx
09:58:57 From Dennis Parmelee : xxxxx
09:59:03 From Dennis Parmelee : xxxx
10:01:48 From Zeek Snodgrass : see if we get half gap by 10:30 (46.5)
10:02:08 From Zeek Snodgrass : volume is heavy for first 30 minutes
10:03:23 From Dennis Parmelee : stops down trail a few mins if short
10:07:06 From Simon : Other assets warning, this dip may not be bought
10:07:15 From Simon : “may”
10:07:22 From Di : could be the making of blow off top
10:07:51 From Zeek Snodgrass : volume is high enough for some type of top
10:08:09 From Dennis Parmelee : payday 46.75/ 46.5
10:08:57 From Mike : haha sure does
10:15:06 From Zeek Snodgrass : getting to half gap is a win for bears
10:15:17 From Zeek Snodgrass : this new candle will tell us a lot
10:15:24 From Zeek Snodgrass : I think we fill 44 gap
10:17:41 From Zeek Snodgrass : I thin k long side is vey dangerous thru the end of IB
10:17:54 From Zeek Snodgrass : market unable to bounce
10:18:13 From Zeek Snodgrass : 43,75 is globex angel
10:19:04 From Howard Lu : feels like long above or near 2550 is not high odds for profit
10:20:46 From Mike : rain line
10:20:53 From Dennis Parmelee : bingo 44/ 44.5
10:20:59 From Dennis Parmelee : and 43 db
10:21:46 From Dennis Parmelee : rain hit
10:22:45 From Dennis Parmelee : Boyz really nailed the early shorts and late longs
10:22:54 From Zeek Snodgrass : 51.25 demon
10:23:03 From Zeek Snodgrass : 48.13 middle
10:23:34 From Dennis Parmelee : nq busted yest low
10:24:12 From Dennis Parmelee : z pattern
10:25:21 From Dennis Parmelee : xxxx
10:25:35 From Dennis Parmelee : xxxx
10:25:42 From Dennis Parmelee : xxx
10:26:07 From Zeek Snodgrass : 45.75 is new angel rth
10:26:55 From Zeek Snodgrass : 39.75 is xxxxx
10:27:22 From Dennis Parmelee : 51.25 demon
10:27:48 From Dennis Parmelee : late longs trapped
10:27:52 From Zeek Snodgrass :xxxxx
10:27:57 From Dennis Parmelee : i think high is in for day
10:33:05 From Dennis Parmelee : hitting bounces
10:33:15 From Dennis Parmelee : nq and 10 off high say try it
10:33:40 From Dennis Parmelee : neutral day for now
10:33:56 From Dennis Parmelee : because we are inside xxxxxxx
10:34:08 From Dennis Parmelee : above rain line still
10:35:53 From Dennis Parmelee : using 44 as magnet
10:35:56 From Dennis Parmelee : for bias
10:39:44 From Dennis Parmelee : any re entry or trail thinking 41/42 important
10:39:52 From Dennis Parmelee : ahead ofxxxx
10:40:16 From Dennis Parmelee : 40 is t1 south
10:40:23 From Dennis Parmelee : andxxxx
10:40:28 From Zeek Snodgrass : Big difference is volume is volume today is far above the recent norm
10:40:45 From Zeek Snodgrass : someone had a sell program postioned
10:40:54 From Zeek Snodgrass : now it is longs turn to get battered
10:41:39 From Zeek Snodgrass : targets are xxxxx
10:41:54 From Mike : gap down near 36
10:45:14 From Dennis Parmelee : note tails under 46
10:45:34 From Dennis Parmelee : if had nice swing
10:45:37 From Dennis Parmelee : relax
10:45:44 From Dennis Parmelee : if bought 44
10:45:52 From Dennis Parmelee : gap fill
10:45:58 From Dennis Parmelee : paid by 48
10:46:14 From Dennis Parmelee : think small bounce trapped longs
10:54:39 From Simon : NQ flagging on 5 mins
10:55:06 From Simon : ES too now I check it
10:55:32 From Dennis Parmelee : keep eye 6070
10:56:29 From Simon : for NQ over/under 65 xxxx at the top of this hour is key,
10:56:47 From Simon : we are sitting on xxxxx
11:00:16 From Simon : Yen breaking up, watching USDJPY 112 and below
11:00:38 From Simon : there we go , NQ closed the hour on xxx
11:01:41 From Simon : I agree with your 70 level. NQ pattern, took top and bottom
11:01:43 From Dennis Parmelee : xxxxx
11:01:45 From Evan’s iPhone : potential z?
