TakeProfitTrader

TakeProfitTrader Updated 

Hey traders... Here is my chart setup if you want to copy and paste it. You simply need to click the megaphone at the bottom of the page, and select "make it mine"

03:31

TakeProfitTrader

Good morning traders... We are nearing the bottom of what I (subjectively) think is the bottom of this distribution. I'd still be careful chasing trends, as I don't think the whips are done just yet. However, since we are closer to the bottom of this distribution, if you held a gun to my head, I'd want to be long.

04:50

TakeProfitTrader

Good morning traders! I'm back at the screens after taking most of the week off last week for an extended Labor Day holiday. To me, it looks like the market is now caught up in the lower distribution, and when you add the low volume of the overnight session, I think we are in for a choppy kind of sideways day. My key areas are discussed on the chart. 3850...

03:48

TakeProfitTrader

Good morning traders... Powell was very direct on Friday at Jackson Hole. He basically said that the market was in for some "pain" because the FED was ready to slow down the economy, in order to achieve some price stability (tame inflation). The market was quiet overnight, but I believe the next test is 3850 below.

05:25

TakeProfitTrader

Good morning traders... I don't really know what to make of this if I'm honest. I think the 5 minute video is worth a watch because it would be too nuanced to type it all out in a write up. I don't like chasing breakouts, especially with resistance (or support) right above (or below), so I'm going to be neutral here. One thing to remember that I didn't touch...

02:46

TakeProfitTrader

Good morning traders... We've now tested 4120 a few times. Mr. Market has found buyers in that area, as expected. Now we've bounced to the top of value, and I wouldn't be surprised to see us take another run at 4120. If 4120 doesn't hold, again, I expect the market to eventually tag 3850.

02:03

TakeProfitTrader

Good morning traders, We were unable to hold above 4250 on Friday, and so here we are, close to 4170. I do believe we have quite a bit of support between here and 4120, but I think a break of 4120 will put 3850 back in the crosshairs. Today, I'm looking for an initial push down to 4170, and that to be bought, for atleast a temporary (1-2 day) bounce.

01:40

TakeProfitTrader

Good morning traders, Right back at 4250 for what looks to be an interesting open. Buyers are going to want to hold this area, but the sellers have owned the overnight session. A break below 4250, and I think we see 4170 next. A market that pushes higher off the open, and holds 4250, will likely see 4300 ish area next. I'm still biased to the long side until...

02:16

TakeProfitTrader

4250 area held yesterday, and as a guy with a long bias, I'd like to see it continue to hold. Big picture I am looking for a move higher, so long as the market stays above 4250.

04:34

TakeProfitTrader

Good morning traders, Today is FOMC minutes day. They come out at 2pm. As I say in the video, it's a bit concerning that the market has fallen overnight. Usually the mornings of FOMC are more "muted" kind of trading. I give some levels in the video that I think are important for today. As a trader with a long bias, I need the market to hold onto 4250. 4180 is...

02:32

TakeProfitTrader

Good morning traders, THe market has broken into, and stayed inside, the 4250 area. It will likely be choppy, but I expect the 4250 area to continue to hold as we push towards 4450.

02:19

TakeProfitTrader

Good morning Traders... We FINALLY broke 4180, and reached the 4250 area! It's been the move we had been looking for last week and this week. Now the market will likely pull back and try to push again through 4250 and HOLD. If we can do that, I would imagine we see 4500 eventually (not immediately). This move is going to take some time because the market has to...

01:59

TakeProfitTrader

Good morning Traders, CPI numbers came out this morning and pushed the market abo ve the 4180 area that we have had our eyes on for most of the last two weeks. 4170-4180 becomes a key area for the open, as I'd like to see the market supported there by the buyers. If not, we are likely to see 4120, and probably pretty quick.

01:45

TakeProfitTrader

Good morning traders CPI numbers come out tomorrow, and it seems clear after yesterday that the market just does not want to break the 4180 area until we see what happens with the numbers tomorrow. I would imagine today is a neutral day, where we just churn in the same area. CPI has become such a big number because of the inflation fears and the subsequent...

02:33

TakeProfitTrader

Good morning traders, Trouble uploading this morning so no write up.

04:33

TakeProfitTrader

Good morning traders, NFP numbers came in hot, adding 528,000 jobs vs 250,000 expected. The market may have been expecting more because we sold off 40 points in the SP500 immediately. The selling brings us back into the thick area around 4120. I am looking at 4160 as the scene of the crime, and the market needs to get through 4180 before I think it's...

03:31

TakeProfitTrader

Good morning traders... The market trended yesterday, right to the top of the volume from this area. To me, it looks like the volume is between 4160 and 4060, leaving above 100 points of range in the "thick area" Tomorrow is Non-Farm Payrolls (NFP) so I don't think there is a high probability that we leave this area today. I'd warn against chasing trends, for...

04:09

TakeProfitTrader

Good morning traders, Market continues to be tangled up here. I would look for a move higher, but probably a fakeout lower first. The X factor here is the NFP (jobs report) on friday at 830 am eastern. Ultimately, I think we are headed for 4250 and I think we will see some real resistance here.