June 10, 2013

Mini-Russell day trading plan

Mini-Russell Day trading plan
The first
thing I see is the short term sideways-trading-range and we are trading in the
middle of this range this morning.  We
are stuck trading at the highs of the major trigger-zone from swing-high down
to swing-low.  We can see the line-in-the-sand
at 989.1.  If we can get a 5-Minute
candle close above the 988.8 we then can buy pullbacks on the way higher to
next sell-zone overhead.  We have to work
through the trend line resistance directly above us before we break the 989.1
to move higher this morning.  Our plan
today will be to buy pullbacks with a 5-Minute candle close above the 989.1 and
use the sell-zone overhead as the profit-target.  If price-action moves lower this morning we
will sell short using retracements down to the price-reversal line at
980.5.  If price-action keeps moving
lower below 980.5 we need to beware there is a buy-zone below us from 980.5
down to 977.0.  So as prices fall we can
sell short in the short-term, but look for buying opportunities at the support levels
below us.

    schooloftrade

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