Today is Marathon Monday (Boston Marathon) and marks one year from the horrific terrorist bombing (cowards). Please take a moment to remember those that lost their lives in the attack and those souls in the 911 attack….NEVER FORGET!
Speaking of marathons…trading is a marathon, not a sprint. “Slow n Steady Wins the Race….Faster Eddie Can’t Keep Pace.” Simply, maintain your discipline, be persistent, determined, confident, not only in your trading method, but more importantly in Yourself.
Quiet overnight trade following the holiday weekend. Price is hovering within our targeted price zone noted in Thursday’s blog post (1860 – 62). Bulls remain in charge as earnings season is in full swing…this week has plenty of reports that money managers and analysts will be watching closely.
Key price zone that still needs to be converted is the 1865 handle. This level marks the upper edge of monthly value zone and is critical for bulls to be able to expand value even higher to attract new buying. Failure to convert calls for pullback within value…a fairly wide zone, so below are some key levels to consider.
IF price penetrates PDH (1863.75) and converts, THEN upper targets 1865 – 67 zone, followed by extremes near 1872.50. Failure to convert PDH calls for pullback within value to initial support between 1855 – 57 zone…Firmer support resides within the 3D CPZ (1844 – 48)…Extremes measure 1840- 42. Below this zone breaks the bulls back and suggests a major sentiment shift.
I am disciplined. I behave in a way to reach my goals. I do what I intend to do. I have the intent to win through right actions. I will be patient for patterns to emerge and mature. I am decisive. I decide easily and act promptly. I act in the right way and right on time. When there is nothing to be done, I will wait.