A Pause in the SPX, or Something More?

Good morning, Friends. A look at the daily chart of the S&P 500 index (SPX) shows, apart from a decline on the day, price action that has been moving steadily up and to the right. This is obviously very bullish, but it appears that given the current assessment of risk and reward, 1354 or so […]

Continue reading

Mega-trend approaching?

Once in a while, markets get into a situation where they scream higher in a perfect storm. It would not surprise me to see the NASDAQ composite turn into one of these trends if all the pieces fall into place. There is still a lot of sideline cash looking for a home. 

Continue reading

See As I Pulled the Plug Too Early On This LIVE ES Trade

Watch as I’m long the ES this morning at two good logical support levels, then watch as I decide to pull the plug early before my first profit objective is hit… a mistake you can learn from. My first profit objective was 1345.50 and I decided to exit my whole position about .50 lower than that, to then see the market immediately rally to 1346.50 within five minutes of exiting early. Learn from my mistake – follow your rules and don’t let emotions get involved. I know better, learn from this!

Continue reading

Weekly Overview in the ES, EURO & EURJPY

Today I discuss the weeks price action in the ES market and give you good support levels in which I would be looking to buy back into the market for a few bigger trades to the upside. I also discuss potential shorting opportunities in the EURO and EuroYen currency pairs. Have a great weekend!

Continue reading

Slopes and Shoulders and Trends

The current trend appears to be very strong, but how strong? Is there any way to quantify it (besides indicators like ADX, etc)? Let’s see how strong this trend is via a couple of objective comparisons/measurements.   

Continue reading

A New Trader Workspace Created for Floor Pivots Numbers

Today I’m excited to show you a new trader workspace I had created in Tradestation specifically for the floor trader pivot numbers. This workspace makes it easier to see all the important floor pivot daily, weekly, monthly and yearly support and resistance numbers at a quick glance. I thought I would show you this new software I had created since it helps so much in my decision making process – it should help you too.

Continue reading

Using Intraday Channels

Intraday channels can be used to determine if the slope of the advance/decline is changing, tipping you off to a potential change of character in the trend, always a useful thing to know. 

Continue reading

EURO Currency Pair Trade Update on the EUO ETF

Today I give you a quick update on my EUO ETF EURO currency paid trade that I have now exited with a small loss. I then go on to tell you what I would need to see in this market to potentially enter into a new trade. I also update you on the ES trades from yesterday and what I expect to see up in here in terms of resistance at 1350.00.

Continue reading

DEEE – FENSE!!!!

When Markets start to grind higher in a parabolic uptrend, all “fear” vanishes and consequently the Implied Volatility of the Options chain drops, or “crushes.” As a result, the “range” that we can sell Options at diminishes….this is where we have to get a little more aggressive with our defense!  

Continue reading

Today’s Price Pattern in the ES Market

Today will have some significance IF the market, specifically the E-mini S&P 500, can close in the upper quarter of its range. Today, as of 11:08am ET, the market has already been able to take out yesterday’s low, along with Friday’s (2/3) low, and completely reversed to the upside and has already taken out yesterday’s high and has matched Friday’s high of 1342.50. If the market can CLOSE up here (or higher), I would expect the market to continue moving higher for at least the next couple days. If on the other hand the market reverses and closes down in the lower quarter of its price range, that then would be very bearish…let’s see what happens.

Continue reading