Today is Wednesday and the market took off higher to close up +275 on the Dow and +35 on the S&P futures.
We saw a very nice day today to the upside. I said yesterday that I was a bit undecided but wanted to see a break of two numbers, one down or one up. Which ever one breaks, that is where the move is going to come in at. We got the up move and the number I gave yesterday was 1030. That was right in line with a nice break to the upside at 6:55 am West Coast. There was only one other trade after the open before this main break out that could have been traded, so you did not miss much of the move after the market opened. The market did not look back and we moved up +29 points after that 1030 number to close at 1059.25. A nice call.
I did not come into today’s market until later on in the session and did pick up my daily goal. I had two 1 point losses and 1 tick loss with 8 gains that were scaled out of. Today was not a big day but still a nice daily goal. My losses were 100% my fault and could have had all winners again today. Bad timing and not doing things right will most often not give you the results you want. Just the opposite is true. If you do the right things at the right time, you will be rewarded, plain and simple.
There were so many good trading signals today and yesterday, it is not even funny. I love my trading method because it will work in any market condition. I can always scalp a point or two out of the market even in low volatility days. A few points and I am done. When the markets are moving, you have the benefit of catching a lot more if you want to. I have two main models to trade out of ,my T-1 screen (scalp screen setup) and T-2 screen. I mainly use tick chart in my trading, but time, volume or range charts can be used just the same.
The second screen, of which only a fraction of the whole screen is shown, is my T-2 screen and is mainly for trending markets. I have other things built into the all the screens, but can only show you a limited amount. (Something is better than nothing). You certainly can scalp a point or two out of this as well and I often do just that. I have become a bit partial these days to the T-2 screen, as I am trying not to take counter trend trades and this screen does help me see that better.
We look at different time frames as well, with the one I most often show, being the smallest tick chart of the three. Two charts are internally designed to work together on the front screen and gives you the zoomed in view for best entries (as shown) and a zoomed out view for the bigger picture. My custom trading indicators are intertwined together inside these two charts which gives the same signals on both screens, creating a synergistic effect.
I have a U-Tube Video of today’s trades, showing the smallest tick charts of the three and yesterdays trades, as well as all the trading signals generated by my indicators. Just following the indicators will generate consistent profits, but we teach how to read and trade the price by itself. The two are a powerful combination. Take a look in the video and see what you think. A trader only needs a couple of these trades to do very well each day.
Enough said about that. The sentiment numbers came out today and it was down 4% to 37% bullish. Very close to a big buy signal, but no cigar. We needed to see that 35% to get confirmation that this move will have legs.
Right now, the market looks good and there is likely more to go. I do see likely initial resistance at 1066 S&P futures, but may likely trade to 1080 after. The daily charts are still pointing down as are the weekly even with today’s move. We would need to finish this move up, then retest somewhere in the middle of this range to see if it is going to hold. So more work to be done by the markets to see if we can turn the corner in the daily charts. In the retesting between now and next week it could be enough to get the market to bit on the last 2 % needed in the sentiment index to give this market a real boost, we shall see?
If you have questions or want more information, drop me a line at firstname.lastname@example.org