February 11, 2013
- in Uncategorized by schooloftrade
Mini-Russell Anchor Chart Prep
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| Mini-Russell Anchor Chart Prep |
We open the
anchor chart on the Mini-Russell Futures and we can see the very obvious
bullish market sentiment using the price-channel and the ‘color’ of the
previous day’s trading ranges. We can
see higher-highs and higher-lows from day-to-day so we know this is a bullish
trend, telling us the high-percentage-trades will occur buying at the lows of
the price-channel.
anchor chart on the Mini-Russell Futures and we can see the very obvious
bullish market sentiment using the price-channel and the ‘color’ of the
previous day’s trading ranges. We can
see higher-highs and higher-lows from day-to-day so we know this is a bullish
trend, telling us the high-percentage-trades will occur buying at the lows of
the price-channel.
We are
currently trading inside the range from last week, which tells us that we are
buying the PLOD and selling the PHOD as support and resistance.
currently trading inside the range from last week, which tells us that we are
buying the PLOD and selling the PHOD as support and resistance.
If we
breakout to new higher-highs 913.6 we will be careful to buy considering the resistance
at the highs of the price-channel. If we
breakout to new lower-lows below the 909.1 minor support level we will then
look for the Wave Set-Up and the Max Set-Up short, with a “Midas-Target”
and a profit-target at the PLOD 905.3.
with new lower-lows below 905.3 we will sell short, being careful not to
chase too far lower because we’re going to use the price-channel lows at 903.5
as major support and a profit-target as well as a price-reversal location.
breakout to new higher-highs 913.6 we will be careful to buy considering the resistance
at the highs of the price-channel. If we
breakout to new lower-lows below the 909.1 minor support level we will then
look for the Wave Set-Up and the Max Set-Up short, with a “Midas-Target”
and a profit-target at the PLOD 905.3.
with new lower-lows below 905.3 we will sell short, being careful not to
chase too far lower because we’re going to use the price-channel lows at 903.5
as major support and a profit-target as well as a price-reversal location.
We may get
the InsideOut Set-up long with a fake-out-breakout below the 909.1 support. This won’t be the high-percentage-set-ups that
we get around the PHOD or PLOD, but this is a very clearly-defined trading
range which is what we need for the InsideOut Set-up. Look for the price-action to fail below the
909.1 and then wait for the entry trigger long to buy the fake-out-breakout when
price-action moves back above the 909.1
the InsideOut Set-up long with a fake-out-breakout below the 909.1 support. This won’t be the high-percentage-set-ups that
we get around the PHOD or PLOD, but this is a very clearly-defined trading
range which is what we need for the InsideOut Set-up. Look for the price-action to fail below the
909.1 and then wait for the entry trigger long to buy the fake-out-breakout when
price-action moves back above the 909.1
We can see
the major double-bottom provides us with 2 levels of resistance overhead, which
reminds us about the excessive resistance if we try to get long above the PHOD. Look for the price-reversal to occur most
likely around the 915.5 level and that will be a perfect location for a price-reversal
and a selling opportunity as the buyers fail to keep price-action moving
higher.
the major double-bottom provides us with 2 levels of resistance overhead, which
reminds us about the excessive resistance if we try to get long above the PHOD. Look for the price-reversal to occur most
likely around the 915.5 level and that will be a perfect location for a price-reversal
and a selling opportunity as the buyers fail to keep price-action moving
higher.
Furthermore,
we can see the minor double-top on the anchor chart, and we will use the faster
chart timeframe (entry chart) to locate the specific support levels that will
come with the double-top.
we can see the minor double-top on the anchor chart, and we will use the faster
chart timeframe (entry chart) to locate the specific support levels that will
come with the double-top.
Our day
trading plan for the Mini-Russell Futures is to sell the highs of the range
with lots of resistance overhead. If we
get new higher-highs we will wait for the buyers to fail and look to get short
after a price-reversal at levels such as 913.0, 913.7, 915.5 and even as high
as 920.5 if the buyers can push it up that high. Wait for the buyers to fail at these resistance
levels and then get short using the InsideOut Set-up.
trading plan for the Mini-Russell Futures is to sell the highs of the range
with lots of resistance overhead. If we
get new higher-highs we will wait for the buyers to fail and look to get short
after a price-reversal at levels such as 913.0, 913.7, 915.5 and even as high
as 920.5 if the buyers can push it up that high. Wait for the buyers to fail at these resistance
levels and then get short using the InsideOut Set-up.
The real
profit appears to be waiting for us on the short-side today. With new lower-lows below the 909.1 (range
lows) we will sell short using the Wave Set-Up and if the sellers fail to keep price-action
moving lower we will BUY using the InsideOut Set-up long above the 909.1 if we
get the fake-out-breakout. We will
expect to see a move lower this morning attempting to test the PLOD 905.3 and
that is where we are focused. When you
get short this morning use the “Midas-Target” and the PLOD as your
runner target.
profit appears to be waiting for us on the short-side today. With new lower-lows below the 909.1 (range
lows) we will sell short using the Wave Set-Up and if the sellers fail to keep price-action
moving lower we will BUY using the InsideOut Set-up long above the 909.1 if we
get the fake-out-breakout. We will
expect to see a move lower this morning attempting to test the PLOD 905.3 and
that is where we are focused. When you
get short this morning use the “Midas-Target” and the PLOD as your
runner target.