11:01:55 From Dennis Parmelee : 3 second snap shot
11:02:10 From Dennis Parmelee : pattern is?
11:03:17 From Dennis Parmelee : megaphone
11:03:19 From Simon : lol
11:03:44 From Simon : oh ok, I knew that , hence my comment took top and bottom
11:04:40 From Simon : toddler home from school, time to go tickle someone bbs
11:04:41 From Dennis Parmelee : megaphone is bearish pattern
11:10:43 From Renato : another great call, E!
11:10:55 From Renato : I tried 2554 xxxxxx
11:11:19 From Renato : xxxxxxx
11:11:23 From Mike : i xxxx. was trying 5375 xxxx
11:11:36 From Mike : y
11:12:39 From Renato : now long from 45.50, scaled out, gotta break this 47-49 area, otherwise, new lows possible
11:14:53 From Zeek Snodgrass : today could be first win for bears since 2009
11:15:38 From Mike : lol
11:19:01 From Mike : E what is that oscillator on the 5rth chart?
11:19:04 From Renato : xxxx
11:19:14 From Renato : BULLISH above, bearish below
11:19:52 From Mike : ah ok ty
11:19:59 From Mike : y
11:20:31 From Dennis Parmelee : williams r is the indicator
11:22:19 From Zeek Snodgrass : NQ begging to get smacked down
11:23:08 From Zeek Snodgrass : bots are about to get a giant short circuit
11:23:17 From Zeek Snodgrass : they are only programmed to buy
11:23:35 From Zeek Snodgrass : we may be at the end of the Trump rally
11:24:21 From Zeek Snodgrass : oil flying because OPEC asked US frackers to limit production. I do believe they have run at maximum just to pay their debt
11:24:49 From Zeek Snodgrass : Fracking is not profitable
11:25:34 From Dennis Parmelee : 1 finger salute for now on LWM
11:26:06 From Zeek Snodgrass : watch for bottom of the hour sell program
11:26:28 From Zeek Snodgrass : longs still trapped
11:26:42 From Zeek Snodgrass : Bots sipping Solar City power
11:26:49 From Zeek Snodgrass : recipe for a move
11:27:27 From Renato : European CLOSE in 3 min
11:28:17 From Dennis Parmelee : ty Renato
11:29:28 From Renato : ES tried several times to break that 47, no success… longs are flat.
11:29:45 From Dennis Parmelee : 44 pfs
11:33:08 From Dennis Parmelee : 30 globex now for a broader view
11:33:50 From Simon : GU giving little pullback
11:34:30 From Simon : I like the cancel article 50 headlines today, it’s like oh shit this is hard can we not just stop 🙂
11:34:36 From Zeek Snodgrass : bbi 10
11:39:58 From Mike : back in a few
11:41:30 From Dennis Parmelee : relax
11:41:39 From Dennis Parmelee : best trades done today
11:42:02 From Dennis Parmelee : in the weekly pipe
11:42:16 From Dennis Parmelee : shorts had great trade
11:42:21 From Dennis Parmelee : as primay trade
11:43:43 From Dennis Parmelee :xxxxxx
11:43:55 From Dennis Parmelee : we shall see
11:52:51 From Dennis Parmelee : fast and furious then just stuck in quicksand
11:56:24 From Zeek Snodgrass : new NQ low
11:56:42 From Zeek Snodgrass : Captain CAptain, she wasn’t built to take the pressure
11:57:50 From Dennis Parmelee : angel 43.75
11:58:08 From Dennis Parmelee : nq tanking
11:59:48 From Dennis Parmelee : lunch coming
11:59:49 From Zeek Snodgrass : trapped long must be losing their minds
11:59:55 From Dennis Parmelee : dont get too aggressive
12:03:06 From Mike : haha zeek
12:03:38 From Mike : some of them were probably toddlers last time we had trapped longs
12:04:09 From Zeek Snodgrass : anyone with less than 8 years of experience has no clue about a bear market
12:04:41 From Zeek Snodgrass : take a guess
12:04:53 From Mike : rev
12:04:54 From Mike : y
12:04:55 From Zeek Snodgrass : hint, it is not bot heaven
12:05:13 From Zeek Snodgrass : need to break xxxx
12:05:18 From Evan’s iPhone : another megaphone patternxxxxx
12:05:30 From Zeek Snodgrass : wait till Fed gets a margin call
12:05:31 From Mike : i was expecting we’d get one good down move before earnings kick in and put a bid back under
