December 5, 2012
- in Uncategorized by schooloftrade
Mini-Russell day trading plan
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| Mini-Russell day trading plan |
We can see
three clues on the 89range anchor chart for the Mini-Russell. We can see the bear price-channel, the inside-day
after the buyers failed, and the bearish price-wedge.
We are
trading at the highs of this range, and we can see the buyers just recently
failed above the PHOD. This tells us the
buyers tried to find more buyers at higher-highs and they couldn’t find enough
so the price fell back below the PHOD. Now
below the PHOD we want to sell these highs with a profit-target at the PLOD.
trading at the highs of this range, and we can see the buyers just recently
failed above the PHOD. This tells us the
buyers tried to find more buyers at higher-highs and they couldn’t find enough
so the price fell back below the PHOD. Now
below the PHOD we want to sell these highs with a profit-target at the PLOD.
As price
rises we are trading into resistance so we need to beware trying to buy as
price makes new higher-highs. We will be
better selling at the highs after seeing the buyers fail and giving us a price-reversal
pattern.
rises we are trading into resistance so we need to beware trying to buy as
price makes new higher-highs. We will be
better selling at the highs after seeing the buyers fail and giving us a price-reversal
pattern.
We want to
sell these highs, and as price falls to new lower-lows we use the wave-pattern-short
to enter along with the sellers, taking a final profit-target at the PLOD 814.5
and then with new lower-lows below the PLOD we sell short once again down to
the next major support at 807.5.
sell these highs, and as price falls to new lower-lows we use the wave-pattern-short
to enter along with the sellers, taking a final profit-target at the PLOD 814.5
and then with new lower-lows below the PLOD we sell short once again down to
the next major support at 807.5.
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| Mini-Russell day trading plan |
Remember the
PLOD is a price magnet on the Mini-Russell and if the sellers aren’t strong enough
the Mini-Russell will sit on top of the PLOD and trade sideways. Remember to stay patient if the price-action starts
to slow down around the PHOD or PLOD as the market personality will make it
difficult to move it lower.
PLOD is a price magnet on the Mini-Russell and if the sellers aren’t strong enough
the Mini-Russell will sit on top of the PLOD and trade sideways. Remember to stay patient if the price-action starts
to slow down around the PHOD or PLOD as the market personality will make it
difficult to move it lower.
We will look
for the sellers to fail below the PLOD, wait for the fake-out-breakout and then
buy back above the PLOD with a profit-target back up at the PHOD.
for the sellers to fail below the PLOD, wait for the fake-out-breakout and then
buy back above the PLOD with a profit-target back up at the PHOD.
