2106.50 double top or new high?

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  As price sold off and headed to my 1932.50 target area, price action was able to find minor support much higher at the 2020.50 area.  Since price has rallied hard and should breakout above the 2106.50 area if the uptrend is going to continue on the weekly chart. My guess would be that price will have to wait until the rising 20ma catches up before the ES breaks out higher...

Weekly
Weekly
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ES testing Major Support MS

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  Price is currently trading @ 2037.50 and looks like it's going to test the Daily MS area at 2054.50.  A break below MS will confirm our newly formed downtrend on the daily chart. 

050182016 ES Daily
050182016 ES Daily

After a year hanging with the guys at the Day Trading Zones.com I've learned the importance of knowing where the puck (price) is going.  Price is going to retest the 1933.50 area of minor Support mS on the weekly chart.  It's not if its going to get there, the real question is when?  Learning to trade this is trading mastery at the highest level...

05182016 ES Weekly
05182016 ES Weekly

Day Trading Update:   Wow!

It's been 9 years as of this upcoming June 30th since I started my trading journey towards mastery.  I'm no longer struggling with my directional trading, I'm no longer worried that the wheels will fall off like so many times over the years.  This is the most exciting time in my life to realize I've finally made it, making money every day.  Many years I've spent doubting my method (The Pristine Method) and have spent more money on education, etc.  Was it worth it, I guess the whole process is worth it.  All I know is that I had to learn to trust my method with blind faith, focus on what is true, price Support and Resistance, and do what you are supposed to do when you are supposed to do it.  I've spoken with many a profitable trader over the years and none of them have said the journey to profitability came in 2-3 years.  All have said it was 10+ years of hard work, blood, sweat, and tears.  So, I guess, I'm a year ahead of most...  Wow!

     

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Daily uptrend in the ES ended with the break of 2071

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  I've been focusing so hard on the 60 minute chart while day trading the ES I almost overlooked today's break of the 2071 area which officially ends the uptrend on the ES on the daily chart.  The weekly bar is going to close wide and red so I'm expecting further selling next week.  My target on the weekly is a retest of the 1933.50 area which I'm sure a lot of you will probably think I'm nuts, but this is minor support on the weekly and that is where the target is, the question is how to profit from it...

 
04292016 ES Friday
04292016 ES Friday
04292016 Weekly ES
04292016 Weekly ES

 
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The moment of truth for the ES…

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  For the past 7 days price has basically gone sideways on the daily chart of the ES but now appears price wants to move lower.  The 2035 area is key, if price moves below this area of Major Support then the uptrend will be over for now on the daily time frame.  Our next stop would be the 2012 area of the ES where buyers will step in.

ES Thursday 04072016 pm
ES Thursday 04072016 pm
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The Bear Slaughter Continues…

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  Overnight Price has pushed through the 2048.33 area becoming minor support (mS) and is knocking at the door of our 2067.75 area or T1.  T2 is close by at 2091 and the longer target found off the Weekly chart is at 2098.  I took my profits on my May 20th 198/199 put credit spreads and I still have my Call side on 209/210 of my Iron Condor but leaning long by one contract (back ratioed).  I do have another Iron Condor out further the June 17th. 210/211 call credit spread which I'll look to back ratio on the next pull back to mS at the 2048 area.  I also have the 199/200 put credit spread making a nice profit at this time, but not quite enough to take profits yet.

ES 03302016 am Wednesday
ES 03302016 am Wednesday

    

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T1 2067.50

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  After Fed Chairwoman Yellen spoke today the market took off like a rocket and since my portfolio was net net long I was thrilled to say the least.  I can see my T1 target from here, and T2 is close behind at 2091.  We could be at T1 overnight but T2 could be rough getting too.  All I can say is that I'm starting to be right, more often than not, thanks to the Pristine Method and a lot of blood, sweat, and tears...

ES Tuesday 03292016 pm
ES Tuesday 03292016 pm

       

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Bullish…?

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  Price recovered after today's retest of the 2022 area of the ES and formed a spinner type bar on the Daily chart.  I was real happy with my trades from Friday, and the market held up good today even though price put in a higher lower on the 60 minute chart and may be in the process of continuing lower.  We will see...

ES hourly 03282016 Monday
ES hourly 03282016 Monday
ES 03282016 Monday
ES 03282016 Monday
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2015 hit

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  Finally my 2015 area of mS was hit this morning and I was able to back ratio my 209/210 call credit spread by 1 contract.  So I took a small profit on my short leg and my position is set to for price to go back up and make a new high.  My long target is 207.50 where I'll look at taking more profits from my long legs.  Here is what my Iron condor looks like after the back ratio.  

back ratio
back ratio - Click on to enlarge

I also put on a new Iron Condo in the SPY 65 days out to June 17th.  I'm going further out since the volatility is so low and is the same reason for selling the Condor.  I used to just sell the Puts but with the markets low volatility my short side won't crush in value as it would if we had high volatility.  The Call side gives you protection in case the market does not bounce here and continues on the downside.  If the market continues to the downside, I'll back ratio my Put side covering a short leg getting my position net net short and continue the process of taking profits at Support and Resistance areas.  Here is my new Iron Condor I sold 5 contracts on each side.

Iron condor II
Iron condor II - Click to enlarge

Do I know where the puck is going?  Well yes, It's going to the target, my T1 and T2 areas.  Now knowing where the target is can be easy at times, but when it will get there is the million dollar question and that is the reason that I sold the Iron Condors with 65 days to go giving myself plenty of time (I hope) to be correct...

ES 03242016 Thursday
ES 03242016 Thursday

      

 

 

 
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Sideways

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Not much to say or do right now with the price action in the ES.  We have gone sideways for the last 4 days playing ping pong from 2028.50-2044.77 areas.  I'm still looking for a pull back to mS (minor support) from the daily chart at 2015, I'm sure I'm not the only one, I'd like to sell some put credit spreads but I'll also put on the call credit spreads at the same time (Iron Condor), just incase the pull back goes lower than I expected.  Here is the current 60 minute chart of the ES...

ES 03232016 Wednesday
ES 03232016 Wednesday
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5th day up will the bar close green?

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  Our hourly price chart is still sideways with pricing moving from the 2043 price area back down to 2030.  It has been ping pong since last Thursday but this morning price is hanging out at the lows and may want to move lower.  I'm waiting for price to hit the 2015 area before looking for additional longs.  Here is the big picture from the daily... 

ES 03222016 Tuesday
ES 03222016 Tuesday

 

   

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