Actionable Trade-Alert
from Rick in the Trading Room
(Please check all related discussion in the room before you do any trades.)
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07:00 |
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07:50 |
ES closing on 5429.38 target introduced last Sunday, then reaffirmed in the update. Price action at this midpoint Hidden Pivot support cannot but provide the ‘tell’ we need to determine the importance of Sep 3’s secondary top and the possibility that my scenario #1 (i.e., August 1929 repeating itself) is playing out. For confirmation, we will want to factor in MSFT’s expected bounce to 449.52 after it triggers a back-up-the-truck ‘mechanical’ buy at 401.54. |
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08:00 |
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08:09 |
Morning, Rick. My 10 D, 30 min. chart indicates MSFT touched 400.57 and bounced with a tail on the candle. Currently: 406.37. |
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08:10 |
…at 6:00 AM EST. |
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08:28 |
Fancy that! Indeed, it did — and thanks for the heads-up, Charles. I was barely stirring at the time, but anyone who was awake and used my target to get long should take 25%-50% off here at 407-408 and save the rest for a swing at the fences. An impulsive stop-loss can also be used. |
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08:36 |
Although the Whoopee Cushion bounce has occurred from within two-tenths of a percent of ‘x’, I should repeat this for the umpteenth time: the green line is neither a target nor a Hidden Pivot nor a support, just a handy reference point for two types of trades we do: mechanical and conventional. It’s only a stupid, annoying coincidence that these bounces from x seem to refute me by beginning 90% of the time within a hair of the green line. |
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