February 12, 2013
- in Uncategorized by schooloftrade
Mini-Russell Anchor Chart Prep
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| Mini-Russell Anchor Chart Prep |
We can see
the Mini-Russell Futures are trading inside the range from Monday and we can
see VERY concerning candlestick patterns on this anchor chart. The large ‘wick’ to the 2 most recent
candlesticks and the lack of new higher-highs or lower-lows inside the range
from Monday tells us that the price-action is most likely confused on its
direction at this time, telling us to sit-on-hands and wait patiently for a
direction to develop.
the Mini-Russell Futures are trading inside the range from Monday and we can
see VERY concerning candlestick patterns on this anchor chart. The large ‘wick’ to the 2 most recent
candlesticks and the lack of new higher-highs or lower-lows inside the range
from Monday tells us that the price-action is most likely confused on its
direction at this time, telling us to sit-on-hands and wait patiently for a
direction to develop.
If we get
new higher-highs above the 913.8 we can use the Wave Set-Up to buy pullbacks
and use the double-bottom resistance of 915.5 and the highs of the bull
price-channel as our profit-targets. If
we get new lower-lows we will use the InsideOut Set-up to sell short after we
see the fake-out-breakout at the PHOD 913.7 which tells us the buyers already
tried once and failed, so the next stop on this Mini-Russell should be the PLOD
at 907.5 and we will use this PLOD as our profit-target when we get short.
new higher-highs above the 913.8 we can use the Wave Set-Up to buy pullbacks
and use the double-bottom resistance of 915.5 and the highs of the bull
price-channel as our profit-targets. If
we get new lower-lows we will use the InsideOut Set-up to sell short after we
see the fake-out-breakout at the PHOD 913.7 which tells us the buyers already
tried once and failed, so the next stop on this Mini-Russell should be the PLOD
at 907.5 and we will use this PLOD as our profit-target when we get short.
We can see 2
levels of symmetry resistance overhead starting at 913.0 and moving higher to
915.5. We will use these as major
resistance and look for selling opportunities around them.
levels of symmetry resistance overhead starting at 913.0 and moving higher to
915.5. We will use these as major
resistance and look for selling opportunities around them.
We have 2
sets of tops and bottoms to consider this morning as well. First we have the long-term double-bottom which
provides us with resistance at 915.5 and 920.5.
These resistance levels will be excellent locations to look a price-reversal
and then a short position in the market.
We also see the more-recent double-top which occurred earlier this
morning and provides us with 3 levels of support below us, starting at 907.0,
905.0, and 902.0 for the max-extension.
We will be looking for buying opportunities if we can move lower and
test these levels of support.
sets of tops and bottoms to consider this morning as well. First we have the long-term double-bottom which
provides us with resistance at 915.5 and 920.5.
These resistance levels will be excellent locations to look a price-reversal
and then a short position in the market.
We also see the more-recent double-top which occurred earlier this
morning and provides us with 3 levels of support below us, starting at 907.0,
905.0, and 902.0 for the max-extension.
We will be looking for buying opportunities if we can move lower and
test these levels of support.
Our day
trading plan for the Mini-Russell is to sell short with new lower-lows using
the InsideOut Set-up and take profit-target at the PLOD 907.5. We will then look to use the support at the
lows to buy the lows. If we get new higher-highs
we will buy pullbacks using the Wave Set-Up and use the 915.5 resistance overhead
as our profit-target.
trading plan for the Mini-Russell is to sell short with new lower-lows using
the InsideOut Set-up and take profit-target at the PLOD 907.5. We will then look to use the support at the
lows to buy the lows. If we get new higher-highs
we will buy pullbacks using the Wave Set-Up and use the 915.5 resistance overhead
as our profit-target.
