Emini Trading Update – Thursday 12 May 2011 (19:33)
Interesting day – looks like we’re setting up for “Risk On” trades again. Why? Cyclical support/resistance levels coming in after exhaustion selling/buying and divergence patterns (on some charts, not all).
You know I would hate tomorrow to be a trend up day – my “bete noire”. I’ve had a good week so far – I don’t want to blow it on a Friday. So if it looks like the rally is continuing I might not trade.
Having said that, we’ve had exhaustion buying on the 4500 tick chart and we’re lining up for an End of Trend warning signal. So, let’s see what happens after that.
Quotes of the day …
From Sean G. (responding to the Irish government confiscating pensions and the tax being “temporary”)
“YES! First thing I thought when I read the news, ‘temporary?’ Bull Shit. Political predations are never temporary. I’m awaiting this theft to begin in the US, so I can flaunt my wise decision to avoid the 401K scam … and LONG trading videos are good. Thanks.”
From Jack C. (talking about Wednesday’s sell-off)
“I got 15 points today thanks to the ‘END’ signal at 1355 and your comments last night … I just hung in there as it dropped. THANKS!”
From Erin Y. (talking about Thursday’s rally and trading Crude)
“A great big thanks the indicators that you have made available to the public. I trade the CL quite a lot and your indicators beautifully picked the bottom today during Globex hours. I saw an End of Trend warning on the 4500 tick chart after exhaustion selling and a flush signal. In addition there was a flush signal and bearish divergence patterns on the 500 tick chart. The 1500 tick chart had 2 flush signals plus bearish divergence. All together this caused me to believe that a floor had formed and I began to look for opportunities to go long today. They were spot on and helped me to a great day. Thanks so much!”
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