Today is Thursday September 24th and all the major index’s had follow through on yesterday’s sell off.

We had mentioned that if there was follow through it could be telling us something. I do see a rising wedge in this up-trend developing, but has not broken as of yet. There is support at just under today’s low and I think this level is really going to be important to hold. This sell off is and can be expected, given that we had this big run. There is some resistance above and as stated some support below. I would be surprised if we go right through support from here. I don’t think that is going to happen. I would expect a day or two of consolidation at or around these levels and a counter trend rally, just like I mentioned earlier in the week. You usually will get a counter rally back up and at that point, the make or break point will be at hand. It is still developing and will need to see the move back up to better determine what is actually going to happen. Still can not rule out higher prices. Dow 10,000 and S&P 1100 are not far away.

I had mentioned the sentiment had been falling and that can be a good thing for the bulls. After this weeks price action, the bears will make an even stronger case for the market to drop, thinking that this must be the drop that everyone was waiting for. I am a firm believer to always look at both sides of the market and that way you will not get blinded by what you want to see happen or your preconceived opinions of market direction. Wall Street is a two way street and right now, the flow of overall traffic is still going one way. Yes we have pulled back quite a bit, but the price action is not decisive enough to warrant an all out sell. We bounced off of some stiff resistance and appear to be pulling back. Lets just watch the price action over the next few days and the bigger picture will become more clear.

Below is a short video of some of the trades I took in the S&P. These trades are out of the 100 tick chart and is by any measure a fast pass chart of price action. I look to two higher time frame charts as well but those are not mentioned or shown. It’s all about timing. When to pull the trigger and when not to. If your timing is good and you  have a road map to follow, you can do well. If you timing is off and you can not follow a clear plan of action then you most certainly will not do well. It’s just that simple. How do you know where to get in and out?  That is explained in my method in detail. Below, I have taken 15 trades in the last 90 minutes of trading and posted 54 ticks of profit and 15 gains, with one loss of -3 ticks. I show exactly where I get in and out but do not explain why and do not show any of the other parts of the method. We only need 8 ticks to capture 2 points for the day.  It can usually be had in about 30 minutes of trading everyday. If you are able to slowly increase your contract size while trading for a very conservative daily goal of 2 points, you will never worry about money again.

It is not that hard to learn, but the hard part is going to be dealing with yourself and the inevitable fear and greed which always comes into the picture when you have large sums of money at stake. There are things traders can do to overcome these obstacles, but very few ever think of what that is and even fewer are willing to do what is necessary even if they find out, what they should be doing to get to that level.

All I say is, it is possible, if you have the support and road map. I can offer both, for those who are interested. I will be coming out soon with a more favorable pricing structure for those interested that includes a much lower initial cost to get started. It should be up and posted in a couple of weeks. I am working hard on putting everything else a trader will need to get and meet there goals. It is and will be different than any other method or system out there, so stay turned.

Vince

http://www.screencast.com/t/15cxliWCm7g         video of todays trades and turning points together/ 100 tick chart

Related posts:

1. Video of Today’s Results with 9 to 1 profit/loss Ratio
2. Big Profit Day for the Bulls
3. Daily Dow, next view !
4. Big Profit Day in S&P and Link to Free Newsletter
5. Trade Positioning – Key to Profit

Tags: 100 tick, counter trend, daily goal, market direction, Price Action, Rising Wedge, turning points