Mohan 26/09/03
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Mohan 26/09/03
A lower opening and lower early drop in the market is expected to rally off the lows for an up day.
Recap of Thursday's Action:
Good Morning and thank you for joining with us today.
The market got smacked hard on Thursday again with the lower price action coming into the final hour hitting our first goal projected 997-998 target. We had sold the BreakOut on our Hour One pivot recommendation in Thursday's Morning Call and if you held patiently you were rewarded with up to 10 points and even more if you held for our 998 target.
Now this was a trade where we definitely took a little heat on our 6 point stop at 1016.50 but we made it through to be rewarded nicely. Congratulations to those who got short and held.
Those who are new to reading our briefings take heart and be patient as you see many samples of these trades in real time over the weeks and months. Your confidence will grow and soon U2 will be making these trades. In fact, I put a special update on the Ask Mohan section today for those of you who have just joined with us giving some insights on how to deal with the S&P500 markets and the trading jitters. I hope you find it valuable.
The High Five on Thursday basically were pretty easy to read with the overall weak appearance, higher TRIN and go-nowhere Dow and NAZ. There was a rough period around 1006-8 where there was consolidation and prices stalled. Later Mr. Market just decided that Ol' Mohan was going to be right so we might as well drop down to 997 and give the guy a break. LOL!
Anyway, I hope the day was profitable as it was one of those trades which tested our skill and patience but showed us later why in S&P500 trading these professional attributes are the real "stuff" of the business.
Today's Call & Briefing:
We are looking for a lower opening in the markets and an early run lower to be bullish for today or at least for a bounce off those early lows. Our TCF Market Force indicators are getting ready to roll to the Bullish Mode after a bit more downside testing.
The turn around in the force is expected to occur early next week.
For today, being Friday, let's just look for that lower price action and lower opening to set up a buy on the BreakDown or the Buy Pivot target. If they open higher and run up first then use caution in both buying or selling. It may end up just being a consolidation Friday after the last 2 days of hammering and you don't want to get caught up sitting there stuck in a trading range with no real directional force.
So let's see if we can get the lower open and early push lower to do some buying today otherwise we can just let it slide.
Value Area: 1,004.60 - 1,013.00
Look for prices to rise up from a lower opening and lower early levels to get back into this Value Area. If prices hold in the VA for 2-3 minutes then look for an upside retracement of 75% of the range or around 6 points.
If they move strongly lower then we may find the 1004 area to be new resistance. I am expecting a turn around soon back to the upside as the markets heat up coming into the end of the year.
Buy Pivot Target: 992.00 - 993.00
Let's go ahead and buy this Buy Pivot target on a LOWER OPENING and early move lower. Use a 5 point stop and let's see if they can take em up into the Value Area.
Sell Pivot Target: 1,009.00 - 1,008.00
No trade at this Sell Pivot today. We are expecting prices to rally today from a lower opening and they may stretch into the Value Area as mentioned above reaching this target. If the High Five are strong then we do not want to sell against this target. If they are noticeably weak then feel free to try and sell em here later in the day for a pullback.
10 Day "Pit Bull" Moving Average: 1,020.40
We are still below the Pit Bull and as such will be looking to Sell Rallies. However, we are expecting prices to roll to the Buy Mode on our TCF Market Force indicators soon. Most likely this will occur early next week and we should see prices turning up again.
Pro Trader's Action
Let's be vigilant to get long today on a lower opening and early lower move. Use the Buy Pivot target or the BreakDown as a pivot to grab em for a move up. If they open higher and attempt to rally first then we are going to get some more downside pressure first today before they finally start to find some buyers.
Have a great weekend and I will look forward to updating you on Monday.
If you are seriously considering coming to my Florida Seminar in Del Rey Beach please get your reservations now as I called the office today and we are getting very close to sold out. I have many exciting things to share with you and will look forward to meeting you there. Call my office at 21st Century Futures at (800) 806-4801. I am not planning any more immediate seminars after this one for a while and I have some very important information to share with you along with my special guest Mark Douglas.
All the best to you and your family who support you in trading the "fastest game in town". Your trading friend, Mohan
Recap of Thursday's Action:
Good Morning and thank you for joining with us today.
