March 8, 2012
- in Uncategorized by schooloftrade
E-Mini-Russell uses multiple timeframes to find the most important levels
Our day trading strategy for E-Mini-Russell uses multiple
timeframes to find the most important levels of support and resistance. We can see the major AB=CD pattern as
overhead resistance and our swing traders have been short on the way down off
these highs from late February.
The 55 range chart on the E-Mini-Russell shows the bear price
channel and the resistance overhead from the two trigger-zones. As price rises I’m selling into resistance,
and as price falls I’m looking to sell retracements and then look to sell more
below the PHOD as the buyers will have failed.
channel and the resistance overhead from the two trigger-zones. As price rises I’m selling into resistance,
and as price falls I’m looking to sell retracements and then look to sell more
below the PHOD as the buyers will have failed.
The 34 range chart on the E-Mini-Russell shows a new bear price
channel, a double-top with support below us, and we are trading just above the PHOD. If price falls below the PHOD we know the
buyers have failed and the sellers will try to push it lower.
channel, a double-top with support below us, and we are trading just above the PHOD. If price falls below the PHOD we know the
buyers have failed and the sellers will try to push it lower.
At 1000am EST this can be a 34r wave long, or if the wave
pattern fails we sell short below the PHOD.
As price rises I’m buying this with the 34 wave long, and taking profit
at the 805.0 area. I will then buy pullbacks
above 805.6 if price moves higher. If price
falls lower I’m selling below PHOD and taking profit at the trigger-zone support of 792.0 and the PLOD
and then selling again below the PLOD assuming I have enough room for the profit
target.
pattern fails we sell short below the PHOD.
As price rises I’m buying this with the 34 wave long, and taking profit
at the 805.0 area. I will then buy pullbacks
above 805.6 if price moves higher. If price
falls lower I’m selling below PHOD and taking profit at the trigger-zone support of 792.0 and the PLOD
and then selling again below the PLOD assuming I have enough room for the profit
target.
