Quote of The Day "Adopt the pace of nature. Her secret is patience."
-- Ralph Waldo Emerson
If you dig a bit deeper, you'll find that knowing when to employ patience is what distinguishes it from mere procrastination...
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ES Weekly
Finally a new all time high in the S&P 500 Emini. With the index doing it last week kinda makes calling this a futures contract seem a bit off.
Still...
We finally completed the climb of the "wall of worry" and eclipsed the previous high today. I'm using the weekly chart as it shows it more clearly than any other time frame save maybe the monthly.
As you can see, the old high presents a natural resistance level and it's combining with TAOST Hi Power Zone here, so don't get too comfortable with the idea that we're going to push much higher in the near term. Then again... if enough breakout traders pile in, look out above. |
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ES 15m
Price was all about the Gap N Go today. Price gapped higher from Friday's close when it opened last night for today's trade date and proceeded to push substantially higher.
I don't love the move because the volume (agreement) remains tepid... But then this market's not lookin' for love on my screen. |
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YM 15m
The YM essentially mirrored the ES today... as it does most days. It looks a lot sexier because 1 ES point is equivalent to 10 YM points in dollar terms. |
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| TAOST Bias -- Account Balance $7,270 No Bias trades today as price never really sniffed the zone.
I actually had 1 of my best trading days in awhile because I yielded not to the temptation to short the market at various points during the day.
Click below to see Bias Trades... |
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Chart of The Day
Wright Medical Group [WMGI] is a small cap that wants to be at least a mid cap... Look for lower timeframe entries in this area... I would use just below $24 as an initial stop loss.
If stopped out, you can maintain a long bias and look for re-entry opportunities as long as we stay above $19. If we break that, put this stock on the shelf... In the back. |
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As always, make up your own mind and mind your risk no matter what you do.
KIS,
The Trader
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Copyright The Art of Simple Trading, LLC 2018 All Rights Reserved |
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