Why I’m In Pure Scalp Mode Today
The S&P and Nasdaq trains
continue their respective hourly treks north and continue to hold uptrends on
all key timeframes as we go to press. As
would be expected after a strong trend day, light chop and oscillations have
been the name of the early game today as the market catches up with yesterday’s
action, and I am looking to be in pure scalp mode for much of the day on both
sides of the market, given the hourly tailwind which is resistance on shorts and
potentially suspect risk/reward ratios to the north.
Yesterday’s guides were indeed effective in keeping us on the right side of
the trade once the trend broke north, with any early short stops being triggered
on the confirmation of the morning break. The first pullback subsequent to the
13-minute turn, taken as either a fade into the strong angle or in combination
with a one- or three-minute trigger turned out to be the strongest opportunity.Â
The options were, as always, up to the trader, with
the one-minute turn signal resulting in a single stop and reentry, and the pure
fade or three-minute options resulting in clean hits. The background terrorist
scare at the time did result in a bit more volatility on the pullback than one
might normally see, yet the signals remained useful, despite the additional
noise and the afternoon bias was clear.
Lastly, we’re in the process of preparing for our next weeklong “Virtual Pit”
seminar which will be held during the week of May 29th. Feedback from the last
seminar was strong, and I’ll be providing additional info in the near
future. We’ll again be limiting attendance to a finite small group, so if you’re
interested, please contact Brice Wightman at (888) 484-8220 x242.Â
Keep in mind this will again is a seminar in which
you can participate from the comfort of your own trading office and have access
to every trade placed, screen prints, and my constant yakking in your ear over
the course of a week. (Prior attendees show few ill
effects from the 40 hours of blabbering.)
ES (S&P)
Wednesday April 23, 2003 12:00 PM ET
NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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Good Trading!