Trading the Pivots

[JimmyJam]

Here's what the Previous Open/Close chart looks like when you factor in the the Pivot, 1st Support and 1st Resistance Levels.

To me price action is channeling at S1, considering that we just had a strong downwards move, with price action closing on the Lows, as well as an early nice sell-off, I would say that while real buyers are not yet coming into the market, so long as price action does not break the lower channel, the shorts may be covering to look in their profits.

If I were trading this I would bracket the channel and trade the breakout/breakdown

 

[JimmyJam]

So the market held-up, with a minor pop (looks the one who was most correct was Rennick and his crystal ball).

Hope you folks made some money today, and if not I hope you learned something new to add to your trading repertoire. I know I did.

Have a nice weekend.

Best Regards,

Jimmy Jam

 

[romik]

Quote from JimmyJam:

So the market held-up, with a minor pop (looks the one who was most correct was Rennick and his crystal ball).

Hope you folks made some money today, and if not I hope you learned something new to add to your trading repertoire. I know I did.

Have a nice weekend.

Best Regards,

Jimmy Jam

A prediction of flat market, though correct in a way, is worthless. You seem to think it's the best call of the day LOL!!!

Quote from romik:

Hourly starting to show signs of a BLD. I am still holding a short based on short grail on daily, no loss due to scale out. Considering taking this long here with PT ~1331, not sure yet, might end up being a scalp for less points.

posted 11:53am EST

Big Ego, of course!

 

[William Rennick]

Quote from romik:

A prediction of flat market, though correct in a way, is worthless. You seem to think it's the best call of the day LOL!!!



posted 11:53am EST

Big Ego, of course!

Ah yes,
There is very ancient Chinese Proverb that says "He who knows when not to call his broker and place a trade is a very wise man"



Rennick out

 

[JimmyJam]

Quote from William Rennick:

Ah yes,
There is very ancient Chinese Proverb that says "He who knows when not to call his broker and place a trade is a very wise man"



Rennick out

Yes Rennick, you and I both know that, sigh.

Sorry to get you involved in the knuckle-heads rantings. That guy is LONG on cash and SHORT on trading brains.

Have a great weekend and hit an ace for me!

Ciao,

JJ

 

[romik]

Quote from William Rennick:

Ah yes,
There is very ancient Chinese Proverb that says "He who knows when not to call his broker and place a trade is a very wise man"



Rennick out

Nothing personal against you Bill, just pointing out that perhaps there were opportunities about when your ball was neutral + is a little better than 0, wouldn't you say?

Overall, I think your ball is real cute

 

[romik]

Quote from JimmyJam:

Yes Rennick, you and I both know that, sigh.

Sorry to get you involved in the knuckle-heads rantings. That guy is LONG on cash and SHORT on trading brains.

Have a great weekend and hit an ace for me!

Ciao,

JJ

If you only had the mental capacity to follow REAL LIVE CALLS, you would shoot yourself in the head after your previous comment, as it is well embarrassing.

 

[William Rennick]

Quote from romik:

Nothing personal against you Bill, just pointing out that perhaps there were opportunities about when your ball was neutral + is a little better than 0, wouldn't you say?

Overall, I think your ball is real cute

Maybe, but it was an extremely tight afternoon range, and would have required near perfect timing. I guarantee the vast majority of traders who entered a position this afternoon didn't make money. If they could do it over again because they knew ahead of time it was likely to be flat., then they probably wouldn't have hit that enter button to place a trade.

 

[romik]

Quote from William Rennick:

Maybe, but it was an extremely tight afternoon range, and would have required near perfect timing. I guarantee the vast majority of traders who entered a position this afternoon didn't make money.

I agree

 

[JimmyJam]

Quote from William Rennick:

Maybe, but it was an extremely tight afternoon range, and would have required near perfect timing. I guarantee the vast majority of traders who entered a position this afternoon didn't make money. If they could do it over again because they knew ahead of time it was likely to be flat., then they probably wouldn't have hit that enter button to place a trade.

Thank you for patiently explaining that to him William. As I think he is stupid, I wouldn't have taken the time to do so.

Best Regards,

Jimmy Jam