October 9, 2012
- in Uncategorized by schooloftrade
Morning Mini-Russell Checklist:
Heat Map
Review:
A 0.2% market
personality says this market is NOT moving and we need to be patient.
personality says this market is NOT moving and we need to be patient.
Overnight
Highs & Lows:
Highs & Lows:
Both the
buyers and sellers have failed to make new higher-highs or lower-lows overnight
and therefor this is considered a range-bound market.
buyers and sellers have failed to make new higher-highs or lower-lows overnight
and therefor this is considered a range-bound market.
Inside or
Outside Day?
Outside Day?
We are
inside the range from Monday, and remember the holiday on Monday means there is
a VERY narrow range.
inside the range from Monday, and remember the holiday on Monday means there is
a VERY narrow range.
Find the price-structures:
· Trigger-zone is resistance at 46.5
and support at 831.0 big-round-number.
and support at 831.0 big-round-number.
· AB=CD Pattern is both bullish at
815.0 and bearish at 890.0 above.
815.0 and bearish at 890.0 above.
· Price-wedge is sideways, flat trigger-line
· Price-channel is bullish and is very
wide
wide
· Zigzag pattern is not setting up at
this time.
this time.
· Trading Range 852.1 down to 829.9 we
want buy-the-lows at support and sell-the-high at resistance.
want buy-the-lows at support and sell-the-high at resistance.
· Double-top / Double-bottom not on
this 89range chart today.
this 89range chart today.
Wherewill a reversal be likely today?
We are
likely to get a price-reversal at the price-wedge lows or the highs. We are also likely to see the price-reversal at
the range lows or highs. If the price
can make it all the way to the 815.0 we look for the price-reversal at the
bullish AB=CD Pattern.
likely to get a price-reversal at the price-wedge lows or the highs. We are also likely to see the price-reversal at
the range lows or highs. If the price
can make it all the way to the 815.0 we look for the price-reversal at the
bullish AB=CD Pattern.
What is
our trading plan for today?
our trading plan for today?
Our plan is stay patient; this market personality is very
sloppy. We want to buy-the-lows at
support and sell-the-high at resistance using the price-wedge and the sideways
range. Try to avoid the middle of the price-wedge
because without much market personality this middle is going to be the most
challenging area to enter a trade.
sloppy. We want to buy-the-lows at
support and sell-the-high at resistance using the price-wedge and the sideways
range. Try to avoid the middle of the price-wedge
because without much market personality this middle is going to be the most
challenging area to enter a trade.
