Ahn nyeong ha se yo Traders,
Lots to see in the Emini charts and it's all in how you look at it. FOMC today offered up a couple of smaller trades today then falling to sleep as expected. Be sure to keep your powder dry on FOMC days as it is easy to get chopped up after 9:30 AM (Chicago). Looking at a Tick combo view which is kind of a pain with Tick charts, sometimes I wish I stayed with the minute charts. :) Watching for the EEdgeTrend S/R along with the structure S/R, then figuring in the EEdgeVolume exhaustions on the multiple time frames helped to outline the action and jump on a few trades. It will take a while to get used to the single view and if there is any interest maybe I'll release it to the public...
Hope you had a great days trading!
The market continues to float up on soft volume and making the days loooong and boring. Seems not that long ago that 20+ points were the norm before lunch time. When the market is soft like this watch the pros and take your profits decisively from EEdgeTrend Level to level. Better to have a few small profits than waiting for "the big one" that never materializes. I think we're one executive action away from a selloff, if for no other reason to have the pundits giggle and say "I told you so." When that happens don't be fooled, that's when the professional traders like you will get interested...
Hope you all had a good trading week...
Closing a great week of trading opportunities trading the Emini market. Had lots of opportunities and volatility for many types of trading plans. Still trading the market "Trump Effect" with higher highs with multiple CEOs contending to move more and more big businesses to (or back to) the US. Good for them and good for us.
As I researched a bit what effect Trump is expected to have on the market (for obvious reasons) I was stunned to see the amount of stories preaching doom and gloom, chaos in the streets, fires burning, dogs and cats mauling each other in the streets and fire and brimstone down from the heavens. It dawned on me that at least in my lifetime and probably in generations there has not been a president like him and this uncertainty, or more accurately the medias revulsion over not only Trumps's stated beliefs, but the outward and utter disgust for those Americans that could have possibly voted for someone that is admittedly pro-American, pro-business and anti-establishment. "How vulgar must you be to support someone of this caliber?" they must think. Well, from a business perspective, and yes trading is a business, wanting to put Americans to work with the nod to citizens doesn't seem so bad. And why shouldn't businesses do better? When you sign the front of the paycheck rather than the back it gives you a unique perspective. When there are more profits available there are more raises for your employees, more donations to your favorite charities, more investment back into the company so it can stay competitive and should I whisper when I say maybe even grow bigger? What the hell. I think we've been under liberal rule for so long that this is supposed to be our new normal and how dare us expect capitalism to thrive and for us as a people to do better if we work harder. That's just "old and antiquated" thinking, isn't it? Well, I think that's what we're supposed to believe. I'm not buying it. After all, Trump was never going to make it even into the primaries. A public joke blatantly played on the American people or even the world we were told. Then to win the republican primary which was simply a waste of time since Jeb Bush was the golden boy, out raising, out spending and intellectually out performing the group of dullards who had the audacity to even stand next to him on stage. Then there was the election itself with the chuckling commentators smiling and giggling with glee and I think one even wet themselves on-air while salivating over Hillary. She didn't even need to bother campaigning in many states as this was simply going through the motions for appearances sake. After all it was "her turn." There was a margin of at least 10% to her favor even at 9 PM on election eve. The rest is history and we're now 2 weeks into a Trump/Pence presidency. The first two weeks were a blur politically with the same commentators wetting themselves albeit for different reasons. Hmmm. Anyone remember Brexit?
Okay. You may be saying by now, "what the hell are you talking about?" You started talking about the market and the "Trump Effect" and you went on some tangent about the election. I guess you're right but my bigger point is this: Trading is a business where you grow your talent by working hard. You can be rewarded for this with more profits to do with what you want. They're your profits, right? Well, the prevailing thought in the media is not so fast. You need to give your profits to the trader who went out to party the night before, had a hangover and blew out his account the next day before noon. Doesn't that sound more fair to you? Everyone should benefit, not just you and if you suggest anything different you should be shunned and discredited. After all, you will certainly hurt their feelings if you have more profits than they do. I know, sounds stupid to me too. So here's my final point. Do your own research. Do your own due diligence. If you read reports from some talking head that says the economy is going to crash because of their moral imperative, or the converse, the market will explode, buy it and walk away... stop, think, and trade what you see, not what you think. It is up to you to improve yourself for the sake of you and your family. Work hard and be more profitable and don't be ashamed. Own your trading and the results you earn, good or bad. Don't be so shallow that you will discount everything someone says because you don't like the way it is said. Be an open minded professional that is willing to listen and make your own decision. After all it's the results that matter. Mrs. EminiEdge always reminds me (and rightfully so) that even when I complain about time that I "wasted" when reading and researching something and not coming out with a life changing epiphany that there is always something to be learned even if it was not what you were looking for or expected. Always that damned silver lining there if you look for it.
So when you hear or see something, don't be bullied into changing your opinion. If you don't agree that's okay, just don't feel the need to demean and destroy someone who doesn't share your view or say it in the way you think it should be said. This is a sign of great personal insecurity. Do not attempt to elevate yourself or your cause by verbally trying to demean someone else. This is petty and beneath you. Instead, learn from it and move on. How boring would it be if we we're all identical anyway? Ewwww.
You are a professional trader. Let everyone be envious because you are cool and calm while you take your profits or losses and are secure in your own beliefs even if you are alone with them. Have fun and don't believe everything you hear. Be the deviant that dares to think objectively and different from the crowd. Who knows, you could just be president someday. Oh yeah, and did I say "Trade what you see not what you think?" No? well, it was implied.
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"Trader Joe" trades the Emini S&P exclusively and is the main influence behind EminEdge.com.
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