No time, must just type what happened:
$CL_F bounced daily S2 94.89 to gap 96.00, then back to S2.
$ZB_F found res as expected daily R2 145’04, dropped to daily S2 142’26 and bounced
$NQ went from daily PP 2023 to daily R2 2050, and now at the mid 2023 at time of writing this.
I’m playing short indices, and my first thought was this is the blow off. This is developing, I won’t succumb to the sickness of mind that makes lesser men fail. I’m gonna squeeze longs and shorts, and my trading will be incomprehensible to the likes of the normal man.
Get your fucking sniper rifles, and stay frosty. Somebody unleashed big foot on Wall Street, now he’s kicking traders in the face, left and right.
I will be scanning for both stocks to buy and short today, in order to profit from the world as it transforms at this pivotal moment in time. I need a big winner. It needs to be the kind of winner that make a young boy want to avert his eyes.
Looking at indices up a little bit here. I feel like we’ll have another good day, with higher prices. Watch those resistance levels. Although the market keeps squeezing higher, there’s been some tradable action to the downside. As long as your fast enough, and don’t get stirred by grandiose visions of precipitous drops, out of nowhere, that is.
It will happen when it happens, we all know that.
Weakness in oil, strength in gold. I’m looking for that to produce a bounce in Oil and possibly a drop in Gold, today.
Look, I’m always on a hunt for the easy money. Recap on directional thesis for futures trading, I think: ZB_F down, GC_F down, CL_F up, ES/NQ/YM_F up. So that’s the direction I’m trading.
I need those new ideas, and can’t say much more till I get them. So today I shall work efficiently to fill in the blanks.
Look at today’s action in the $ES_F’s where it traded exactly from daily pivot point to daily resistance level one, then back to the gap and near the pivot point again. When I look at this action, I am reminded of a bus, riding from stop to stop.
Pivots are short term futures trading. Also, rap game Rob Ford wassup?
Nasdaq was weak last week, compared to ES. I just tried to buy the dow, and lost 15pts.
I decided I’m gonna go for another shot LONG THE DAILY PIVOT POINT on NASDAQ FUTURES. (Fuck it, I’ll do it LIVE).
Target 3045, I’ll let u know how it works out, pertaining to reentries if we don’t see that today.
This always happens to me by the way, I see it coming in advance, and my patience and convictions get tested. So I gotta try, as per everything I said about the value of the daily pivot in a super bullish mkt.
PP = 3019
Missed the short in $ZB_F, but so far I’m correct. Wait for it to rip, then sell the bitch.
I just netted 6:1 in $CL_F futures, selling the break of daily R1 into the gap. Now that I’ve exited I feel like it will fall forever, a good sign I should eat a sandwich.
Mundane action in indices. Trying to get more out of NQ in the past three days has made me want to throw myself in a garbage compactor.
As we come into the last 2 weeks of May, expect Tom Foolery galore. People chasing break outs, then the subsequent break downs.
Currencies, do I even need to say it? I agree, Canada is fucked. That’s why I don’t want these stupid loonies anymore. USD.JPY same shit. Gold, although not considered a currency by the illustrious BEN, is seen as a currency, and I’m repeating myself here – it’s going lower. Bank.
My ARG trade is winning, as I like the plain odds play nature of it, I felt easy shooting at that.
In indices I’m at least setting aside one stop out each day to buy the daily pivot point. It is a winning proposition, as long as we are going up. It hasn’t been working to go all crazy, and hope for a million points. It usually doesn’t, following a big move off the open earlier this week. Two days in a row I got the buy, but then stopped out on the other side for small profits. Meanwhile I watched ES and YM traders cruise around in Ferrari’s, drinking malt liquor in broad daylight, while I sat around in my Nasdaq pampers. Still shows E-mini’s have a tendency to fluctuate about $200-$260/car away from the fairest price of the day (daily pp), after finding supp/res at it. Just the underlying in YM, ES was generally stronger this week.
PP-R1 is the most common trade. When the trend is down PP-S1 is.
Kay, so that’s money. Now to go to the gym. IT’S MY SET, MOTHERFUCKAAASSSS!
Went long the daily pivot 2991.75 NQ futs. Not entirely sure if this can keep going, but this is a good example of the kinds of trades I make.
Since coming from yesterday being a fast off the morning trade, and that only happens 1/3 of the time or less, I’m taking a different strategy, and using a wider stop and just committing to the level. There is a outside chance on approach to 3000 again, AAPL goes back into a positive light, and that would bode very well for this little “bet”.
So to make it clear, its a pure odds play, looking to bank 3:1 at least, on the odds that exist on the daily pivot point.
When the trade is obviously in my favor I put stop at break even, so I don’t turn a winner into a loser. the odds stand for line to line, which means when its well in transit, it shouldn’t touch break even. If it’s up $70-120/car it’s not out of the woods yet, and could have b/e retest, just to be clear.
Have to note that the market is wayyyyy up, and this could easily stop out. I’m very used to this by now. The kind of risk I used is about $100/car, or 5 points. If your not too early, or way to late, for NQ that is usually enough.
