Afternoon,

I hope that you enjoyed the inside vertical bar that I sent out earlier today. The reason? Cause there are more examples of those bars in today’s wrap-up. Read on!

The markets were mixed today with the DOW and the NAZ weak and the Russell stronger. The Russell 2000 gaped down early to the 127% fib area as measured from the TS pivot at point 1 at 14:24 pm CST yesterday to the TS pivot at point 2 at12:54 pm CST  and then trended higher. I hope you are seeing how those fib areas work. Then there was a trend line break to the upside above the 56 EMA followed by a trader’s trick set-up. The trade happened right at R1. A break of the bar would have also been a break of that level. The time of entry was at 9:39 am CST with an entry price of 717.10. Notice on the following chart how the price was shut down at the 127% fib area. Here is the chart for trade 1.

Trade 1

Click on chart to enlarge.

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Afternoon,

A tale of 2 halves of the day. The first half was orderly and trended and the second half was not trending and very volatile with big wicks and and bars. The Russell 2000 opened flat from yesterday’s close and trended down to the 61% fib area as measured from pivot yesterday afternoon at 13:57 pm CST (Point 1) to the high pivot on the first bar this morning (Point 2). At that point, the market turned around and gave a nice bobber trade set-up at 9:24 am CST with an entry of 704.00. The pivot was over 1.50 points away so the trade had room to at least get to a point for a break even trade. The trade made the objective. The market rallied strongly, reaching the 161% fib level, traded sideways for a hour or so before breaking down. There was a potential bobber set-up at 11:09 am CST. The problem was Woodies Pivot was right below entry point. As I have seen the Pivot stop price on the spot, I passed on the trade. Here is the chart for trade 1.

Trade 1

Click on chart to enlarge.

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Afternoon,

The markets have been trending better the last couple of days. The Russell 2000 opened flat and proceeded to chop around the Woodie’s pivot before having a trend line break to the upside followed by a trader’s trick set-up. The second trade of the day was a trend line break followed by another trader’s trick set-up. The trade was up 1.10 points before stopping us out for a 2 point loss. Here is the chart for trades 1 and 2.

Trade 1 and 2

Click on chart to enlarge.

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