I still receive their daily recap e-mails (which doesn't include much these days, compared to before the internal war). However, adding to your point about that chart you posted, 4re, Franz now has a new signal, a "fortified war zone" called Excalibur. Yikes, another signal, in addition to Bulls Eyes, War Zones, Terminators, Trend Keepers, HPs, etc.? Clearly, they lost sight of the KISS principle of trading, which is another reason why I let my subscription expire.
Your 1253 long worked well early this morning. The 1260 level has been approached but not breached, and 1246.25 short hasn't been touched yet. Are you still satisfied with these S/R levels this morning? Will 1253 act as support now?
Yes, I just finished and this is what I have right now. Long 1261.50 Short 1251 Lets do it....ES is up this morning but QQQQ's and IBM are down in early trading. I tend to use IBM because it is a large component of the DOW and where IBM goes so goes the DOW.
Just changed them, I did see the first one and started to trade it but I had to get my son off to school and did not get in that trade. Just be careful on the long side I am a little skittish on it. I will still trade based on my plan but will not hesitate to exit at first sign of reversal. I do believe that if we hit the 1261.50 entry we will be safe for 2 points up to the linear regression line... GL All
I agree about the long (NQ 77.5). But I'm hesitant about the short since I'm leery of price action after the close. If price tests a certain level on the downside several times, I'm more likely to go with that, even though it may be above the "low" of the day.
Another note: While IBM is down this morning another large component of the DOW is GM which happens to be up 5% this morning. I usually don't factor in the auto guys because that market is a whole different world and I don't like to trade it. Kind of like the airlines, I don't like them either. We may get a pause at the opening to let the S&P index catch up with the ES and then they will decide what to do.
I do see what you mean there and it is new territory. I will go ahead and take my call and may we both be correct. GL today
We have a really different approach here 4re, but usually end-up getting to a similar place. I use the last sessisons swing high / swing low to determine where resistance / support is (in this case 1270 and 1255.50, respectively). Nothing fancy here, just really basic S/R. And besides the indices and the internals I like to keep my eye on MER (Merrill Lynch), because it respresents the bankers, and the bankers represent @ 20% of the SPOOS, and I see IBM as being a faux techie stock anyway. Best, Jimmy P.S. Having said that, your understanding the DOW is right on target.
The guy trades (thinks) like a beginner, making shit up as he goes along. I can't believe they hooked with such a total lost cause. Says a lot about TI ... the people who work there ... and their students. Jimmy