There is also a chance this is a consolidation day, and nothing will come of this really.
So in short : ra ra ra let’s go AAPL. Alarm set, I’m going back to bed.
30 Yr Bond futures ZB still going lower. Sell the rips in bonds on resistance. When a large trend is identified, the best R:R exists on the dips/rips respective to the direction of the trend.
In indices I should of been looking for the real blow off top, then the real selling which is scary and harder to catch. Oops! Sorry Hadfield!
Gold is just caught in the caprices of the negativity that would surround a drop in it’s prices. The kind of people who trade gold, also post conspiracy theories on my Facebook account. And I laugh at them, but with a certain affection. With that aside, and with the goal of making real money in mind, might I suggest looking for more downside.
I got shook in USD.CAD, and I feel it’s because I wasn’t committed enough. I was right about it, but it ultimately escaped me. Anyways, when Oil is going to run and one is confronted with the ability to turn 1 into 10, rising and depreciating currency prices matter a little bit less.
In the Dollar.Yen, I got cake, and I want to play it one more time into 104. Like how it did back in Y2K. Then perhaps shift my attention away from this thesis for a while. If I find its really going to 130 or something COMPLETELY INSANE like that, I’ll hate myself for what I’m writing now, so will create a device to prevent it.
Quickly, what I see is BOOM TIMES on Wall Street, and the people are roaring. Good, indued. Lock that shit down, motherfuckers. (I don’t really know what I mean there, but I know I mean it).
I wish you Great Luck.
We’re probably facing a down draft tomorrow. You may already know that. So I’ll just leave you with this:
I gotta run out the door in a sec, but I just wanted to say this.
I think Gold is a short the rip situation, it’s touching that critical point (use your charts), and unless it moves constructively up and over I think we will see more elbow room on the dips than on the rips.
The bond market is in a big head and shoulders formation, currently in the process of breaking the right shoulder to the downside. Now IF this happens to be legit, this will signal a major turn lower in the bond prices, which has implications.
I’m watching the ES futures and 1624, it is critical, with potential starting a multi-day draw lower. I might look to play it. However the larger channel remains up, and I will continue to buy dips in a careful way. I believe in Wallboard speak the market is “looking pretty great!”, and I’m not going to try to limit it with my pre-conceived notions of what the market is supposed to be like.
Maybe the S&P should go to 3000. I don’t know.
Ride the wave. Sometimes u gotta duck under.
This broader channel we’ve been trading inside of has become even broader. A expanding volatility wedge met with 2 large(r) green candles. You can see that break out right? I’d say we’re still expanding in volatility. This market is fueled by cocaine of the most uncut variety. That doesn’t mean it wont dip to the bottom of the channel, after making a new high. It’s only done it over and over and over again. Not my job to judge, just my job to swing and catch.
I would love to buy another higher low.
Now on the short side, this is how it’s going to go: only short the terribly over bought. Unless: A legitimate head and shoulders pattern occurs on the weekly pivot point ES 1598, and indicates it’s real (moves fast on the right shoulder, followed by volume, price appears to just be bleeding, and more), then it could be good for 15, 20, or more ES points. I say this, because I’ve witnessed it, and do think it could repeat. Saying this this week, because the Weekly Pivot is higher than normal, relatively speaking.
I’ll get flat at Weekly S1 though. If I were to short, and not turn bullish in time, I may be forced to commit Seppuku out of dishonor. I would let it go, if it were to go further. In fact – I WOULD EXPECT IT. But I gotta catch the dip. As stated, my life depends on it. lol.
Bears are a endangered species, obviously. I have no malice towards them whatsoever. I am a bull right now, and it is always in my nature to be aggressive - all up in your face and shit. But I respect the bears. The real bears, who sit in their bear dens planning devious plots, and making them work. Not the shit talkers though. They can fuck themselves down the street into the nearest recycling bin for all I care.
It’s not up to the participants to make the market go down. Something has to change. It has to be of the real variety, this change I speak of. Otherwise we’ll just keep dipping into robotic pools of buy orders. I don’t really know what it would be, to be honest. Well, I have ideas, but my mood is too cheery for that shit right now.
A dip to Weekly S1 should be bought. Weekly S2 should be bought, with the coolness and conviction of The Fonz when he’s jumping sharks. The market doesn’t work how the plebs think it does. If it goes down that means it will go up (time frames varying here). That is why the saying Buy the Dips, Sell the Rips is actually wiser than it sounds.
Still just looking at ES. Now compare the Weekly numbers (top), to the Monthly numbers (below), and see if you can visualize the intermingling of price with these lines.
R4 1,720.25 1,705.00 1,630.75
R3 1,679.75 1,664.50 1,619.75
R2 1,639.25 1,639.25 1,616.00
R1 1,624.00 1,624.00 1,612.25 1,631.50
PP 1,598.75 1,598.75 1,598.75 1,602.75
S1 1,583.50 1,583.50 1,604.75 1,591.00
S2 1,558.25 1,558.25 1,601.00
S3 1,517.75 1,543.00 1,597.25
S4 1,477.25 1,502.50 1,586.25