March 16 Summary: Analysis of S n P index (underlying not futures) Sell on rises call was right. Short was profitable (ignore commissions for now) Stop loss held Profit +1.2 Thanks and Good night from here... have a nice evening !
Guys, unfortunately I wont be able to do a running analysis today. The open may be weak. The very critical levels for scalpers are 1304-1305 on the lower side, if its cut, we will crash. The mkts almost oversold there is hope, in this case 1308.5 very important, if we break, we rally and then correct and move up again. Thanks mishwar
--------------------------------------- The open may be weak. The very critical levels for scalpers are 1304-1305 on the lower side, if its cut, we will crash. The mkts almost oversold there is hope, in this case 1308.5 very important, if we break, we rally and then correct and move up again. --------------------------------------- This was what I said on Friday. And apologies again for not being able to provide live commentary. From the above predications I had made (I hate to make predictions since I believe its best to do what markets tell you at a given moment. But it is possible to do some pondering. So, out of the above, the market did open sideways and weakened for a while, the support level I had given held. For the coming week, my current feel is that the level of 1310 will be taken (S & P underlying, not futures). All indicators are pointing to that. But on the other side, 1304-1305 important stop loss levels. I wish i was in the US this week. V nice things expected. Great opportunities. See you tomorrow ! Stay tuned. mishwar
One would be tempted to stay away from taking long positions in ES. But i think the chances of UP are high .....v high. Why bother when a safe stop loss is around. Always remember successful traders do not look at certainities (suicidal) but look for good possibilities. One of the first excercises i teach my trading students is just to toss a coin every day and take positions heads long .. tails short .. and then the important part .. cut the loser early .. let the winner run... add 1.5 pts above even. A perfect package.... Thanks mishwar
V Important Day or days (dont tell me we will not break out of 1305-1310 today ). All indicators show something special is in store v soon. Brace yourself. Available for commentary today. Have a nice and safe trade optimized day ! Thanks mishwar
And before i forget, on the other side (i like to see both sides, yes) there is a lower top right now. Not yet confirmed. so if the level of 1310-1311 is not taken out soon, its not healthy for the index. Added this to ward off naysayers and like i said .. this is just the view at the moment... i believe the best traders dont have firm views. its a v essential quality. Take care mishwar
Ok OK lets warm up. Here's something to support the position i intend to take. Futures up ahead of Bernake's speech http://biz.yahoo.com/ap/060320/wall_street.html?.v=2 Thanks mishwar
Here we go today. Looking good already. Long 1 at 1308.05 Around 1308.5- 1308.8 is important first level. Then the all important 1310-11. dont tell us we didnt tell u it will be taken out today. And what if it doesnt ? Doesnt matter. A good trader is cool Nice stop at 1303. Thanks mishwar
Added another at 1308.9. Will cut one quick if it doesnt work. But hold the other with a deeper stop. So far no problems Thanks mishwar .