Opening Range Trade Idea

Today was the big down move we had been waiting for. If you had been folowing we would have been short from wednesday. Well now it’s time to take some profit, move that stop up and let’s see how she goes. At this point you should be in a free trade and have some profits. If you only traded one contract. Take profits now unless your ok with taking a little heat on the pullback. I personally would just take profit since my stops are tight.

Let me share with you this chart below which demonstrates and opeing range breakout play. This is just a small tieframe tick chart. ! minute after the cash open bell we box the range a seen by the blue box. When we broke down out of the box with conviction it was a short. If you took the trade you would have not had to deal with much heat at all and you would be green on the day. Again, If you got a good move out of this morning trade. Take profits. I’m just about to call it a day. I may check back kin the afteroon and see how things are shaping up.

Thats What I Am Talking About

ok, we cracked below the LVA and headed lower. This is haeading towards the type of selling I was looking for the last two days. I would need to see another push down at least to test the 12167 area before starting to reformulate my swing trade ideas. Meanwhile,we are green so far intraday trading and as you see in this chart we are resting at S1. I think this area will hold for a little while ,(although I’m expecting more weakness sometime today)so I am going to sneak off and get sme grub. See you in the afternoon.

Dow Down Big Time

Hey folks,

I will be back Monday with intraday comments for the week. I hope to get at least 2 weeks in of good commentary here.  See you then.

As it is now the dow is down over 250 (hopefully you caught a  lot of this move) and we are heading into lunchtime but volume has not dried up as much as it normally would at lunch so I am still keeping a close eye on things. Have a great weekend.

Chopfest

It’s really just chop as I mentioned would probably occur the rest of today. We are approaching 3:00 so let’s see if we get some movement at that point. Otherwise I am still in scalping state of mind. We did get down close to the 12922 target below, but didnt take it out yet. If the market rolls ver here we will most liekely hit it tho.

The chart below shows the chop

Took Off

I was not writing on Friday since I decided I had a decent week and took the day off. I tend to do this sometimes just to clear my head. I have been looking at charts sometimes 14 hours a day for a couple of years so sometimes I find it’s best to forget about it and get a beer. So I had two day’s to regroup and now it’s early Sunday and it’s time to go over my sector lists and get ready for my plan for the week. I will keep you posted what I come up with.

Missed That One

Took a long break and come back to a huge move during lunch. No worries tho .I never get upset about missing a move. Like I said, another move it right around the corner. The last half hour I have been looking for a failure to possible set up a short. But the bulls won’t give in. As you see from the last few candles I really cant even think short right here. I want to see the YM contract trade below 920 for me to feel like we may actually get a drop. otherwise I think it’s just a pullback.

Oh the good news tho . If you recall we had been watching the 12820 number very close. on the daily chart. Well it looks like we may get a close above that area again. That’s going to set us up for some bullish thinking in the days to come. We will see.

Waiting On Ben

Lunchtime but as usual we like to chek the market at 1:00 and we saw a nice pop. Watch this time of day everyday in the next month and let’s see if we see this on the regular. I wil keep an update of it. As of now I am flat and just having lunch and waiting on the Fed at 2:15.  Note we are trading at the highs while we await this number.Unless the news is really unexpected twist , I would say we are going to stay above the 820 level in the mini Dow,and that would be a good sign for the bulls in markets across the board.

Morning 4.29.08

Good morning folks. So far one trade which was a small scalp on the qqq’s at the open. The futures opened lower and diplayed decent price action to the upside. Just like yesterday I expected price to test it’s value area and we see from the MP chart below we just did. We know sit at yesterdays LVA on the YM market profile chart. I would like to see us come back down and test the cash open price, however I wont take any trades until after the 10:00 consumer confidence number comes out.

Today’s MArket Profile numbers are

12920 HVA

12869 POC

12876 LVA

The Update

Looking across the board the strength seems to have died a little. So let’s just get rid of the rest of this Ebay position. Going to cut the second half for a lose at 31.42.

Below we see a 3 min chart of the ym showing us turn below the 13 MA with decent volume. A sign that we might see a decent pullback coming here on the day. I am not thinkinng shorts yet tho without getting intrest below 12885. So for now we are flat.

Same Trade As Yesterday, In Reverse

Sorry to get to this so late. I t’s harder then one would think trying to trade and then try to find a second to write. Anyway we had a nice long setup in the last hour. You can see that I wanted to stay bearish till we broke the 12750 in the in the dow. Well we did whcih was my soft signal long. The next area I outlined in the blue box on the chart below. We had the 61.8 retrace of the days range and the opening price again sitting at the same level. Same as yesterday at almost the same time of day. So a break above and price action confirming the bulls was a long signal. If your in this trade we just hit12859 which was an untouched poc above us. I would expect a pullback here.