Well, la de freakin' da! The EminiEdge S/R levels along with the EminiEdge Entry and Exit techniques cleaned up today. Starting right off the bat @8:30 Chicago, running off the support with an aggressive long (first blue arrow) and through the important Support zone (bright red zone) and settling back for another low risk entry (second blue arrow). Now only if we can get through the important resistance... Well, after a soft turn towards the level (third blue arrow) we slow down, and...Nope, after turning back at the sight of it (bright cyan line), there's a retest (starts at yellow arrow and runs to first red arrow, look at those small, weak candles!) with an awesome EE divergence never looking back (first red arrow) for a fantastic short, no heat, just the way we like it. The next support turns resistance (second red arrow) and believe it or not another EE diverge for another low risk entry (or add if you are still in from the first entry) and WHAM! Once we break the important support level (called yesterday mind you) the market implodes, dropping another 15 points giving us another, yes another EE Divergence to signal an exit! 100 point day anyone?
Levels and entries couldn't have been much cleaner, guiding us to profits all day today. Going to provide some hands on training tomorrow so no normal trading for me on Friday, but after that plunge I'm expecting a sideways mess so I guess it's for the best. Trade what you see NOT what you think!
Hope you got a (BIG) piece of it today!
Howdy Emini Traders!
Quick video to talk about setups and S/R today and some mistakes I made. Had a nice recovery but still do some stupid things once in a while, still human. Emini made a new all-time high today but rejected late trading, maybe a bigger term double top? We'll see..
Had a nice drop that I was expecting early for a great short trade for 17 points per lot. The drop was followed by a big hard reversal that screamed up and continued 22 points without looking back. In the video I was watching the market as it reversed and I was surprised as it really started moving. Wondered at the time if a reversal was happening or if the downtrend was going to continue, ahhh, if only to know for sure at the time. The S/R levels and the EminiEdge trading setups, including the dandy EE for a long later in the day were on the button once again. Gotta trust em, they do the trick... Well, almost every time, nothings perfect! Realized I had a problem with the audio in the middle of the video, sorry about that. It picks back up again a couple of minutes later. Ain't technology wonderful?
Hope you had a good days trading!
Had a really nice day today as the zones outlined where our areas of interest were nearly perfectly. I like to be done early and that was certainly possible today as there were four setups that all cashed out profits with no heat on the trades, and done before 10 AM. An hour and a-half is a normal day, but sometimes I have to slug it our for nearly two hours which drains me. Outlined above are the best Emini trades as I saw it, having one heck of a long trade all the way up to our level marked as a strong one (see the brighter cyan resistance) and had a big pullback there, then accelerated through before closing higher. Having the crystal ball out and knowing the levels the night before the market even opens takes the guesswork out. Gotta like that.
It's also important to take the Emini setups that meet our criteria and have the patience to wait for the EE, EE Diverge, setup patterns and S/R all cluster for the strongest entries. Consider increasing your lot size when you have four or more of our trade criteria showing up and press the profit taking as this will offset any smaller losses in a big way. Today was loaded, no excuses on not tearing up the trades today.
A quick housekeeping note; I have some things going on this week so might not have any time to do any posts but I'll update if I get the chance. Also, for the EminiEdge S/R Zone subscribers, sorry for the late evening posts lately, should be back to a more normal schedule next week.
Anyway, hope you all got a piece of it.
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"Trader Joe" trades the Emini S&P exclusively and is the main influence behind EminEdge.com.
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