However, keep your eyes peeled for a failure of this wedge pattern as it may break lower first and then catapult higher.
This may be the only trade I make today.
Monday, December 31, 2007
Day Trade Update 11:21am EST
It is very thin today and the primary reason I have not made a single trade today.
However, keep your eyes peeled for a failure of this wedge pattern as it may break lower first and then catapult higher.
This may be the only trade I make today.
However, keep your eyes peeled for a failure of this wedge pattern as it may break lower first and then catapult higher.
This may be the only trade I make today.
Sunday, December 30, 2007
PIVOT POINTS FOR 12/31/07 AND WEEKLY NUMBERS
PIVOT POINTS FOR 12/31/07 TRADING
**********************************************
WEEKLY PIVOT POINT - 1483.01
**************************************************
WEEKLY PIVOT NUMBERS
****************************************************
R1 - 1488.67, 1494.33, 1502.25, 1510.16, 1523.74, 1537.31, 1550.89, 1564.46
*****************************************************
S1 - 1475.10, 1467.18, 1461.52, 1455.86, 1442.29, 1428.71, 1415.14, 1401.56
***************************************************
DAILY PIVOT NUMBERS
****************************************************
PIVOT - 1479.40
**************************************************
S1 - 1475.10, 1470.79, 1466.94, 1463.09, 1454.94, 1446.78, 1438.63, 1430.47
************************************************************
R1 - 1483.25, 1487.10, 1491.41, 1495.71, 1503.87, 1512.02, 1520.18, 1528.33
Friday, December 28, 2007
Day Trade Update 3:06pm EST
Support should come into the market at the 1475.64-1474.71 area, so look to really tighten up the stop if we get to these levels
Day Trade Update 2:39pm EST
Finally a break above the zone.
Move the stop to 1477.75 and lock in 1.5 points as it should not come back down here if
it is going to continue the rally
Move the stop to 1477.75 and lock in 1.5 points as it should not come back down here if
it is going to continue the rally
Day Trade Update 2:36pm EST
Lets move the stop up to break even here as I do not like the failure above the 1st hours range.
Day Trade Update 2:25pm EST
The green line is the bottom end of the first hours range and has been strong resistance.
We need a break above that level to really help the long position.
Keep the stop at 1475.75 but be ready to move it to break even if we break into the 1st hours range
We need a break above that level to really help the long position.
Keep the stop at 1475.75 but be ready to move it to break even if we break into the 1st hours range
Day Trade Update 11:27am EST
It is about time for me to step away.
If I were to continue to trade I would be looking mostly to the long side and a break of
1481.80 should send the S&P higher so watch that level.
Today has very high odds of not only closing higher, but also has high odds of closing
sharply higher so I would be a buyer on weakness.
Don't forget to use your protective stops at all times, especially today as it looks a bit thin and it can be run very easily one way or the other.
I should be back about 2pm.
If I were to continue to trade I would be looking mostly to the long side and a break of
1481.80 should send the S&P higher so watch that level.
Today has very high odds of not only closing higher, but also has high odds of closing
sharply higher so I would be a buyer on weakness.
Don't forget to use your protective stops at all times, especially today as it looks a bit thin and it can be run very easily one way or the other.
I should be back about 2pm.
Day Trade Update 11:05am EST
Stopped out with a 1/2 point loss.
I tried to force that trade. Not a good habit to get into!
Running Total Today - +5.5 Points
I tried to force that trade. Not a good habit to get into!
Running Total Today - +5.5 Points
Day Trade Update 10:56am EST
Stopped out of long at 1479.60 for a 1 point loss.
Running Total Today - +6 Points
Running Total Today - +6 Points
Day Trade Update 10:17am EST
Stopped out of long at break even.
Running total for the day - +7 points
Running total for the day - +7 points
Day Trade Update 10:10 am EST
Aggressive traders can reverse to the long side on a stop out at 1479.50 of the short position.
If you do reverse use no more than a 1 point stop
If you do reverse use no more than a 1 point stop
Day Trade Update 9:55am EST
Stopped out of opening range trade with a .60 loss and reversed short at 1486.50 with another 1/2 point stop
DAY TRADE UPDATE 9:53am EST
KEEP YOUR STOP CLOSE ON THE OPENING RANGE BREAKOUT AS IT IS STARTING TO STALL HERE.
AGGRESSIVE TRADERS CAN LOOK TO STOP AND REVERSE AT 1486.60
AGGRESSIVE TRADERS CAN LOOK TO STOP AND REVERSE AT 1486.60
PRE-OPENING MARKET COMMENT
The S&P 500 is currently trading +11.00 points higher with premium factored in.
The action of yesterday was a bit harder to the downside then I had anticipated, but it also should allow the market to tip its hand today as to the validity of the intermediate term low at 1435. Take a look at the Trend Analysis LLC blog for the latest intermediate term forecast.
This morning we may have a fade opportunity at the open as I am sure there are plenty of short term traders who after yesterday, want to sell into the face of higher prices.
Of course we will only know real time if a fade near the open will be the prudent thing to do.
I will also be posting the Opening Range numbers once they become available.
I will be trading until about 11:30am today and then taking care of some business, but I should be back in time for the 2:00pm to close activity.
Lets get in there today and make some money!!
