READING THE MARKET (PRO'S)

Tonight, the points have been removed to move the focus toward the chart.  Your objective is to learn where, when, and the how of trading.  Posting of points, or other similar enticements, by any website, blog, etc. somewhat takes you away from the objective:  the material taught, not the teacher.

There will always be detrators distracting. After all, if they were so great they would post their trades out in the open, or at least provide constructive discussion about trades. There is nothing wrong about not sharing your trades. But far too often it seems their only purpose is to rant about others.  Again,  trying to divert your attention.  They eventually blow away like the last leaves of fall.

You always have a choice.  As a trader, or trader in development, you are looking for what works for you.  No one plan nor a particular book ,nor a seminar will be the sole answer.


TODAY: ES & 6E

The day began with the setting of the long and short BOT's.  The failure of a BOT will often provide a reason to enter a contra (to the BOT) trade.  There was a pre-open long at the short BOT, followed by a shorting of the long BOT  at b12.  The market tested the EMA and failed creating a short opportunity.  The channel was identified, as well as a micro BOT  at mid day.  As mentioned in the chat room and the live presentation, the bias at this point was bullish.  The issue?  we did not know when the bull would break and run.  Entering some longs, even at one to two ticks or breakeven,  gave us a chance to be in the game at the break.  Also, markets will have tight move days and the effort today will pay then.  You need to develop trades for trends, breaks, and tight ranges, or choose to sit it out.  The long was at the lower end of the micro BOT, with a target of reaching the lower A.M. BOT.  That target was hit, and provided a nice long.

A warning was issued to key a watch on 1317.  We were bullish, and caught the run. When the market in general catches on with longs entering in euphoria, we must be mindful of the unexpected.  That would be the failure at 1317.  But what if that was the intent of the market, or those that move the market?  The in reality, it would not be the "unexpected".  We were ready, and took a nice short to end the day.

All of this is being explained  in our chat (or live presentation).  Traders are beginning to more accepting to the market reads, and are benefiting.  As to  you accepting it or not really does not matter. Professionals are at work, and will move the market.  Your only question should be:  do I move with them, or wait until they are done and possible be the target of their market exits?

Again, you have a choice.

we were long bias in the 6E as well, and took numerous opportunities at the bullish TL and the lower BOT.  The anticipated long break in the afternoon developed nicely for traders in our chat, and the target was hit.