July 10, 2012

E-Mini-Russell is moving higher, will it Continue?

930am EST

E-Mini-Russell is moving higher above the PHOD so
we’re buying pullbacks with new higher-highs. 
We will take profit on these long positions at the range highs and the PHOD
overhead.  We can see the short term
bullish price channel, the outside day just above the PHOD, and the trigger-zone
support below us if price falls lower. 
The main price structure is the price wedge this morning so we buy the
lows/support and sell the highs/resistance and keeping a close eye on the
possible FAILURE from the buyers if we get below the PHOD.  Our goal today will to sell short below the PHOD
if the buyers lose grip, and then sell the highs of the price wedge if price
moves higher.  

    schooloftrade

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