Good Luck To All!
The action of yesterday was a bit harder to the downside then I had anticipated, but it also should allow the market to tip its hand today as to the validity of the intermediate term low at 1435. Take a look at the Trend Analysis LLC blog for the latest intermediate term forecast.
This morning we may have a fade opportunity at the open as I am sure there are plenty of short term traders who after yesterday, want to sell into the face of higher prices.
Of course we will only know real time if a fade near the open will be the prudent thing to do.
I will also be posting the Opening Range numbers once they become available.
I will be trading until about 11:30am today and then taking care of some business, but I should be back in time for the 2:00pm to close activity.
Lets get in there today and make some money!!
Good Luck To All!
PIVOT POINTS FOR 12/28/2007
PIVOT POINT
1482.39
***********************************************
R1 - 1485.66, 1488.93, 1495.26, 1501.58
1511.18, 1520.77, 1530.37
*****************************************************
S1 - 1476.07, 1469.74, 1466.47, 1463.20
1453.61, 1444.01, 1434.42
*******************************************************
Thursday, December 27, 2007
End of The Day Comment
Well,
we managed to chalk up 7 3/4 points today but I'll tell you, it sure does not feel that way.
The P/L shows the profit, but my mindset feels like the trading today was such a fight that
the net result feels like a moderate loss day.
No matter though as the P/L sheet is the true tale of the tape today.
I still have to do the daily work, but there is a real possibility that most of the short term correction was put into place today.
We have some very strong support in the 1473-1475 area, so watch that level closely.
we managed to chalk up 7 3/4 points today but I'll tell you, it sure does not feel that way.
The P/L shows the profit, but my mindset feels like the trading today was such a fight that
the net result feels like a moderate loss day.
No matter though as the P/L sheet is the true tale of the tape today.
I still have to do the daily work, but there is a real possibility that most of the short term correction was put into place today.
We have some very strong support in the 1473-1475 area, so watch that level closely.
Day Trade Update 3:25pm EST
We are going to have to keep a close eye on the triangle forming on the 5 minute chart as it will give us a clue as to the next move that will offer some good potential.
Currently our short is just barely positive, but the market looks very weak here.
We may get the entire short term correction today if the market breaks lower today yet again.
Currently our short is just barely positive, but the market looks very weak here.
We may get the entire short term correction today if the market breaks lower today yet again.
Day Trade Update 3:15pm EST
Not really the type of move I had expected off the re-test of the lows, but we do have a risk free trade in place at break even.
If the trade gets stopped out and there is a failure on the rally then a short position might be in the cards.
So let's see what the market sends our way.
If the trade gets stopped out and there is a failure on the rally then a short position might be in the cards.
So let's see what the market sends our way.
Chart Loaded
Finally got the image to load!!!
This chart should have been attatched to the previous post.
This chart should have been attatched to the previous post.
Day Trade Update 3:00pm EST
Go long here at 1483.25, as the pull back looks to have completed and the next move
should be very steep.
Keep a close stop of 75 cents
should be very steep.
Keep a close stop of 75 cents
Day Trade Update 2:53pm EST
The reversal was so quick that the trade ended up being a break even trade, even with the stop 3/4 of a point to the good.
No matter......
It looks like this last move down may have been a successful re-test of the lows, so we will look to get long on the first pull back of this rally.
No matter......
It looks like this last move down may have been a successful re-test of the lows, so we will look to get long on the first pull back of this rally.
Day Trade Update 2:47pm EST
Move stop to 1482.75 to lock in 3/4 of a point and protect from a reversal here.
We will try and get something out of this trade, not just a break even.
We will try and get something out of this trade, not just a break even.
No Charts
Having Trouble With Posting Charts Again So The Next Few Posts May Not Have
Charts With Them.
I Am Trying To Fix The Problem
Day Trade Update 2:30pm EST
Stopped out at 1484 for 3.5 points profit.
Running Total For Today - +2.75 points
Day Trade Update 1:09pm EST
This is starting to look like the potential low and a cross on the 1 minute stochastics will put us long with a tight 1.5 point stop.
Day Trade Update 12:57pm EST
OK, back from the break and ready to run.
We missed moving the stop up to break even on the long position by 25 cents on the S&P, it just could not get there, so there was a 2 1/4 point loss on the trade.
The running total for today is a Loss of 3/4 of a point.
We missed moving the stop up to break even on the long position by 25 cents on the S&P, it just could not get there, so there was a 2 1/4 point loss on the trade.
The running total for today is a Loss of 3/4 of a point.
Day Trade Stop Loss Reminder
If the long trade goes our way, don't forget to move the stop up every 2.5 points to protect profits.
Day Trading Update 10:57am EST
Downside target on triangle has been satisfied, so if the market can find some support at this
pivot point currently being tested then a long position is in the cards.
I also have a short term target of 1485-1486.50 for this move down we are in, so we are in the neighborhood of making a low.
pivot point currently being tested then a long position is in the cards.
I also have a short term target of 1485-1486.50 for this move down we are in, so we are in the neighborhood of making a low.
DAY TRADE UPDATE 9:53AM EST
MOVE STOP TO BREAK EVEN ON BOTH THE OPENING RANGE TRADE AND THE OPENING FADE TRADE AT 1490.80 AND 1490.90
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