Just a quick question as I am new to the site but i was wondering how often the pivot points you trade off are profitable for your good selves. I realize it is not that simple but would be interested in a reply or two Cheers Bogan 7
Good question. After years of sitting here watching these markets, for the financials I would say you'll hve 3 good days of trading out of 5, with one of those days giving you serious range expansion on average. The other two days of the week will tend to be fairly narrow range days (can get a decent 2 pts in one direction) and/or just very tight back-and-forth action (nothing there). Regards, JJ
R1 - 1395 PP - 1387 S1 - 1384 Tomorrow's most likely course of action? Failed breakout test of R1. I'll be looking to continue to Buy any dips though, so long as the market remains bullish I'll have to run with'em. Regards, Jimmy
It's been a long and frustrating morning/afternoon folks, dealing with MTA bureaucrats and their sucky little jobs. But then I come back here, take a peep in at the market and just catch the rhythm again. I kinda like the way my last 10 or so calls have been going, they are just the tip of the iceberg that tells me all the work I've done is beginning to bear fruit. *** Just in case you're wondering: a) I use the previous nights analysis to condition my mind for how I want to trade the next day, this takes away the quality of being indecisive. b) I use different criteria to take the setup. While my methods are proprietary, that's OK, yours can be too. c) I let my indicators tell me what to do, as a technical analyst, I have to let the indicators and gauges do their job, or else I'll crash and burn! Just get your system together and trade it. Regards, JJ
R1 - 1397 PP - 1391 S1 - 1387 The buying remains unabated. You know the drill ... if S1 doesn't get the job done, and you want to play it conservatively don't take a long before price action goes back above it. Regards, Jimmy Jam
R1 - 1392 PP - 1386 S1 - 1379 The Buys didn't deliver the gains last Friday, and the short-term market trend has turned downwards. Now, IMHO, the market will in all probability deliver a good Buy off of S1 before it'll give a Sell Signal, but I'm staying on the Sell side tomorrow. Looking for a potential short off of R1. Regards, JJ
This trade is going to encounter resistance once it gets up into the main PP, if you're Long, you should think about moving your stop to break-even or liquidating your trade. Regards, JJ
R1 - 1387 PP - 1383 S1 - 1379 Boy, this market just won't fall! With yesterday's bullish action, the short-term trend has turned back up, so I'll be keeping a close eye on S1 tomorrow. While I got my 2pts off the R1 pivot yesterday, the bulls have proven to be extremely resilient in terms of buying the dips. See ya at the open. Regards, JJ
R1 - 1388 PP - 1383 S1 - 1378 While the Longs are deliving limited profit, the Buyers continue to come in and support price action. S1 is 1378, I'll be looking for an opportunity to get Long there. Regards, Jimmy Jam
R1 - 1383 PP - 1377 S1 - 1367 Yesterday's Buy stoped out at breakeven. Market Trend has turned, looking to get Short at either PP or R1. We'll see what the market price action gives us. Regards, Jimmy Jam