October 16, 2012
- in Uncategorized by schooloftrade
Morning Mini-Russell Checklist:
Heat Map
Review:
Heat map
says Mini-Russell is moving +0.4% so we are looking for high-percentage-trades today.
says Mini-Russell is moving +0.4% so we are looking for high-percentage-trades today.
Overnight
Highs & Lows:
Highs & Lows:
Overnight lows
were never re-tested and the overnight highs were broken but it appears the
buyers are about to fail.
were never re-tested and the overnight highs were broken but it appears the
buyers are about to fail.
Inside or
Outside Day?
Outside Day?
We just
recently broke new higher-highs above the PHOD, which is bullish. We are
looking for 1 of 3 things. If price
falls below PHOD we sell short. If price
trades sideways at the PHOD we sit-on-hands, and if the price moves higher we
buy pullbacks.
recently broke new higher-highs above the PHOD, which is bullish. We are
looking for 1 of 3 things. If price
falls below PHOD we sell short. If price
trades sideways at the PHOD we sit-on-hands, and if the price moves higher we
buy pullbacks.
This is a
transitional area as we trade right on top of the PHOD.
transitional area as we trade right on top of the PHOD.
Find the price-structures: · Trigger-zone is resistance overhead
at 834.0
at 834.0
· AB=CD Pattern is bullish at 815.0
· Price-wedge is not on the 89range
· Price-channel is bearish and we are
in the middle of the price-channel.
in the middle of the price-channel.
· Zigzag pattern requires an AB=CD
Pattern which is bearish, we do NOT have this.
Pattern which is bearish, we do NOT have this.
· Trading Range from 834.0 down to
815.8
815.8
· Double-top / Double-bottom not on
this chart.
this chart.
Wherewill a reversal be likely today?
We are
transitioning from inside day (below PHOD) to outside day (above PHOD) and this
transitional level means a price-reversal is highly likely. If the buyers fail above the PHOD we will see
the price-reversal at the highs and get short.
transitioning from inside day (below PHOD) to outside day (above PHOD) and this
transitional level means a price-reversal is highly likely. If the buyers fail above the PHOD we will see
the price-reversal at the highs and get short.
Additionally,
if price rises to the trigger-zone resistance at 834.0 another price-reversal is
expected.
if price rises to the trigger-zone resistance at 834.0 another price-reversal is
expected.
Also, if
price falls to the lows of the price-channel and the 815.0 AB=CD Pattern is
bullish.
price falls to the lows of the price-channel and the 815.0 AB=CD Pattern is
bullish.
What is
our trading plan for today?
our trading plan for today?
Our trading plan for today is to sell the highs of the range
if these buyers indeed fail. If price
makes a move lower we will sell short, taking profit at the lows of the range
and the price-channel lows. At that
point, we will look to buy-the-lows at support.
if these buyers indeed fail. If price
makes a move lower we will sell short, taking profit at the lows of the range
and the price-channel lows. At that
point, we will look to buy-the-lows at support.
If price moves higher we will buy pullbacks using wave-pattern-long
with a profit-target at 834.0 and then we will look to take profit and consider
a selling opportunity.
with a profit-target at 834.0 and then we will look to take profit and consider
a selling opportunity.
