I’m establishing a tracking position for your further guidance, since yesterday’s high came within 9 cents of a 99.60 rally target that I’d promoted aggressively as a “can’t miss” top. Assuming four contracts shorted at the target and two exited at 98.44 — halfway between the high and the so-far pullback low — we are hypothetically short two contracts with an effective cost basis of 100.85. Now, you can cover one at will — the futures are currently trading for 98.31 — and tie the remaining 25% of your position to a fixed stop-loss at 99.41. Our new cost basis for the remaining contract (or 25% of the original position if more than four were bought initially), imputing paper profits so far, is 103.39 ______ UPDATE: Crude Whoopee Cushioned higher, stopping us out for a profit, on paper, of slightly less than $4,000 per contract. Now, it looks to me like the futures could reach 108.67 on this run-up, so if you apply your profits to a next trade, your bias should be bullish.
Comments on this entry are closed.
Click here for a special deal for graduates of the Hidden Pivot Course who want to stay on the cutting edge
The consistent accuracy of Rick Ackerman’s forecasts is well known in the trading world, where his Hidden Pivot Method has achieved cult status. Rick’s proprietary trading/forecasting system is easy to learn, probably because he majored in English, not rocket science. Just one simple but powerful trick -- managing the risk of an ongoing trade with stop-losses based on ‘impulse legs’ – can be grasped in three minutes and put to profitable use immediately. Quite a few of his students will tell you that using ‘impulsive stops’ has paid for the course many times over.
Another secret Rick will share with you, “camouflage trading,” takes more time to master, but once you get the hang of it trading will never be the same. The technique entails identifying ultra-low-risk trade set-ups on, say, the one-minute bar chart, and then initiating trades in places where competition tends to be thin.
Most important of all, Rick will teach you how to develop market instincts (aka “horse sense”) by observing the markets each day from the fixed vantage point that only a rigorously disciplined trading system can provide.
The three-hour Hidden Pivot Course is offered live each month. If it’s more convenient, you can take it in recorded form at your leisure, as many times as you like. The course fee includes “live” trading sessions (as opposed to hypothetical ‘chalk-talk’) every Wednesday morning, access to hundreds of recorded hours of tutorial sessions, and access to an online library that will help you achieve black-belt mastery of Hidden Pivot trading techniques.
The next webinar will be held on Tuesday, August 16. Click below to register or get more information.
This 9-minute video explains Rick's trading and forcasting method.
Rick takes requests on ACAD,GDX,CXRX,SPX,FFMGF,FNV,GCQ6,SSPXFDNCVF,TLT,VVR and AG
(July 18, 2016)
It’s ‘Game On’ Again for the Fed
Trading ‘Touts’ for Monday…
The Yellow Flag Is Out
A Minor Breakdown in Gold?
The Seductions of a 50-50 Bet
Lousy Earnings No Obstacle for This Bull
Has Credit Stimulus Finally Met Its Match?
Laurel and Hardy Comin’ at Ya, Fed-Style
Wishy-Washy Crude Lulls Stocks
T-Bond Rally at an Important Target