20130503
Short 2 TF 955.7, 955.6, +2.0, +0.5
Short 1 NQ 2843.25, +5.0
Short 1 YM 14939, -7
Short 1 TF 958.4, +1.2
Total YM -7
Total NQ +5.0
Total TF +3.7
They say the news drives the markets... and it's certainly hard to deny on a day like today. But we're traders. And any serious perusal of chaos structure reveals patterns that reappear continually as price fleshes things out. Today's first sell signal in the TF for instance, came at a Measured Move target of 955.8 that has been standing since the middle of December 2012. With the premium in profits and a 2nd contract exit that turn afforded us, we held the 2nd unit into the 10am news not having a clue as to what an "ISM Non-Manufacturing PMI" or "Factory Orders m/m" number would mean to the market. If the number was weak, but not unexpected, is it really bullish...? Who knows. Who cares... they'll be talking about it all morning at the business show news desks and never figure it out. Do you really think they discuss it all on the floor of the S&P pit before deciding what to do ..? Whatdayakiddinme? We entered on a sell signal before the news. The news perhaps helped feed the outcome of the selling. We exited ON the news. The second TF sell signal fulfilled the Sequent Wave Structure and helped make us a daily profit goal before the end of the 1st Frame of the day (9:30 to 11:15am). Come join us at ValhallaFutures and learn how to dissect the underlying structure of the markets and use the news in your trading plan. ...a good weekend and good trading to all...
