Today's Trade. Spookywill

[wshahan 10]

There is a lag time to post into Traders Lab. I haven't figured out how to deal with this and give timely trade locations.

 

I can post in market condition data and potential opportunites before the opening (8:30) CST, I will try this tomorrow.

 

I entered this morning short the-emini at 1370, and I was stopped out of my copper trade overnight.

 

I reversed and went long at 1366.75 after the opening and am still holding long (1:13 PM CST.)

The rational and parametes based on both market structure and pattern recognition very clear cut and the trade entry was simple.

 

Unless we see something weird, the plan is to hold long and look for a retest of 1300.

 

1383 and 1392 are key resistance levels.

 

Hope this is helpful,

Spookywill

[wshahan 10]

The tempttation of many traders, even eperienced ones is to want to fade a sudden, sharp run and to attempt to go short. This the vast majority of the time is a mistake.

 

At this juncture, the probabilities favor a break up this afternoon (1:43 pm CST) out of consolidation between 1380 1382.50.

 

Buy pullbacks in strong markets, don't fade a strong trened.

 

This bit of intormation will save you a lot of money and physical distress.

 

Hope this info will be useful.

 

Spookywill

[TheNegotiator 13]

There is a lag time to post into Traders Lab. I haven't figured out how to deal with this and give timely trade locations.

 

I can post in market condition data and potential opportunites before the opening (8:30) CST, I will try this tomorrow.

 

I entered this morning short the-emini at 1370, and I was stopped out of my copper trade overnight.

 

I reversed and went long at 1366.75 after the opening and am still holding long (1:13 PM CST.)

The rational and parametes based on both market structure and pattern recognition very clear cut and the trade entry was simple.

 

Unless we see something weird, the plan is to hold long and look for a retest of 1300.

 

1383 and 1392 are key resistance levels.

 

Hope this is helpful,

Spookywill

 

Surely you mean retest 1400? Wouldn't it be useful to post a diagram to show why you reversed at 66.75?

[wshahan 10]

Today's premarket Condition:

 

7:53 AM CST

 

 

We are building value (volume at time) beteen 1378 and 1384-86. This structure is on top of the previous one at 1374-1380 formed April 8 (Globex) and April 10 before the sharp drop. The new sturcture should produce a sharp move away from value without implying a directional bias.

 

Breaking below 1377 would produce a sell signal.

 

We had a high volume area yesterday between 1379.25 and 1377.25 which had a high probability of being reviseted today and in which we are trading in as I am writing..

 

We retested yesterday's high twice an failed to take it out.

 

1. Our best potential for favorable trade location is to get a restest of yesterday's high and trade off that, long if it is taken out, short if it fails.

2.Go short if prices break 1377.

3.Go long for a retest of 1388 (Globex high and also resistance,) and target 1400 if 1377 holds.

 

I am holding long from yesterday, see yesterday's posts, at 1366.50.

 

 

Good trading to you,

Spookywill

[wshahan 10]

10:18 AM CST

 

We reversed andentered short upon penetrating 1377-this was outlined in the premkt post. The profit upon closing the S&P e-mini long was +10.5 points per contract, disappointing but we are doing well with the short.

 

There is a high volume structure between 1364 and 1370 which will be difficult to trade through to the downside. The current low is testing the 4.10 day session high (1370.50). If this level holds, as I think is likely, take profits on the shorts and go long.

 

1374 is my current over/under point for today, I think the current low at 1368.75 can be retested (just was), but I at this time becoming skeptical of further new lows today.

 

My current plan is find a good location to reverse and go long, We are likely to have little range in the ES until after lunch, but we shall see.

 

One possible scenario is to get a couple hour bounce from the current low and then a failure to the downside.. I don't have a timely way to atert you to this, so be warned.

 

Happy hunting,

Spookywill

[wshahan 10]

10:44 AM CST

 

Based on the current structure that has formed on the 5 minute chart, I have a buy signal: Go long at 1372- 1372.50, stop at 1368.75

 

This is a very aggresive trade, if this is a intra day trend chang, there will be more conservaive entries to come.

 

Se previous thread for set up rationale.

[wshahan 10]

yes, obviously 1400, my bad.

[wshahan 10]

12:15 PM CST

 

If this 30 min bar does exceed the last one, then we may be getting the several hour bounce and then potential failure that I warned about previously. At this juncture, we will monitor the extremes of the last 30 minute bar (11:30 AM to 12:00 PM). Stay long as long as we don't take its low out.

 

Low: 1371

We have ascending lows in the 30 minute ES chart, and the NASDAQ looks like it is trying to go up, both bullish signs.

 

Good trading,

Spookywill

[wshahan 10]

1:20 PM CST

 

As mentioned earlier, 1374 was our over/under levelfor the day. And I have been warning about the possibility of a bounce followed by a decline and posible retest of today's lows. We had a weak 3 hour ralley attempt followed by an upside failure at 1394.50.

 

Price declined from 1374.50 to 1371,50, and are attempting to rise once more. If we cannot remain above 1394, close the longs for a small profit, and the adventurous can place shorts.

 

This is a very difficult day to trade as we have effectively a three point range the opening 90 minutes of the US session.

 

I am nervous, but holding the long.

 

Good hunting!

Spookywill

[wshahan 10]

1.53 PM CST

 

Heads up, guys and gals, we have had no range, no vol. since 10:30 AM CST. This can lead to lower prices into the close.

[onesmith 10]

Just a note to let you know I've benefited by reading your posts.

[wshahan 10]

11:38 am CST

Update 3

 

 

We made a low at 1361.25, barely taking out the 3 print shelf at 1362.25. If this low holds, and it just was retested, close the shorts and monitor for a possible intra day trend change.

[onesmith 10]

It's never certain until eod but you might have nailed this one. I was seeing some strengt that I didn't quite know what to make of but I hope to find some value within when I get it sorted out.

 

thankyou

[wshahan 10]

12:12 PM CST

Update 5

 

________________________________________

Could you please post a screenshot for us. It would help with clarity in trying to understand your previous posts. Thank you.

 

 

My objective is for you to learn and “own” what I am doing. This means you need to have your own chats. I am using a standard o-h-l-c 30 minute bar chart with a volume histogram (volume at time) at the bottom. I also have a volume histogram on my dome for volume at price.

 

I am using the Open E Cry data feed if that helps. If you create my chart and post it, I will be happy to comment on it.

 

12:30 Update.

 

Prices are attempting to go higher. We now have a three print buying tail, so we should get higher prices in the immediate term.