So FINALLY got the break up we've been waiting for FOREVER it seems and talked about in the Sitting on an Emini Edge post and the Emini Bounce video. The strength started overnight and continued this morning, not even offering a decent pullback but showing us a pre-breakout pause instead at our Resistance turned support at 1900. I had a long bias into the open and was itching for an entry as I mention in the video of the attached trade. If you weren't quick you got left in the dust with only a couple of re-entry opportunities on the way up, followed by a couple of hours of sideways "chop you up" action. Ended up +19 points per (3) lot and only took the one trade and called it a day. Time will tell if this is a bottom and a permanent break into an uptrend or a retrace into a longer term down trend, but really we don't care, let's take profits no matter what the market gives us, that's our goal. Noticed I'm talking really soft recording the first part of the video, not sure why, must have been tired... Anyway, hope this is useful to you, and if so, feel free to drop a +1 or share, always appreciated!
Staring at my screen and still see this dang Zebra stomping on my charts. Thought we would see the break up a couple of days ago, and the longer we sit here the more bearish it is. Thought the FOMC was going to give us the break up for a nice bounce, and did get that, but at the end of the day it couldn't hold and crashed back down. The support drawn in last week is still the level to take out and I'm still holding firm that a bounce is in the cards up to the 1950 level, even 2000 if things get really exciting. Don't get me wrong, still a realist and we are stalling WAY longer than I thought, so I wouldn't be surprised if we pierce the support and continue this dive down.
Had a few nice setups this morning and got a hold of a few, then stopped before the HUGE rally as I figured with FOMC we'd start to stall out early. Still had a nice long into support in the first 10 minutes for a couple of points, a short off S turned R 15 minutes later which I choked off too early. Finally seeing a turn at the DB with a fantastic EE diverge confirmation the uptrend was on and a nice long at 9:35 right in to the S turned R for 8 points and stopped for the day with 10 points per lot. Of course the move of the day happened a few minutes early about 10:20 with a clean EE and a few aggressive entries once we got moving. Makes the 8 points look like amateur hour by comparison. Gotta keep the big picture in mind though and churn out the wins and remember not to get greedy, that'll "get ya"...
Overall the SR zones pulled their weight again and kept us on the right side of the market. If we can get through the 1880, then the 1888 area, all bets are off and up we go. If not, more zebra or maybe even a penguin, we'll see.
Hope you got a piece of it!
Good Trades and Good luck,
Greetings EminiEdge Traders!
This video goes through a review of Friday's trade and some trades I took, and should or shouldn't have. It amazes me sometimes how you can look at the same setup in the same context and see something different. My bias was long entering the day, but not seeing the forest for the trees I didn't see the dandy shorts that were setting up in front of me. As I mentioned before this is something I'm working on, that is trying to trade in both directions, with and against my current bias while understanding some might be counter-trend trades. Getting closer, and reviewing days like this gets me one step closer to that goal. Had a nice day on Friday but could have done much better if I could have flipped when I needed to... well, hopefully next time.
Anyway, hope this is useful to you, and if so, don't be shy and drop me a like somewhere, always appreciated!
Just a quick review of the Emini short covering bounce we had today that I talked about in the update yesterday... Really expected this bounce to stick, but was conscious that we are still in a downtrend so as always have to keep the trades on a short leash. In any case, a 10 point bounce is nothing to sneeze at, especially if you can be done with your day by 9:30 AM. Seems like we're getting our stall here a bit, maybe a continuation of our zebra stampede. Hope you got a piece of it and hope this is useful to you...
Greetings EminiEdge Traders,
Taking a couple of days off and a holiday to boot, but back to the fun of trading. On Friday the setup was there to grab a couple of straight calls near the end of the day. If you didn't get the chance, there's still time if we get a little pulse down on Tuesday morning. We're looking for a short/intermediate term bounce and short covering and a continuation of the ongoing zebra stampede. Looking to target the 1950 level eventually but don't care if it gets hit exactly, just some counter trend rally to value the calls. We're still in a downtrend and we need to be careful with the day trades though the first good pullback can likely be bought, maybe around when the housing index plays out. Then we should look for the short covering to run it's course and eventually stall out. Watch your S/R for entries on the bounce up.
If we get near the 1895 area I'm going to look to take some profits off the table and trail the rest of the options a bit... If I'm wrong, well, then I won't! :)
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