Afternoon,

Trade 1 was an IVBat the 127% fib area as measured from the TS pivot at 9:06 am CST to the TS pivot at 8:33 am CST . Short entry was at 741.10 at 9:21 am CST. The market went down and made the objective and then bounced from a “lazy W bottom”. A lazy W bottom is a double bottom that has the right bottom of the W a little higher than the left. The next trade was another IVB. The time was 9:51 am CST with a short entry of 742.10. I have noticed that IVB usually work very quickly. This trade was up .60 points and continued to walk sideways. A trader should have been on the alert when the IVB trade did not go down immediately. The price had broken the first hour high (green line on the following chart). Exit for the IVB short would have been a stop and reverse at the Trader’s trick set-up at 10:06 am CST with a exit of 742.70 and an entry for the Trader’s trickat 742.70 as well. The loss on the IVB short would have been .60 points. If you did not take the 1st hour high trader’s trick, there wer another trader’s trick set-up at 10:45 am CST with a long entry of 743.60. Here is the chart for the first 3 trades.

Trades 1, 2. 3

Click on chart to enlarge.

(Read the rest of this post)

Afternoon,

First a question from one of my readers regarding the changes that I have been making to my blog. The question is from Dan. He writes:

Hi Ron,

I wanted to respond to your comment at the bottom of today’s wrap regarding having faith and that a trader can make a living taking your signals. I have to admit that I went through a doubtful phase back in late March when we had some difficult days and you started to filter the signals a lot. I was just at that point where I could take the signals without second-guessing or hesitating, and then actually hang with them while they worked without bailing, then your changes and the tricky market had me back at square one…I still watched your setups but tried some different things but decided to end my searching and test your signals, using only trader’s tricks and bobbers, walking each chart by hand, to see, worst case, how they would perform without any filters. I tabulated May so far through today, and all of April. The results are as follows;

May-$7100

April-$6000

(Read the rest of this post)

Afternoon,

The first trade of the day was a trader’s trick set-up after a trend line break. The long entry was 726.20 with a time 8:36 am CST. The market continued to trade higher until it reached the 261% fib area as measured from the TS  pivot at point 1 at 14:33 pm CST Friday to the TS point 2 at 15:12 pm CST. Then there was  an IVB (Inside vertical bar). Short entry was at 8:51 am CST with an entry of 731.50. The market came down and had another IVB. Exit on the trade would have been 1 tick above the IVB at 9:00 with an exit price of 731.10 for a net profit of .40 points. Here is the chart for trades 1 and 2.

Trades 1 and 2

Click on chart to enlarge.

(Read the rest of this post)