One of the cool things about MrTopStep is that we get to see so many trading systems, trading indicators, platforms and technical analysis.
When we talk about the power of “collective intelligence” here at MrTopStep, we really mean it. Some of our best analysis comes not from pundits in big media, but from smaller retail traders and investors.
We’ve had a good run this week of calling out where the buy stops in the Emini S&P [ESH14:CME] were stacked up and waiting (1784-1794). We got confirmation of our numbers from, in the example below, our friend Brian. He sent us a couple of timely emails and charts we want to share with you.
Date: Sun, Jan 26, 2014 at 9:31 AM
Subject: Simple Thinking
[half]The attached Weekly Chart shows my simple thinking. I am looking at 1760.75, a weekly low a few weeks ago in December for some bounce. I plan to buy there. Shorting the rallies until then. Your Twit rocked on Friday.
Let me know your professional opinion.
PS: Some are looking at 38.2% retracement level around 1765 area (from late Oct 2013 Low to 1846.50) as well, I presume. Going out now and talk later.
Date: Thu, Jan 30, 2014 at 11:32 AM
Subject: 45 min Chart
To: Danny Riley
Your Opening Print rocked today. Got my 11 points and resting. Trying to see if ES would pull back to 1787.25 and 1785.25 area. Please see the attached chart
FYI_: It seems that there is a resistance test around 1805 to 1806.50 as a next pass. Above it, back to the mountain top.
At MrTopStep we don’t believe in the big well-knowns who say they call the markets up and down. We have seen too many bad calls out of the big market timers to find the value. What we think is there are a lot of very smart retail traders out there and Brian is one of them….