TomTheTrader .: (8/16/2012 20:33) Tonight we will deal with what we do when we have another resistance area
TomTheTrader .: (20:35) “Chartists” define resistance as ” resistance is the point where selling overwhelms buying and the price increases stop.” some say it is a level or a price or a line
TomTheTrader .: (20:35) knowing the fine details of support and resistance levels will increase your chances for success. These five support and resistance rules are:
TomTheTrader .: (20:36) As for this Bull run …most chartists have been bearish as everyday there is a new resistance that they refuse to buy into
TomTheTrader .: (20:36) so they lay saddled with small or no gains and what is wose
TomTheTrader .: (20:36) mega losses as they do not change their ways in a new major trend
TomTheTrader .: (20:37) I utterly refuse to fight a trend especially when launched by our Patented TTT Buy and Mean reversion signs attached to a Zweig breadth thrust
TomTheTrader .: (20:38) all of which occured in October of 2011 and we
TomTheTrader .: (20:38) also took out TTT Analytics team to task to form another ECO low on June 27th
TomTheTrader .: (20:38) so now we are at the highs
TomTheTrader .: (20:38) is this resistance again
TomTheTrader .: (20:38) why buy at the highs
TomTheTrader .: (20:38) let’s look back
TomTheTrader .: (20:39) in 2009 buying anytime in the next 6 months after the lows would have provided great profits
TomTheTrader .: (20:39) and the run into Dec 19th 2011 set up a great opp long
TomTheTrader .: (20:40) we needed a 8-10% correction to keep the “Stealth ” Bull alive and we got it perfectly on SELL IN MAY as pessimism built into the 10% drop
TomTheTrader .: (20:41) now lets look at what the areas of support and resistance are
TomTheTrader .: (20:41) but using some funamentals mixed in with the charts
TomTheTrader .: (20:41) 1. Trends challenged – Support and resistance often act as decisive trend changers. When an existing trendline meets resistance, be prepared for a dynamic shift.
TomTheTrader .: (20:42) Q. 1 Are trends challended now ? If so where and how ?
TomTheTrader .: (20:42) 2. Places change – If support is violated, that same level will act as future resistance.
TomTheTrader .: (20:43) Are we bound to stop at the highs in every index ?
TomTheTrader .: (20:43) 3. Retests reinforce – The more often a trendline is tested, the more valid it becomes
TomTheTrader .: (20:44) Q.3 If we are at a multiple top …will this retest of contract highs be whacked and which index ?
TomTheTrader .: (20:44) 4. Volume reinforces – If a resistance or support level is associated with increasing volume, the trend becomes more valid.
TomTheTrader .: (20:45) Volume in the last 13 years has “Been a friend of the bulls” stealing from Louise Yamada who famously said the opposite in the 90′s Secular Bull
TomTheTrader .: (20:46) Q4. Do we need volume or is price good enough ?
TomTheTrader .: (20:46) Finally , 5. Time matters – The more recently a level has been established the more useful it is
TomTheTrader .: (20:47) Is the fact the last time we were here was in May or do we look at 5 years back or a single index like the Dow or RUT ?
TomTheTrader .: (20:48) the main point is …..today we are out there knowing the Bull is no secret …people are making money and there will be a correction
TomTheTrader .: (20:48) but what type of correction will it be
TomTheTrader .: (20:48) will it “Hold” support ?
TomTheTrader .: (20:48) Is there so much support there is no need to retest this level considering the fundamentals ?
TomTheTrader .: (20:49) are we destined to fall back to the 1350spx previous breakdown area
TomTheTrader .: (20:49) fact is charts don’t predict …people do
TomTheTrader .: (20:50) charts follow news and traders and right now momentum is building and the Bull has been spotted
TomTheTrader .: (20:50) This is again not a secret anymore and the shallow pullbacks and greed will ultimately come
TomTheTrader .: (20:51) but for now we are in the Bull sweet spot and she could care less about support and resistance or volume or who is long or short
TomTheTrader .: (20:51) As I have said on many occassions ..there is just as good of chance this market could MELT UP as DOWN and once everyone recognizes that we will correct !
TomTheTrader .: (20:52) Thanks for being here
TomTheTrader .: (20:52) we are 200% long common stocks in the IRA and in cash our traders swing and mini day trade
TomTheTrader .: (20:53) we are short oil in Nooners and our daily options alert was EMC chart below
TomTheTrader .: (20:53) http://finviz.com/quote.ashx?t=EMC
TomTheTrader .: (20:53) I am not much of a Chartist but my guess is those options will 10x ?