The market got smacked hard on Thursday again with the lower price action coming into the final hour hitting our first goal projected 997-998 target. We had sold the BreakOut on our Hour One pivot recommendation in Thursday's Morning Call and if you held patiently you were rewarded with up to 10 points and even more if you held for our 998 target.
Now this was a trade where we definitely took a little heat on our 6 point stop at 1016.50 but we made it through to be rewarded nicely. Congratulations to those who got short and held.
Those who are new to reading our briefings take heart and be patient as you see many samples of these trades in real time over the weeks and months. Your confidence will grow and soon U2 will be making these trades. In fact, I put a special update on the Ask Mohan section today for those of you who have just joined with us giving some insights on how to deal with the S&P500 markets and the trading jitters. I hope you find it valuable.
The High Five on Thursday basically were pretty easy to read with the overall weak appearance, higher TRIN and go-nowhere Dow and NAZ. There was a rough period around 1006-8 where there was consolidation and prices stalled. Later Mr. Market just decided that Ol' Mohan was going to be right so we might as well drop down to 997 and give the guy a break. LOL!
Anyway, I hope the day was profitable as it was one of those trades which tested our skill and patience but showed us later why in S&P500 trading these professional attributes are the real "stuff" of the business.
Today's Call & Briefing:
We are looking for a lower opening in the markets and an early run lower to be bullish for today or at least for a bounce off those early lows. Our TCF Market Force indicators are getting ready to roll to the Bullish Mode after a bit more downside testing.
The turn around in the force is expected to occur early next week.
For today, being Friday, let's just look for that lower price action and lower opening to set up a buy on the BreakDown or the Buy Pivot target. If they open higher and run up first then use caution in both buying or selling. It may end up just being a consolidation Friday after the last 2 days of hammering and you don't want to get caught up sitting there stuck in a trading range with no real directional force.
So let's see if we can get the lower open and early push lower to do some buying today otherwise we can just let it slide.
Value Area: 1,004.60 - 1,013.00
Look for prices to rise up from a lower opening and lower early levels to get back into this Value Area. If prices hold in the VA for 2-3 minutes then look for an upside retracement of 75% of the range or around 6 points.
If they move strongly lower then we may find the 1004 area to be new resistance. I am expecting a turn around soon back to the upside as the markets heat up coming into the end of the year.
Buy Pivot Target: 992.00 - 993.00
Let's go ahead and buy this Buy Pivot target on a LOWER OPENING and early move lower. Use a 5 point stop and let's see if they can take em up into the Value Area.
Sell Pivot Target: 1,009.00 - 1,008.00
No trade at this Sell Pivot today. We are expecting prices to rally today from a lower opening and they may stretch into the Value Area as mentioned above reaching this target. If the High Five are strong then we do not want to sell against this target. If they are noticeably weak then feel free to try and sell em here later in the day for a pullback.
10 Day "Pit Bull" Moving Average: 1,020.40
We are still below the Pit Bull and as such will be looking to Sell Rallies. However, we are expecting prices to roll to the Buy Mode on our TCF Market Force indicators soon. Most likely this will occur early next week and we should see prices turning up again.
Pro Trader's Action
Let's be vigilant to get long today on a lower opening and early lower move. Use the Buy Pivot target or the BreakDown as a pivot to grab em for a move up. If they open higher and attempt to rally first then we are going to get some more downside pressure first today before they finally start to find some buyers.
Have a great weekend and I will look forward to updating you on Monday.
If you are seriously considering coming to my Florida Seminar in Del Rey Beach please get your reservations now as I called the office today and we are getting very close to sold out. I have many exciting things to share with you and will look forward to meeting you there. Call my office at 21st Century Futures at (800) 806-4801. I am not planning any more immediate seminars after this one for a while and I have some very important information to share with you along with my special guest Mark Douglas.
All the best to you and your family who support you in trading the "fastest game in town". Your trading friend, Mohan
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Abraço,
Dwer
There is a difference between knowing the path and walking the path
Dwer
There is a difference between knowing the path and walking the path
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