Trading the Pivots

Quote from JimmyJam:

Well, market isn't showing weakness (didn't close below R1 when it was tested), so I'm Long for now, willing to reverse if this is a false breakout and it breaks back down (but as I write, that ain't happening).
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Hey 4re, how you do'in these days?

Good to hear from you, hopefully you're still taking a dab in these markets with your schedule.
***
All this Bull does is take periodic naps, but it's OK so long as you don't try to tell it what to do when it wakes back up.

JJ

edit: For anyone chancing by, 4re's S/R Trading Journal is closed now, but saving it to your hard drive and giving it a good read wouldn't be a bad idea.
 

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Quote from JimmyJam:

Hey 4re, how you do'in these days?

Good to hear from you, hopefully you're still taking a dab in these markets with your schedule.
***
All this Bull does is take periodic naps, but it's OK so long as you don't try to tell it what to do when it wakes back up.

JJ

edit: For anyone chancing by, 4re's S/R Trading Journal is closed now, but saving it to your hard drive and giving it a good read wouldn't be a bad idea.
More...

Thank you JJ. I have been doing some option trades lately. Currently in INTC, WMT and CTX. Don't even have membership to futures charts or broker anymore. Can't say that I miss it but I do miss trading with all the guys. Maybe when I retire I'll be back at it.

Since closing my journal I have been looking at the flag patterns have I do believe that they are even better than my S/R trading. I can even trade them on some choppy days as well. I like to at least have a 6 point range though.

Take care,
Gary
 
Quote from 4re:

Since closing my journal I have been looking at the flag patterns have I do believe that they are even better than my S/R trading. I can even trade them on some choppy days as well. I like to at least have a 6 point range though.
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:)
 
R1 - 1408
PP - 1398
S1 - 1393

At this point, you Short this market at your peril ... I'm looking to buy at the PP (based on confirming price action, market internals and the action of the other indices/bankers).

Regards,

JJ
 

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Why so bearish ? Current option interest gives WMT a good chance to move to 50 by mid Jan. Their SSS forecast are now so low, they can't help but beat them going forward plus a lot of big money bought in from 43-45 before that run up, I am sure some have sold but WMT is not a GOOG and many big players hold it long term.
 
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