To provide even more value I have decided to add Market Profile (MP) levels to the premium members blog which I update each night.

It’s going to be open for maybe a week to let you feel the power of these levels. This will give you enough time to donate $ or “donate” quality posts to TradersBASE and secure access to this data. It will also give me time to sort out the subscription module to keep things automated.

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.

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.

I’ve done some tweaks on the search function of our forum and it works 1000% better now.

Let me know what yall think of how it’s working, or if it needs more work.

Gold, not all that shiny anymore is it?

We got the blow off top as the first sign of weakness. Now we had sizable volume come in at the resistance of the downtrend and moving average cluster.

Target one would be the structure support line, target two would be the base of the down channel. Pretty tight stop on this guy at probably $963, well worth the risk for the potential downside IMO.

Hrmmm…thoughts? I don’t like that volume at resistance at all. Tell us what you think in the forums.
I’d much rather have seen low volume on a failure to breakout, seems like possible distribution to me.
I might say that was decent volume, so all effort with no result.

Now the TRIN did close well above 2.0 so the odds of an up day Monday is very high. If we fail to break up we could be in for some hurt and blood.

This chart shows some volume stepping in at a trendline based on the weekly as well as a complete gap fill from back on 3/31. We now have the open gap above formed from todays opening gap down.

I have a bullish bias for the DOW on Monday. It should be interesting, then again what day in the market isn’t interesting?

Well this puppy made many people serious cash on the first rise to the heavens.

Looks like round 2 could be coming our way?

We can see the Head n’ Shoulders measured move has played out to perfection and now that level must be broken to become bullish. The depth of the measure and the slight downward channels top coincide and once broken should prove to be a reversal.

Look at that stopping volume stepping in as support on the depth of the measured move as well. Now we have clear big money having stepped in and a macd crossover coming off divergence on the lower lows.

I would either buy the bottom of that channel if it dips back there or place a stop order above the channel and resistance level to catch breakout momentum. As with many breakouts that gets you in at the base price of the breakout and you have wiggle room for your stop since often breakouts come back to test the resistance turned support.

Good trading,
MC

From my post on TB…Visit us at TradersBASE!

I did the conversion to Vbulletin tonight and we are rockin!

Speed, options, better SEO. The difference is immense!

New address is www.tradersbase.com/forum or just click on the forum link here in Wordpress.

Youtube’s uploading is not available again tonight and im not sure when it will go back up, I did a video and will post it ASAP.  For now Ill give you a quick run down. S&P is sitting right near resistance, if we gap down on the futures below 1365 then go with it the gap and short, If we open up flat you can take a long in an attempt to catch a breakout move past that trendline.   Gold Had a little bounce today, I think if we get a move up tomorrow in the 915-920 area i would see it as a decent short entry.  I think EUR/USD has topped for now, Any shorts taken here should have stops at the highs.  USD/CAD is still range bound and I still think it is a long for now.

Quick video review. All the markets we have been talking about have finally followed through with great moves. S&P’s finally took off like a rocket,USD/CAD performing well,  EUR/USD seems to have topped and gold has tanked as predicted. So all in all what a great day for TB.com followers.  Now you manage the trades your still in or sit on the side waiting for new ones. Hope you all made some $$$$$ today!!!!!!!!!!