Tip:
Highlight text to annotate it
X
Am I a little bit hesitant about taking this trade?
Well, we know that markets have personalities.
And by and large, markets tend to make about three strong
moves in one direction before they try to go the other way.
It's just what they do.
So we actually have a strong move here.
This would be considered the first leg.
Then we have a little bit of a consolidation period through
here, where it didn't go anywhere.
And then we have another strong move.
This is the second leg.
So this signal that we're looking at here is probably
the start of the third leg.
And as such, we're starting--
or we usually start to lose some momentum at
this point in time.
So that's why I'm going to let it tick back a little bit, and
probably try to bring us in the next order, which means
that I need to go back to my original stop-market order.
I can turn my trade manager on, because risk or profit
manager is down here.
All right, come on, boys, let's get up there.
Let's see $130.51, and we should see a
little bit of a flurry.
OK.
Somebody finally took 51.
I'm going to break even.
OK.
Finally.
Can you believe it?
Man, that was too much work.
Whew.
That was crazy, the way that they kept holding on.
Come on.
Up!
Up!
Up!
Get up there!
Get up there.
Come on.
Other way.
Other way.
Oh!
Oh, well.
That's OK.
Well, that was a pretty good trade.
And let's see if we should be doing anything here with our
Eagle trade.
Mm.
Is it too early to get to break even?
We have $137 in open profit.
If this bar finishes, we should see
our $200 profit target.
I will roll to break even at that point.
Or did we already see $200?
Where did we get in?
We got in at $1383.50 Oh, yes, we did.
We already had our $200 profit target.
So let's see what's going on with the Hawk.
We're firing a bunch of Scalp signals.
Back down on support, are we going to see another run up?
Are the buyers going to recommit?
Now this is--
let's take a look here at how many legs we have.
OK, so we definitely have three legs.
Were pressing the fourth leg now.
This might be a good instance where you're going to want to
let it trigger, trip the hash mark, come back, and then
place your order.
Just because it might be getting a
little long in the tooth.
We've run a long ways, and look at the
size of these runs.
They're not really pronounced.
All right, they're going to make a poke at it.
They're going to challenge that low.
And you can see they're getting a little bit shy as
they get closer.
While that's working away, I want to take a look here at
the Eagle for a second, and I'm going to put the
Mini-Russell here on the Eagle.
Well, it has turned.
People are always asking me, do I take a sell signal in a
market that is bullish.
Like, will I take it against the Eagle?
Well, technically, the Eagle is still bullish here because
we have a bullish band.
You can see that there hasn't been much follow-through.
We are on the other side of this hard edge.
So technically, short-term anyhow, the market is bearish.
So as far as our Falcon trade is concerned, we are in sync
with what's going on in the Eagle.
Almost hit our profit target.
OK, we hit our profit target.
I'm going to bring it to break even now.
All right.
I'm going to punch out because something
happened to my stops.
So I'm not entirely sure if that happens again.
Could the Mini-Russell go much further than $400?
Yes, of course it could.
It has.
But you kind of get a feel for how far the market will go.
That's why you'll hear me say--
and they are going to make us sweat the trade a bit, because
this is where all the buying came in before, right?
And some buying came in again.
They came down here.
They bought it back.
The sellers are jumping on them.
Now the buyers are trying to get it back again.
And this is that tug of war that we call trading.
Come on, let's see some pretty green numbers.
Head on down this way.
Come on.
That's more like it.
Once again, we know where the buyers' stops are.
If we can tick $130.30, $130.29.
Trend.
We're going to start taking out some buyers' stops, and we
should see a bit of a run lower.
I'm getting ready on my break-even button.
I do have a runner on this trade, so we will be out on
target with a few.
Oh, come on.
There we are, holding that--
again at $130.30 so-- there we go.
OK, so let's get this trade to break even.
There we go!
$155.
00 Keep going.
Keep going.
Come on, baby.
Oh, I'm going to just jam it in there tight.
Get in there.
Come on.
Get going.
All right.
And here was the Falcon trade.
And you can see this was pretty much textbook as well.
Swing.
Looks like we would have reached our first profit
objective there quite easily.
Let's see if we would have had enough here to get in with
multiple contracts.
So here we'd be short on two.
We would have bagged our first one.
Stops would be at break even.
So another $100 in the bank.
Well, that was pretty good morning.
In spite of the choppiness that started early off, we did
catch a trade in everything.
A pretty good morning overall, then, all things considered.
Left some money on the table here with the Eagle, finished
the day very respectfully.
Yeah, easy $1,000-day today.
Easy.
So, you know, if anybody is ever wondering whether or not
you can make money with these systems, on a day like today.
If we can pull $700 to $1,000 out of the market, that's
pretty decent.
All right, so just a few minutes left in
the room this morning.
And if we were scalping the Mini-Russell today
instead of the YM--
oh, super clean signal right there.
Oh my goodness.
That's as good as money in the bank.
When you see this signal happen, you get the crossover,
you get the pullback, you get the signal--
that is the textbook, that is.