April 17, 2012
- in Uncategorized by schooloftrade
E-Mini-Russell day trading strategy
The E-Mini-Russell trading in a
strong bull price channel, and a bull price wedge, along with trading above the
PHOD so this is an OUTSIDE DAY. The double-bottom
gives us overhead resistance which is a little out of reach this morning but
still on our radar. The most important
clue we get today is the price wedge, and considering this is an outside day,
above the PHOD (just like Crude Oil) we want to buy pullbacks with new higher-highs.
strong bull price channel, and a bull price wedge, along with trading above the
PHOD so this is an OUTSIDE DAY. The double-bottom
gives us overhead resistance which is a little out of reach this morning but
still on our radar. The most important
clue we get today is the price wedge, and considering this is an outside day,
above the PHOD (just like Crude Oil) we want to buy pullbacks with new higher-highs.
As price rises I’m buying pullbacks
with new higher-highs above the PHOD (if these fail, sell below the PHOD) and
take our final profit target at the price wedge highs as resistance. Take profit at the 809.3 resistance and the price
wedge highs at 815.0 and then look to sell.
Ideally, we will see the buyers stall at the resistance 809.3 and we can
then sell the buyers failing with a 2-step short pattern.
with new higher-highs above the PHOD (if these fail, sell below the PHOD) and
take our final profit target at the price wedge highs as resistance. Take profit at the 809.3 resistance and the price
wedge highs at 815.0 and then look to sell.
Ideally, we will see the buyers stall at the resistance 809.3 and we can
then sell the buyers failing with a 2-step short pattern.
The 55-range chart shows us the
most important things to consider this morning.
First, the price wedge price structure says to sell the highs and buy
the lows/support. Second, we can easily
see the two trigger-zone resistance levels overhead are drawn from the same swing-low
and using 2 swing-high. Third, outside
day, above the PHOD tells us to buy pullbacks until we hit the overhead resistance.
most important things to consider this morning.
First, the price wedge price structure says to sell the highs and buy
the lows/support. Second, we can easily
see the two trigger-zone resistance levels overhead are drawn from the same swing-low
and using 2 swing-high. Third, outside
day, above the PHOD tells us to buy pullbacks until we hit the overhead resistance.
The 34-range chart shows us a BIG CLUE we call a
double-bottom which gives us overhead resistance at 810.5. We clearly have a lot of resistance overhead on the Russell, so looking to sell at the highs after the buyers fail.
double-bottom which gives us overhead resistance at 810.5. We clearly have a lot of resistance overhead on the Russell, so looking to sell at the highs after the buyers fail.