12:05:54 From Zeek Snodgrass : I think that earnings will be sold untiol the last 30 years
12:06:00 From Zeek Snodgrass : unlike
12:06:19 From Mike : y
12:06:23 From Mike : could be
12:06:46 From Zeek Snodgrass : the imbalances in teh system have reach teh point of being unsustainable and impossible to let down slowly
12:15:30 From Dennis Parmelee : shorts ned to respect 42.75 as xxxxxxx
12:15:42 From Dennis Parmelee : below good fortune
12:18:27 From Dennis Parmelee : target xxxxx
12:18:44 From Dennis Parmelee : gives us risk reward ideas
12:30:51 From Dennis Parmelee : taking break
12:33:13 From Zeek Snodgrass : bears ran out of time
12:33:17 From Zeek Snodgrass : I am dfd
12:33:20 From Zeek Snodgrass : cya tomorrow
12:33:35 From Dennis Parmelee : ok thanks zeek
12:33:41 From CS : bye Zeek ty- have a good one
12:36:05 From Renato : this area will be key by the xxxx
12:36:13 From Renato : 2545.50-47.50
12:36:32 From Renato : *IF* below, Bears might still be in control
12:36:54 From Renato : Immediate RES 2549-51
12:37:35 From Dennis Parmelee : thanks Renato
12:37:41 From Dennis Parmelee : we’ll watch it
12:42:25 From Dennis Parmelee : xxxxx
12:42:37 From Dennis Parmelee : get 47 + a winner longs
12:54:47 From Dennis Parmelee : lunch
13:25:18 From Dennis Parmelee : 48 hit 456
13:26:26 From Dennis Parmelee : neutral
13:27:04 From Dennis Parmelee : 48 was retest of first low IB
13:42:07 From Dennis Parmelee : xx
13:42:14 From Dennis Parmelee : xxxx
13:42:19 From Dennis Parmelee : xxxx
13:42:32 From Dennis Parmelee : paid by 49 for sure
13:42:48 From Dennis Parmelee : xxxx
13:44:57 From Dennis Parmelee : Nq xxxxxx
13:45:05 From Dennis Parmelee : simon all over it
13:58:00 From Renato : 2 min
13:58:32 From Renato : if on top of the “key area”, no clue on direction.
13:58:59 From Renato : tested our RES area: 48.50-49.00
13:59:15 From Renato : traders who tried to short xxxxx
13:59:22 From Renato : only 171 lots traded…
13:59:39 From Renato : Luck is also part of the game…
14:00:07 From Renato : Immediate RES 2549-51
14:28:51 From Dennis Parmelee : totally agree Renato niice post
14:36:11 From Renato : common sense, pure logic, ty.
14:36:51 From CS : great analysis guys
14:39:01 From Dennis Parmelee : thanks Carin
14:39:27 From Dennis Parmelee : only traders risking 1 to make 1 should be tradingxxxx
14:46:56 From Dennis Parmelee : the call was hit bounces under yest high
14:47:08 From Dennis Parmelee : if no traction short
14:47:15 From Dennis Parmelee : assume wac a mole
14:47:24 From Dennis Parmelee : and take break even stop
14:47:30 From Dennis Parmelee : scratch trade
14:47:47 From Dennis Parmelee : assumed range is xxxx
14:48:43 From Dennis Parmelee : longs using stop 42
14:48:59 From Dennis Parmelee : for 47/ 49 test
14:49:12 From Dennis Parmelee : in a range type trade
14:50:51 From Dennis Parmelee : conservative trader
14:50:56 From Dennis Parmelee : protect profits
14:51:01 From Dennis Parmelee : no trade now
14:51:09 From Dennis Parmelee : not enough evidence
14:51:32 From Dennis Parmelee :xxxxx
14:52:02 From Dennis Parmelee : so that is saying above 43/44 is positive
14:52:30 From Dennis Parmelee : early longs caught
14:52:35 From Dennis Parmelee : late shorts caught
14:52:47 From Dennis Parmelee : no good risk and reward ideas
14:52:57 From Dennis Parmelee : be disciplined
14:53:17 From Dennis Parmelee : u want short, then stop 49 xxxxx
14:53:54 From Dennis Parmelee : 2 day pattern currently is higher high higher low
14:55:03 From Dennis Parmelee : monthly pattern is bullish
14:55:48 From Dennis Parmelee : fast rejection this morning suggests longs approaching a stronger resistance zone
14:56:08 From Dennis Parmelee : tail above 50
15:09:02 From Mike : ty E, great stuff
15:09:03 From CS : tyvm E have a good appt
15:09:07 From Simon : take care Dennis, good luck with the leg
15:09:22 From Evan’s iPhone : Ty E, and ty all!
