Based on the tenesmus price action in the opening minutes of yesterday’s session, I suggested in the chat room that traders take the day off. Now, based on the fact that the Labor Day holiday will already have commenced for most of Wall Street’s best and brightest, I’d advise doing so again. If you have nothing else to do, however, and were looking forward to trading in the breezeless, fetid air of a Friday preceding a Labor Day, pay close attention to the 1647.00 external peak I’ve flagged in the chart (see inset), since it could provide the best opportunity you’ll have to get long via camouflage. Specifically, you should attempt this if a rally pulls back from just above that number, then embarks on a second leg. I’ve sketched it hypothetically for your further guidance. I haven’t mentioned any possibilities for bears because I doubt stocks will be able to make much headway on Friday headed south, especially now that the Syria thing-ie has mutated into a global, civilizationally embarrassing dither. Click here to learn how you can reduce entry risk by using the ‘camouflage’ trading technique.
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