MortiES’ EOD Analysis 21April2010 ~ Timid Bulls Pocketing Some Profits

By: Dr_John_Trapp

A little about myself. My name is John Trapp and I write for the "Value of Perfect Information" exclusively. Trading didn't look too difficult to me 22 years ago, so I began trading October 1987. After that experience and a break from trading, I tried again. This time I was going to be a Bear. Perfect for the 90's. So I didn't have a great start as a trader. I paid a lot for my trading education. I was thrilled when I could finally break even on a regular basis. Trading is an avocation for me - one that I take seriously, and one that I consider the most difficult endeavor I have ever undertaken.

I have a lot going against me as a trader. I was a Marine officer in Vietnam and fought in the Ashau with a Battalion called "The Walking Dead" ~ and so, like most combat Marines, I'm too aggressive. I'm a Doctor (one of the Dental specialties) ~ and everyone knows they are the worse investors/businessmen. I am a perfectionist and hate to be wrong ~ so I have a tendency to want to fight the market. Overcoming these liabilities makes the prize more rewarding. I'm still a work in progress, but am making headway. I think I have a lot of good advice for new traders. If I would follow my own advice more consistently, I would be a far better trader also.
This is the article and chart my premium subscribers received after the market close:

We were able to keep up with ES today as it unfolded.  It behaved very well by forming the appropriate Zig-Zag correction and hitting W4 targets.. The Zig-Zag was a nice ABC where Wave C = Wave A. I don’t know how Globex will handle the market tonight, but I think my projection on the chart is reasonable. I do have one caveat though, and that is the possibility that today’s high was Wave B of the large W4 we are waiting for. That would mean that W5 would fail to materialize and ES would head down in a Wave C. Today’s low is an important level to monitor for the downside scenario. For now, my top scenario is the Bullish W5 and new high on my post.

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