I’m still working out the right balance between public and private posting. I thought I’d share how easy the morning was to trade, if you knew what you were looking for. The first thing I do when I drag myself out of bed, is glance at some kind of overview chart. It [...]
It’s not wrong to form opinions. In fact, I think it’s great practice to guess what the market is about to do. If anything else, it gives you something to do while waiting for trading setups. But, when you start to like your guess better than reality, that’s when the market proceeds to punish you mercilessly.
Have you all been following the stuck zone I pointed out a couple days ago? If so, I hope you saw the classic breakdown-retrace-run this morning off the open. Here’s a chart I posted to the team area earlier, after which we discussed entries.
The S&P500 e-mini futures have been stuck in a zone for the last couple days. In the team I’ve been outlining the way to spot these dead zones and how your best bet is to assume price will stay stuck. I’m going to keep playing for failed breakouts until the market [...]
Days like this are when you are supposed to be able to make your full month’s take with ease. Since many of you didn’t, now’s a good time to ask yourself “why not?” The market never once tried to reverse, so why did you keep shorting into it? At the time, what [...]
Wow, as I type this, we are working on the fourth inside candle in a row on the five-minute overview chart. Conventional wisdom says we’re likely to have a strong move out of this zone. We’ll see…
Breakout. Retrace. Run. I know I come back to this pattern often when I’m discussing the markets, but it’s one of my favorites. It came up again on Friday in the eotpro live room, so I thought I’d make a video.
In the eotpro live room we jokingly call this the “R. T.” chart pattern. As I’ve mentioned before, if I could go back in time and teach myself just one chart pattern, this would be it.
To recap:
You take a strong S/R like our EOTPro Alla’s Average.
You wait for price to break through it.
You wait [...]
This is generally good advice for trading all day… but I especially watch for this in over-excited and news-driven markets. Today there was all kinds of talk swirling around about whether there’d be an auto bailout or not, and so on. Markets were in a big downtrend intraday. Price action was getting [...]
See how price pushes up through Alla’s Average, then comes down to meet it, and then runs? That is the chart pattern I talk about over and over. If I could go back in time and teach myself just one chart pattern, that would be it!
Note, too, how during the short consolidation (blue [...]