The calendar says Tuesday but it sure felt like Monday. Instead of episode 1,076 it sounded more like episode 1 (except the part where I said the date). No it was fine. Well ok... the part David did was fine. I kept getting interrupted. There goes the Fox News slot... (I did not write that tweet. Honest)
The market was tradable even though the range was shallow. I'll post a few charts below and if you have any questions regarding the setup, the free trial, or the demo, call 1-866-928-3310 or email us firstname.lastname@example.org .
Let's check in on the Sentiment Indicator first -
The market gapped lower to open at 1332.25 and then dropped to the "Line in the Sand" at 1331. The bounce ran to 1335.25 which presented a potential profit of 4 ES points.
If you needed more excitement, the next bounce offered 2 points.
The next one drew down a bit but the Sentiment never changed. Result - 5 point bounce.
I'm going to put the last 2 in one shot. I can only assume you would have been stopped out on the first one even though the Sentiment never changed. That's important! The second one bounced 4 points with minimal draw down.
On the last blog post I talked about trading what's in front of me. This is what was in front of us all day long. Bullish Sentiment. Just when it looked like the tables would surely turn... they didn't. Will they eventually? Of course.
There were many ways to trade this thing today. Another would be the Naked Trade where we only use the CF_MA1 and the CF_Cycle. (maximum risk in the Sandbox is 2 points)
The same set-up presented itself again later in the morning.
And again as we rounded the homestretch after missing the WTZ by a tick.
If it's true that a picture is worth a thousand words, I've said a mouthful. Enjoy the pod, see ya tomorrow at the bell!