Charts tell a story

Numbers are important, but the emotions of traders are what this business is all about. The truth today became trapped longs who were duped into thinking that BTFD was enough to maintain an edge in the markets quickly found their election night gains gutted and their positions reversed in a mostly solid one way day south side. Yes there were a few reasonable contras today, so techinically a two way day but certainly the longs were washed out in a 70+ point rout.

Taps were played for the undisciplined traders.

Service

We focused on several important themes for our understanding of today’s likely trade ideas.

MATD and Umbrella Trade.

Traders who joined our room today already theoretically “have a free trade” for the rest of the duration for the Live Trading room.

“Awesome Room!!” – James

Overnight we used 2770.25 to 72 as support and 2792 as must be paid if long, with 98 as resistance. We liked test of support this morning, and after the overnight low was broken, we used 64.5 as the violation pivot for lower targets. Our primary target was 2755.5.

Step by Step targets were met and exceeded, and the Big Target of 2738 was tested and then we advised 2732 as likely support based on a number of ideas.

At the beginning of RTH I thought incorrectly that today would be difficult to plunge because it was a holiday of sorts and the PPT would prop it up in an action of patriotism.

Wrong.

We did keep reading the tape correctly to hit bounces, including “last try at a short, using 48 to 52 as resistance”:.

I felt the low was in and the Box would hold End of Day, but my friend Zeek was absolutely right.

Test of 2722.25.

We had an extreme focus today on helping traders who are committed to our methodology, and I allowed myself the freedom to ignore Twitter posts and it felt really good.

Videos and over ten charts were provided for our team today as we read the tape and adjusted the set of the sails.

Dynamic Pivots always provide us with opportunity.