November 28, 2012
- in Uncategorized by schooloftrade
Mini-Russell Day trading strategy
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| Mini-Russell Day trading strategy |
The Mini-Russell
Futures have been falling lower this morning below the PLOD making this an outside-day
which means we are bearish along with it.
As price is dropping to new lower-lows we are selling retracements using
the wave-pattern-short.
We draw
trend lines from the recent swing-lows and this provides a price-wedge and we
are JUST barely off the support at these lows.
We want to stay selling short however we cannot sell directly into major
support at 796.0 and the trend line just above it, so beware the short trades
until we get below 794.4.
trend lines from the recent swing-lows and this provides a price-wedge and we
are JUST barely off the support at these lows.
We want to stay selling short however we cannot sell directly into major
support at 796.0 and the trend line just above it, so beware the short trades
until we get below 794.4.
When we seethe price-wedge structure on the 21range chart we immediately think of this as
a range-bound market however we don’t quite know yet because the swing-low was
just made recently. So with this
information we will trade short with caution because of the price-wedge but
also knowing that this bounce off the 796.0 support is most likely just a pit
stop on the way down to 786.5 trigger-zone support below it.
Our daytrading strategy for Mini-Russell is to keep selling short with wave-pattern-short
keeping an eye on the lows of the price-wedge.
If we move higher I’m buying with a wave-pattern-short FAILURE or a
2-step long pattern. If we go lower I am
selling short above the price-wedge lows, and then waiting to get into a short
trade below the 796.0
