The futures were stymied yesterday trying to reach a somewhat ambitious rally target at 1746.80 (see inset). The 1725.40 midpoint has yet to be touched, but if and when the futures push above it, the implied $21 follow-through would become an odds-on bet. _______ UPDATE (Moments later): The futures have popped $4, to $1726, in a blink. Camouflageurs should look for a point ‘B’ high that falls between 1734.10 and 1738.50 to leverage a low-risk entry, although there are some lower “external” peaks to work with as of this moment, 7:28 p.m. EST. _______ FURTHER UPDATE (10:18 a.m. EST): We initiated a four-contact long position around 8:35 a.m. EST, using a 1735.70 entry trigger. The bullish ABC pattern was ‘camo’ perfection, with three single-bar coordinates and a point ‘B’ high that fell in the middle of the topping range I’d given. Half the position was exited at its ‘p’ midpoint, 1741.80, leaving us with two contracts and a paper-profit-adjusted cost basis of 1729.60. We’ll plan on taking profits on an additional 25% of the position if and when the ‘camo’ pattern’s ‘D’ target at 1754.00 is reached. Use a 1729.50 fixed stop for now. Note: Using camouflage on the 5-minute chart, it would have been possible to get in as low as 1715.00, with an 8:05 a.m. entry and a 1726.70 minor-D target. _______ POSITION CHANGE (2:21 P.M. EST): The December contract has gone dead, so I’ll recommend rolling into the February (GCG12) contract at a current price of around 1751.00. Use a 1758.00 target to exit the third of four contracts initially bought. The two contracts we are long have an effective cost basis of 1733.00 after imputing to them the paper profit on the two contracts already exited. If we cash out the third, it will leave us with a single contract whose cost basis would be 1708.00. For now, tie the 1758.00 offer to a stop-loss, one-cancels-other, at 1733.30, basis the February.
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
Tuesday, March 13, 2018
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, March 13. Click below to register or get more information.
Stocks Plunge on Word of Little Nell’s Death
Hourly Charts Hold Key to Big Picture
Stocks Will Have Economic News to Contend With in Days Ahead
Beware of Dow 26,734!
Markets Go Bonkers for a New York Minute
Dollar’s Rally Turning into a Dead-Cat Bounce?
What the E-Mini S&Ps, Boeing and Amazon Can Tell Us
Rebound Less Impressive Than It Seemed
What It Would Take to Exhaust Sellers
A Mixed Bag — of Explosives