15:09:55 From Renato : Thank you very much, E.
15:11:07 From Simon : going nowhere now E
15:11:16 From Simon : laters
15:11:18 From Di : fed minutes tomorrow anyway
15:11:22 From Dennis Parmelee : be well
16:42:57 From Dennis Parmelee : back
16:43:16 From Dennis Parmelee : hit 49.5
16:43:56 From Dennis Parmelee : 44 holds
16:49:31 From Dennis Parmelee : so xxxx
16:49:42 From Dennis Parmelee :xxxx
16:49:55 From Dennis Parmelee : xxxx
16:50:11 From Dennis Parmelee : longs need to get by 51
16:50:23 From Dennis Parmelee : yest high zone
Slack
Renato Santos [8:41 AM] GM traders!
evan [8:42 AM] Gm Renato
[8:42] and gm all
eminiwizard [8:44 AM] nice of you to show up for work today Renato…
[8:44] gm all[8:44] https://content.screencast.com/users/EMWS/folders/Jing/media/71bdd275-4681-4584-9e1b-97e667988269/2017-10-10_0729.png
)[8:44] we had xx agg late yest
[8:44] done
[8:44] so xxxx
8:45] xxxxxxx
[8:45] 43.75 angel and 44 gap
[8:45] so xxxxxxxx
[8:46] weak hands shaken out
[8:46] bouncing
[8:47] today may get that 52
[8:48] lets give ourselves more mental flexibility
[8:48] xxxxxx
[8:48] making yest angel 41 the key
8:48] so xxxxxxx
[8:49] 45 is xxxxx
[8:49] Boyz just trying to break stops of shorts more than loving the longs here
[8:50] but we rebounded above 5 rth rain line so edge to longs
[8:51] 49.25 is xxx target this week
Mike M [8:53 AM] gm all
eminiwizard [8:54 AM] Hi Mike
[8:54] https://content.screencast.com/users/EMWS/folders/Jing/media/32c0df45-9a2c-4cc5-904a-aa3f1ff1872a/2017-10-10_0853.png
[8:55]
https://content.screencast.com/users/EMWS/folders/Jing/media/df983360-31a1-4ead-9f35-95b71cf6d3d7/2017-10-10_0855.png
[8:57] https://zoom.us/j/1xxxxx351 zoom
Zeek Snodgrass [9:09 AM] gm
Active students with flexible minds can be taught ideas ow.ly/qHeA30fKQFE DT4$2 knocked out weak hands long today
Baseball by committee doesn’t work and neither does trading #oldschool / CF has to make the texas leaguer catch against cubbies in the 8th
the invisible hand and the late day lift ow.ly/Q70B30fLNjD DT4$2 38 remains as aggressive support
9:22 E 2 way day slight edge long above rainline feels like run stops first on shorts conservative shorts sidelined 9:43 E pfs 52/53
9:34 shorts patient be willing to miss fed speaker at10 may help shorts meaning profit taking ahead of it 10:18 Zeek I think we fill 44 gap
RT @HamzeiAnalytics We will have another Proactive Market Timing Webinar next week & will post the registration link later on this week
“The goal is not to predict markets but to capture pieces of the swings as best we can every day with limited risk” DT4$2
Late Charlie’s holding the bag long side, DT4$2 has recommended hitting bounces for 42/41 test
NQ has been leading the charge and Paid by 6040 if short / 6570 resistance
12:18 E shorts need to respect 42.75 and below is good fortune DT4$2
DT4$2 treating today as neutral since we made new high. PFS 46.25 to 47 if lunch long. under yesterday’s high hitting bounce
no Macallan ?
Thank You
@IHBDSB @HamzeiAnalytics @ES_F_Trader @abydnave @G9899 @LongTplexTrader @Cubby_Blu @RenaTrader @shemesht @RickRroe1 @pipsnticks @AnthonyCrudele @ObjexinMirror @Andrei5991 @11cjh11 @CapitalEdgeNY @jdextras thanks to all, much appreciated
