Today is Wednesday, October 21st and the markets really got going today.
The direction was, well, exactly like I thought, in that the first move after the open was a nice move up. At that point we would have put in a pivot high and a pivot low. The move after that was going to determine the direction of the trend and when broken it was going to be with increased volatility. That was pretty much what I said was going to happen, and it did. I will say, I did not know yesterday, which way the market was going to break after the first big move up as I said. I could see a push up, as a natural rhythm flow of market action after the open, again that is what we got. The move after that was the key. As I was talking about in some of last weeks posts, “If this, then that”, statements.
I could not see two moves in advance, but really only one first, then after that, the second one. You can not get ahead of the market, but you can rehearse in your mind what you will do if this happens or that happens. So, the second move took place at 11:15 am West Coast time Short, we had a reaction move back up off that and really got the break that took off at 12:14. The next 45 minutes, we saw a 23 point drop in the S&P to the low. That is a lot. I pointed it out to my subscribers in their daily turning points video. You saw where to get in exactly and where to get out exactly on the smaller time frames
We react to what takes place in the market, not the other way around, that does not work. In chess you need to look ahead and be ready for what your opponent will throw at you, but being proactive and seeing the potential ahead of time, in either direction, you will not be taken by surprise, but be ready to act without fear. You can only really play the move that is in front of you at the time, but ready for surprises.
I don’t have time to show the turning points here today as I said I would. I am traveling in the Bay Area and will be back in my office in the next day or two. So lets hope for tomorrow when I have more time.
Vince
Related posts:
- Big News Week Ahead, Volitility to Increase!
- Trading Volitility Picks Up
- Index’s Marking Time
- Market ready to move again
- The Markets Are Back on the Move
Tags: Fear and Greed, pivot high, time frame, turning points
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