TomTheTrader .: (21:00) Starting Monday next we will do a plain old option play to try to help us all make money with small risk and high potential
TomTheTrader .: (21:01) I hope you can trade with us !
TomTheTrader .: (8/17/2012 09:36) Traders 100% Long MCP here at 9.91
TomTheTrader .: (09:37) stops 9.55
TomTheTrader .: (09:38) stops 9.75 now MCP
TomTheTrader .: (09:39) 10.00 out 50%
TomTheTrader .: (09:39) 10.02 we will take off the rest
TomTheTrader .: (09:39) 10.02 1.14(10.22%) 9:39AM EDT – Nasdaq Real Time Price
TomTheTrader .: (09:41) MINI short 50% here 2772
TomTheTrader .: (09:41) stops 2776.00
TomTheTrader .: (09:45) 2770.00 cover NQ shorts in MINI
TomTheTrader .: (09:50) MINI 100% short here NQ at 1773.00 stops 2776.00
TomTheTrader .: (09:50) 2773.00
TomTheTrader .: (09:50) NQ shorts
TomTheTrader .: (09:58) 2776.00 MINI stopped Flat
TomTheTrader .: (10:03) Traders short 643.80 stops 650.00 100%
TomTheTrader .: (10:03) AAPL
TomTheTrader .: (10:03) stops 650.00
TomTheTrader .: (10:10) stops on AAPL at 644.00 Traders
TomTheTrader .: (10:10) stops in AAPL now at 643.80
TomTheTrader .: (10:10) Break even
TomTheTrader .: (10:15) Traders long WLT here 100% 37.65 0.66(1.78%) 10:14AM EDT – Nasdaq Real Time Price
TomTheTrader .: (10:15) stops 37.33
TomTheTrader .: (10:23) stopped on WLT scalp
TomTheTrader .: (10:30) Stops now at 643.00 Traders short AAPL
TomTheTrader .: (10:31) 642.50 stops now
TomTheTrader .: (10:32) 642.50 stopped
TomTheTrader .: (10:49) Traders long 100% here 811.00 stops 809.00
TomTheTrader .: (10:51) 811.60 locked in profits
TomTheTrader .: (11:07) Traders long 1413.00 here 100% stops 1400.00
TomTheTrader .: (11:13) stops breakeven here Traders
TomTheTrader .: (11:14) stopped breakeven 1413 Traders
TomTheTrader .: (11:18) Traders 100% long here 1412.50 ES
TomTheTrader .: (11:19) stops 1409.00
TomTheTrader .: (11:24) Traders taking profits here at 1413.25
TomTheTrader .: (11:30) Traders long 100% here ES 1412.75 stops 1400.00
TomTheTrader .: (11:33) In the IRA we will swap CIM for WLT here at Walter Energy, Inc. (WLT) -NYSE36.85 0.14(0.36%) 11:32AM EDT – Nasdaq Real Time Price
TomTheTrader .: (11:33) CIM Break even
TomTheTrader .: (11:33) WLT added
TomTheTrader .: (11:33) 36.85
TomTheTrader .: (11:33) where there is smoke /
TomTheTrader .: (11:33) stops on all stocks 8%
TomTheTrader .: (11:35) 1413.75 traders Profits taken
TomTheTrader .: (11:42) TF short 100% here Traders at 813..80 stops 816.00
TomTheTrader .: (11:46) 813.50 exited
TomTheTrader .: (11:46) traders will reenter
TomTheTrader .: (11:48) Traders 100% short here TF at 813.60 stops 815.80
TomTheTrader .: (11:52) MINI short here 100% NQ at 2776.00 stops 2781.00
TomTheTrader .: (12:10) stops lowered on Traders and MINI here
TomTheTrader .: (12:10) Traders stops 814.50
TomTheTrader .: (12:11) MINI stops at 2776.00
TomTheTrader .: (12:15) Mini stopped 2776.00
TomTheTrader .: (12:16) 11.26 100% long VXX here Traders
TomTheTrader .: (12:16) 10.99 stops
TomTheTrader .: (13:01) MINI will take a long ES here 1413.00 stops 1409.00
TomTheTrader .: (13:01) 100%
TomTheTrader .: (13:02) Traders was stopped earlier at 814.50 now just in VXX
TomTheTrader .: (13:07) Traders long ES here also 100% at 1413.00 stops at 1409.00
