Gold key pivot play #2
Posted by Cire2222 on May 22, 2008
We got another key pivot play in gold. Act fast because we are trading right near the trigger. The trigger is at 917.00 right now we are 917.50. If you can get in at a better price go for it! I am keeping the first target really tight because of bullish signals in Euro and the monster rally in Oil.
Entry: 617.00
stop: 936.00
1st target: 909.00
2nd target: open
They broke down………
Posted by Cire2222 on May 22, 2008
if you refer to my post yesterday( http://tradersbase.com/daily-review/dow-breaks-trend-others-do-not/index.html ) I talked about a couple markets holding trend lines that should break down this week. Well they all broke except for the VIX. Dow broke down yesterday and today the S&P broke down and the transports broke down. To my suprise the VIX did break it’s down trend but did not close above it. This means to me that the fear is not baked into this market yet and we could have more room to fall. The markets should find a little support here as we approach the 50ema and a piror breakout level that has acted as support a couple times. I would like to get some charts up but it’s really late. So look for a little bounce or some chop but I do expect more selling.
NQ key pivot play update
Posted by MC on May 21, 2008
Cire is out celebrating the kill from his call in TB chat shorting the market 
So I’ll relay a quick message. On the NQ key pivot play the first target was hit.
Keep the stop where it is on second contract until further notice.
Great stuff coming from the TB camp, keep up the kick ass work guys.
Dow breaks trend, others do not
Posted by Cire2222 on May 20, 2008
Today we saw the Dow close below its uptrend line, Bearish signal. However the S&P and the dow transports (been a market leader)are still holding the uptrend and the VIX is still holding downtrend. What does this mean? Is the Dow leading the way down? I think that this market wants to break down and give us a little correction off this rally. If the S&P breaks back down through 1400 level I would expect the selling to continue. The fact that we broke past the 200MA and the 50%fib couldn’t hold is keeping me bearish right now.
So close to a Key Pivot on S&P
Posted by Cire2222 on May 19, 2008
Okay, today was a wild day no doubt. The S&P was just a couple ticks from the trigger for a key pivot play. However it did NOT give us a set up so I won’t start the S&P portfolio. The set up is ready in the nasdaq market. I will not track the nasdaq market and don’t plan on using this set up on the nas but I thought it would be fun to set up a play since the s&p got so close to a set-up. So in the Nasdaq futures This is the play I want to set up for tomorrow:
Entry trigger - Short on a move to 2008.00
Stop Loss- 2055.00
First target - 1975
second target - Open
New theme
Posted by Cire2222 on May 19, 2008
We have changed the main blog theme as you can see. Some changes and tweeks are needed so bare with us for now
Lightbulb moment
Posted by MC on May 18, 2008
Well folks…I had a light bulb moment on Friday. For the first 9 months I had a horrible “mentor” that had no clue, though I still respect that he helped me the best he could. From then it has been mainly allot of self learning (with help from some TB members of course 
) and I’m finally getting to see things properly now. Thursday and Friday I wasn’t at work and was able to devote 100% attention to the markets movement which proved to be what I needed.
Looking at the market as a slighted auction driven by the big money and chopping it into waves is crucial IMO. So the lightbulb went on when my mind saw volume and price action in the proper fashion, much clearer than I had before using volume and trends alone, kind of a mixup of what all I’ve seen in probably 10-12 hours of screen time daily.
Another thought that clicked is that trending moves are emotional, and congestion is a balancing/thinking slice in time. Of course the consolidation is needed for a breather and gives us supply and demand zones for entry and stop triggers. I also added the use of fibs to my arsenal as well, for retracement purposes of course. 
I had been trading in congestion zones for some time without really seeing the bigger picture or knowing it. Good traders prey on the emotions of others, in chop there isn’t enough emotion to exploit beside scalping. Let the congestion break and take the emotional slice of price action to the next level of congestion and so on. This defines trend trading at its core, and though I “knew” it, I didn’t quite see it properly.
Anyhow…enough rambling. Thanks Chan, Cire, Simon and others that have helped me, sometimes without even knowing you were doing so.
Good week for myself and TB guys, let’s keep up the great work.
TradersBase CHAT
Posted by MC on May 16, 2008
FYI readers!!!
I just installed TradersBASE CHAT on the TradersBASE forum!
Guests cannot login to the new chat, but they can still read all the posts and view the shoutbox on the main page. Thing is, I myself intend to be in the chat rather than the shoutbox and I’m pretty sure the regulars will be in chat as well. So if you’re not a member of TB and want to see our calls and thoughts on live market situations, you’ll need to sign up (free and takes a minute or 2).
See ya there.
MC
Key Pivot play (Gold) update
Posted by Cire2222 on May 15, 2008
Our first key pivot play in the gold market was completed today. Last night we moved our stop down to lock in profits, our original stop has not yet been hit but so far it seems that moving the stop down was the right idea. Gold had a strong day today and took out our second contract for a gain of $700 to make a total profit of $1700 for the trade. That puts the Gold Key Pivot play portfolio at $21,700. Stay tuned for more Key pivot plays, I think there may be a set up soon in the S&P market and we can kick off the S&P portfolio.
Key pivot play update (Gold)
Posted by Cire2222 on May 14, 2008
Gold fell again today but with much less conviction. Looking at some other markets related to gold I feel there could be a bounce and I want to lock in profits on our second contract by moving our stop down. The stop is now at 871.50. If the selling continues tomorrow we will collect more profits, If not we have locked in $700 on the second contract. I will keep you posted on changes.
