October 10, 2012
- in Uncategorized by schooloftrade
Morning Mini-Russell Checklist:
Heat Map
Review:
Mini-Russell
is not consider a market personality that is moving. We will stay patient with the trades on the Mini-Russell.
is not consider a market personality that is moving. We will stay patient with the trades on the Mini-Russell.
Overnight
Highs & Lows:
Highs & Lows:
The sellers
failed at the overnight lows, bullish. The
buyers did the same, failing at the overnight highs, however, they appear to be
trying to give it another try.
failed at the overnight lows, bullish. The
buyers did the same, failing at the overnight highs, however, they appear to be
trying to give it another try.
Inside or
Outside Day?
Outside Day?
We are
trading at the PLOD just above, so we are inside the range from Tuesday. This confirms a range-bound market.
trading at the PLOD just above, so we are inside the range from Tuesday. This confirms a range-bound market.
Find the price-structures:
· Trigger-zone is resistance at 846.5
and support at 822.5
and support at 822.5
· AB=CD Pattern is bullish
· Price-wedge is an old one, however,
this will act as a price magnet trying to draw price back up into the price-wedge.
this will act as a price magnet trying to draw price back up into the price-wedge.
· Price-channel is bearish in the short
term and bullish in the long term. We
can see the price-channel lows right around the corner to make an excellent profit-target.
term and bullish in the long term. We
can see the price-channel lows right around the corner to make an excellent profit-target.
· Zigzag pattern is not on this chart,
89range
89range
· Trading Ranges are from 852.1 down to
822.7 is a wide range, buy-the-lows at support and sell-the-high at resistance
822.7 is a wide range, buy-the-lows at support and sell-the-high at resistance
· Double-top / Double-bottom not on
this chart
this chart
Where
will a reversal be likely today?
will a reversal be likely today?
Price-reversal
is most likely at the highs and the lows of the range, the bear price-channel,
and the bullish AB=CD Pattern at 815.0
is most likely at the highs and the lows of the range, the bear price-channel,
and the bullish AB=CD Pattern at 815.0
What isour trading plan for today?
We want to stay patient without any major news this morning,
and we are sitting at the PLOD and trigger-zone support so we know this Mini-Russell
is in a transitional area.
and we are sitting at the PLOD and trigger-zone support so we know this Mini-Russell
is in a transitional area.
If price moves below the 822.5 support and the PLOD we are
now bearish and will use a wave-pattern-short to trade short with profit-target
at lows of price-channel and the AB=CD Pattern reversal zone around 815.0
now bearish and will use a wave-pattern-short to trade short with profit-target
at lows of price-channel and the AB=CD Pattern reversal zone around 815.0
If price moves higher, rising off these lows, and confirming
this range-bound market with the sellers failing, we will buy with 2-step
pattern long or a continuation trade with a wave-pattern-long.
this range-bound market with the sellers failing, we will buy with 2-step
pattern long or a continuation trade with a wave-pattern-long.
The goal for our buying opportunity is to make it all the way
back up in the previous price-wedge which is going to act like a magnet.
back up in the previous price-wedge which is going to act like a magnet.
