Intraday Commentary – 5/21/10
Time posted: 9:05am UTC
See comments for E-mini Updates for 5/21/10
Trader Guy Next Door
…Trader Guy's E-mini S&P500 Stock Index Trade Alerts
…Trader Guy's E-mini S&P500 Stock Index Trade Alerts
Time posted: 9:05am UTC
See comments for E-mini Updates for 5/21/10
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16 hours ago we tweeted the following:
“Seeing targets of 1057.25, 1039.25 and 1024.5. Expect pullbacks along the way but providing a reverse trigger to the downtrend, expect it.”
We have since hit the 1057.25 target and got a trigger this morning at 1058 with a target of 1055 but the risk reward wasn’t inline with my tolerance level.
The next minor targets are 1053 and 1050. Hoping for a pullback prior so that we can trigger in
1053 was hit
As of now, we are still in a short trend. Resistance and therefore possible turning points are in the 1075 and 1085 areas. Breaks above those points may lead to a short-term trend change. Until then, we are awaiting short triggers
If we stay within this resistance band (1075 – 1085) prior to a reverse, look for us to see a move back down to the 1042-1045 area. We may bounce as we go, and if so, we’ll catch some of it. Otherwise, we’ll flip to the long side and look for triggers there. Remember, we trade the charts not the opinions or the news!
decision point… A break of 1065 confirms that the up move was just a pull back as this would confirm the resumption of the down move. Let’s see…
Interesting…Major indecision as to direction now. My longer term chart is stating long and my shorter triggered short. Waiting to see which side aligns so we can trade it
Long side confirmed. Looking at the following targets:
T1- 1076.75
T2- 1083
If we reverse down past 1067 get out
got a short trigger so if in, get out
We’ll see whether the resistance point mentioned above holds at the 1085 area. Hopefully you caught our in-short-term but counter-longer-term trade after our previous attempt for a 1 point loss. This attempt earned us 9.25 points
Decision point again… Going into lunch though so let’s see
We are in a 1080 – 1091 consolidation band. I wouldn’t be surprised if we saw us drop to around 1080 then climb to the 1093 area
Got an indecision trigger… could see us even drop to 1074-1077 area and rebound north unless a short confirmation on all charts is achieved. Let’s see
Remember, the market’s always moving and shaking and that I only trade price action. As it moves it changes shape and says different things to me. It is those things that I blog and when the shapes are inline with what I’m hearing the price action tell me, that’s when I trigger and share my trades with you. You will therefore see changes and options in my commentary until we get a trigger after which I’ll share how I would manage it. The results speak for themselves. If you doubt then follow and judge based on what we call not on what we called.
A break above 1083 should see a march to the 1088-1093 area. A break below 1078.25 should have us lat a major decision point of 1075-1077
Note that I haven’t seen a trigger, just sharing the rhythm that I’m seeing. I will clearly state a trigger when I get it.
Got to that 1075-1077 decision point zone. Watching closely for triggers now
btw… the indecision triggers are so strong that we could trade trigger either way
Triggers are aligning long. If we break 1083 we are in and I will update on the trade comments
The first two trades today were incorrectly titled as 5/19 and has been corrected.
We got stopped out for a loss of 5 points. our net for the day is now +4.25 points. Lets see if we trigger again for the day. Tough trading day so being positive is a great thing.
Trend is aligned short. Waiting on short triggers
If we break the 1170 range I’m expecting a move to 1160. Hopefully we bounce a bit so that we can catch a parts of the move down to the various support levels we build on the way…if it occurs. Final hour of trading so I tend to get a little more conservative.
That 1170 support range held so far. The charts are all over the place. In this last hour, I will only take short trade triggers, if the risk/reward is really worth it that is.
Triggered short but the support points on the way to traget are too close and bounces from them could lead to chop and a loss of the profit we have left from the day. I’m done. I will update the week numbers shortly
Wow what a push to ensure a higher close
…too crazy. A trend shift back to the longside triggered at the close. Let’s see what next week will bring.
Our weekly capture number was 94.25 points. Wow. Hope you caught some! Have a great week end. I’ll try to update with historical numbers over the weekend but I need to thaw a bit…