TomTheTrader .: (17:01) 1415.50 we closed out ES in Mini and Traders
TomTheTrader .: (17:02) Mini and Traders are Flat Futures Traders long VXX
TomTheTrader .: (17:02) IRA holding long 8 positions
TomTheTrader .: (17:02) up 2.47% here
TomTheTrader .: (8/20/2012 08:29) again both traders and mini locked in 100% positions on Friday from 1413.00 at 1415.50
TomTheTrader .: (09:35) Mini long 50% here ES at 1413.00 stops 1410.00
TomTheTrader .: (09:44) Mini locks in profits at 1414.50
TomTheTrader .: (09:50) Mini long 50% here 1413.00
TomTheTrader .: (09:53) Mini locking profits 1414.50
TomTheTrader .: (09:57) Traders will exit our Hedge VXX here at 10:00am prices TY
TomTheTrader .: (09:58) Mini long 50% here 1413.00 stops 1410.00
TomTheTrader .: (10:00) 11.41 was VXX exit Traders
TomTheTrader .: (10:01) Traders long here 50% TF at 813.00
TomTheTrader .: (10:01) stops 811.00
TomTheTrader .: (10:03) Traders out 813.50 Profits
TomTheTrader .: (10:10) Traders long 50% here At TF 812.50 stops 810.50
TomTheTrader .: (10:12) Traders takes profits at 813.00
TomTheTrader .: (10:12) Traders 50% long 812.30 stops 810.50
TomTheTrader .: (10:20) 810.50 we were stopped
TomTheTrader .: (10:20) Traders
TomTheTrader .: (10:24) Traders long here 50% at 810.00
TomTheTrader .: (10:24) TF
TomTheTrader .: (10:24) stops 808.00
TomTheTrader .: (10:25) Mini stopped 1410.00
TomTheTrader .: (10:25) Mini long 100% here ES at 1410.00 stops 1406.00
TomTheTrader .: (10:27) 810.70 taking profits on TF long Traders
TomTheTrader .: (10:30) Mini locking in Profits at 1411.00
TomTheTrader .: (11:25) SM long here SM 47.37
TomTheTrader .: (11:26) IRA 25%
TomTheTrader .: (11:26) stops 8%
TomTheTrader .: (11:36) NOONERS out SCO into UYG
TomTheTrader .: (11:43) Mini 50% short here NQ 2776.00 stops 2780.00
TomTheTrader .: (11:57) NQ Mini shorts stopped losses
TomTheTrader .: (12:52) Traders 100% short here at 1413.00
TomTheTrader .: (12:52) Mini 100% short here 813.50 stops 815.50
TomTheTrader .: (12:55) Stops on Traders 1416.00
TomTheTrader .: (13:05) FST we will add here 25% IRA at Forest Oil Corporation (FST) -NYSE7.77 0.22(2.75%) 1:04PM EDT – Nasdaq Real Time Price
TomTheTrader .: (13:05) &.77 Forest oil long 25% IRA
TomTheTrader .: (13:05) I am long Options too
TomTheTrader .: (13:05) 7.77 FST
TomTheTrader .: (13:38) 813.00 TF we covered our 100% short position
TomTheTrader .: (14:33) DAL and HCA we will lock in profits here
TomTheTrader .: (14:33) Delta Air Lines Inc. (DAL) -NYSE9.46 0.32(3.56%) 2:33PM EDT – Nasdaq Real Time Price
TomTheTrader .: (14:34) 9.46 DAL locking in Profits
TomTheTrader .: (14:34) ITA
TomTheTrader .: (14:34) HCA 29.28
TomTheTrader .: (14:35) we are now 200% leveraged long IRA
TomTheTrader .: (14:44) MINI will short 50% here TF at 815.50 stops 817.50
TomTheTrader .: (14:46) 814.90 covered shorts profits
TomTheTrader .: (15:54) TF short 50% here TF 815.30 stops 817.50
TomTheTrader .: (15:56) WE WILL MEET TONIGHT AT 9:00pm will have data Fun !
TomTheTrader .: (15:56) EST
TomTheTrader .: (15:56) TY for coming out
TomTheTrader .: (15:56) Closing ES shorts in Traders at 4:15 pm print
TomTheTrader .: (15:58) 814.70 TF covered for PROFITS
TomTheTrader .: (16:01) Traders stopped at 1416.00
TomTheTrader .: (16:28) TRADERS and MINI FLat IRA 200% Leveraged long