PCLN follow up

April 24th. 2011

If you are playing PCLN we would move the stop to even at the $520.00 level. Right now we are up a little over $24.00 points on this trade.

We are still looking for the $590.00 as our 1st target on this trade.

Move the stop up so you can avoid the risk on this trade.

Happy Trading,

www.eMiniSchool.com

Blue bars + Scalper

April 20th, 2011

Quick video on the blue bars and the scalper.

We will do a Webinar tomorrow. We will send out the link in the morning at 11:30am EST time.

Happy Trading,

www.eMiniSchool.com

Multiple Time Frame Video

April 18th, 2011

There are many ways traders use multiple time frames for their trading. I am not saying one is better than the other but in my 16 years of trading I have learned a way that works for me and our members. Our indicators are there to confirm the patterns we trade. Within each pattern there are multiple levels (or legs) that we calculate.

With patterns it is not as easy as just having a picture printed out next to your computer and just waiting for the chart to look the same. Patterns are only the start of what is about to happen and there are different things that happen after different patterns. Knowing what comes next after the pattern is actually more important that just finding the pattern.

What comes next after the buy or sell of the pattern can tell you if the next pattern will complete.

Example: Take a simple ABC correction. What do you do after you buy C? What patterns are you now looking for after you are in the trade to tell you if the next pattern will complete?

We call it flowing with the market and to flow with the market it is crucial you have odds on what pattern comes next and what to look for in each leg after the last pattern to tell you if the last pattern was true or false.

If you are in a long trade but the long patterns are becoming false you do not want to just hold the trade and get stopped out. Before you can understand what is true or false you have to have the understanding and the core thought to tell you what is happening.

Many traders skip the most important steps because they are just looking for the fastest way to get to the end result. In our opinion that is why most traders fail but that can change if you start learning more of the “why things are happening” not just searching for the result with only one thought, trading obvious levels.

Once you learn the core thoughts then apply it to multiple time frames and you will start seeing more of the “Why” things are happening and you can start building confidence to then take action when you see the trades line up. Not only take the better trades but you will have the confidence to actually hold them!

Happy Trading,

www.eMiniSchool.com

PCLN going to $590.00

April 17th, 2011

PCLN is a stock that has been doing nothing but going up and up over the last few years. You might look at PCLN daily and weekly chart and think that it has to come back down at some point and we agree but the time is not right to short this stock.

We have had a $590.00 price target on PCLN for some time now and we are still sticking to that target. Once PCLN hits the $590 level it could be a great short but for now we would stick with the uptrend with this stock.

Happy Trading,

www.eMiniSchool.com

TF and ES

April 14th, 2011

Quick look at the 60 minute, 3 minute and scalper chart from today.

Happy Trading,

www.eMiniSchool.com

TF & NQ

April 10th, 2011

The TF came down to the prior breakout level at 835 late last week. A re test of a prior high break out is normal and it is bullish. It is easy to think short from a level like this and we did play IWM puts when the TF was at 825 but it was not a easy trade and the end result was we broker higher which is showing strength.

There are targets at the last high at 855 but for right now we would have to say there is more strength then weakness in the market. Of course this can change fast but if the 835 low holds Monday and Tuesday there is a good chance we break the 855 high.

We think the main thing to watch next week is the NQ. Thursday and Friday the NQ was corrective and so far the support has held. Support in the NQ is 2280 so if that level holds we will be looking for a move up to the 2390 to complete the mid term pattern. Once 2390 is hit then we would think that the NQ will correct back down to the 2300 to make its final decision that could be a decision for the next big move.

Also if you look at the 60 min NQ chart you can see we are building a inverse Head and Shoulders pattern and if that pattern fires off the move will be explosive.

Where we are at with the Indexes it is best to look at both sides until one pattern clearly takes charge. This is not a point in the pattern to be stuck on one direction only. If you are a swing trader short here and we break the 2375 we would not hold short any longer.

Happy Trading,

www.eMiniSchool.com

GS Calls! 77%

April 8th,

We took this trade this week for a quick 77% gain holding over one night. We entered the calls for .96 cents and took profits the next morning in the first hour.

We had a pre-determined profit target of $164.40 (the high was $164.42). It was the reverse 1.270 extension and we use that in corrective waves for targets.

If you are interested in watching the Webinar we did today with NinjaTrader use this link:

https://eminischool.webex.com/eminischool/lsr.php?AT=pb&SP=EC&rID=3499592&rKey=984ab44e4dbaaed9

Happy Trading,

www.eMiniSchool.com

814.50 was not take out

April 2nd, 2011

In the last post we were looking at the TF and the 814 level. A close below the 814 would have triggered us in short but the market ended up being strong so we were not triggered short. If we were the stop was a one bar stop which means the risk would have been very low for the potential in profits.

Looking at the NQ, ES, TF an YM we think the main thing to watch going into next week will be the NQ. The NQ is still at a zone that could fail and the end result would be all the indexes go down.

The market has had some weird action over the last few weeks. We went from a condition of gapping up and down every day to a slow grind up. Overall the market is at a spot where it would make sense to have a correction to the downside.

If the TF takes out Fridays low on Monday we would be careful on the long side.

Again, keep your eyes on the NQ. The NQ completed a short term strength pattern at bigger resistance on Friday. Actually it the NQ went only 1 tick above our target and the result was a 25 point move to the downside noted on twitter when the price was near the top.

Happy Trading,

www.eMiniSchool.com