Hello Traders,
Consumer spending is up while incomes fall, which makes no sense to me. But consumers make up 70% of the economy so it doesn't matter if they are broke as long as they keep spending! In other news, 5th consecutive gain in monthly home sales index and a pretty hefty one at that. I'm sure it has to do with it being summer time or whatever. This country is screwed unless we take our medicine and we all know that. You can get the regular bearish dribble on the other blogs. This blog is about Trades and I call them like I see them. follow me on Twitter, now...
Lets Talk Trades
Couple people starting noticing the blog, saying you can't trade live you just draw crappy MS paint arrows on your charts. Yes I do suck at MS paint, but no I can trade, I just don't do it EVERYDAY. Today I traded all day for a gain of +44ticks or eleven points using 3 contracts. I took a total of four trades. I turned the little entry arrows on Ninja so you can see. I'll talk about them real quick and why I liked them
First short at 997:
looked good because of the candle stick formation at 999. I don't know what that's called, and I really don't care because I know its bad. I circled it on the chart. Feel free to post in the comments if you know what its called. My stops are 3ticks above recent swing highs. I put them there so I don't get stopped out on some BullsS1t you know the market makers try to pull on you. I got the targets on contracts one and two and got stopped on the runner at BE.
Next short at 999.25:
Look at that, same formation on the candlesticks. Got one contract off at a point and what a didn't realize is that the blue line was SLOPING up and you don't want to bet against that usually. When its flat that's one thing but the market was clearly trending higher all day, so shorts for scalps only. Other two contracts were stopped out and this trade went for -8
The long at 998.50:
On twitter everyone was looking at the 998 level, and I had been looking for a Long entry since I blew out that short in the morning. I was upset at myself for missing the move up, but didn't want to chase. I had to wait for the pullback and I did. For this entry I just watched the price action and when I felt it was safe, waited for the indicators to turn up. The Market topped 998.50 and away it went. I got all contracts off in profit when things got congested around 1,000.
The last long 999.25:
You can see on my chart that I took the long at 999.25 expecting that to be the break out candle from the wedge. It wasn't, but the indicators kept me in the trade and the next candle was. Great breakout too. Took contracts off at +4 +6 and +9. I wanted to be flat at the close, sucks though because this thing popped hard. Blame the robots or Goldman Sachs or whatever. If you watch it everyday you know its manipulated. Just play by their rules and you'll be fine
I hope you guys did well today. Also, I hope everyone is enjoying the blog. if you like that you see follow me on twitter or click the sponsors, Thanks
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