Today is Thursday, October 15th and the markets got a little closer to that overhead resistance.
Not a lot has changed since yesterday in the index’s, but just a little closer to what may be a temporary pause in the move up. The overhead resistance is just a little higher from where we have closed today and I would say that it is in striking distance for Fridays session. announcement
I see there is a little more work to be done to get to the 50% retracement mark, which is 1120 on the S&P. Currently prices are at 1096.50, which shows that it is not far off. The overhead resistance looks like it comes in at just around 1100 currently, which happens to be a large round number.
The market and its players look at round numbers and use them as an excuse to buy or sell and in this case, it looks like sell. The basic idea is, we are getting real close to a short term over-bought condition and if anyone is riding this move, just be careful, especially tomorrow.
I would not be surprised if we make a play for higher prices early on for the session and get a swift pull back off those highs. It may be we hang out at this upper range for a little while and move sideways to slightly down, giving itself more room to make another push to the mid way point. I would find it very strange that the market has been moving up for now on its 7th month and get so close to this mid way retracement area and fail before reaching it. So, just keep that in mind as well. Very interesting times.
Below today I have the turning points for my method in a 5 minute video. I apologize for not having the time up at the bottom, but the next time I do it, I will have that posted. I have pretty much stripped all of what I look at on my screen to a bare chart. I do have a custom trading indicator that I made as well as other things on my charts that I use to make up the trading screens that I trade out of, but those are not shown.
The turning points are shown and are the same as another video that I do, which do show exactly why and how those turning points are validated based on my trading method. It is very clearly defined and can be traded in live trading. These turning points are out of what I call my T-2 Trade Setup. I have a T-1 Trade Setup which is a scalping model and is very accurate while trading for 2,3 or 4 ticks. I really like this model a lot, because it is so accurate. I have a preset target at 3/4 point and my stop is the same. You could say this is a one to one ratio.
I know there are a lot of traders who do not like this style or ratio of a trade. That is just fine, they don’t have to trade it, but I get to. Works for me! Granted, I am often better served by going for a bigger target when the setups present themselves and I do just that. If you don’t have the bigger swings because the trading day is just not putting it out, you will be left with really nothing worth while to trade and grow tired of seeing yourself get stopped out of your trades. But if you have “Old Faithful”, then you will always have a way to get your daily goal and not be subjected to market conditions as much as everyone else.
I teach traders to trade for a two point a day goal. If you are trading for income, I think that is all you will really need. What more money, trade more contracts, but only after you have built up your equity. Sounds reasonable to me, how about you? The idea is to do this every day and have the disciple to stop trading once you reach your daily trading goal. Do you think you could do that? What if you picked up your daily goal in 10 minutes after the open or when you started trading for the day. Would you have the discipline to say, good job, well done, now let’s go do something else for the rest of the day? I could tell you that so many people would not have the discipline to do that. They are still in the infatuation stage of trading and trying to make it big. If you don’t control yourself, someone else will, other traders, as they take back what you took from them and then some.
http://www.screencast.com/t/uCnxyu9mt Todays turn points for S&P 500 Emini Futures
New lower prices are coming out soon for my trading method, those interested please feel free to contact me at vinnie@sniperdaytrading.com Complete package: Hard Cover Manuel (72 full pages) , 12 DVD’s, Audio C.D.’s for Mental Training exercises, Leather Bound Journal, Complete Version of Method Turning Points -E-Mailed Daily, Method Check List, personal Consultation for as long as you need to understand the method. Posted on my updated website in less than two weeks. Those who can’t wait, contact me now and get a pre-release package.
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Tags: custom trading indicator, daily trading goal, turning points
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