January 31, 2013
Mini-Russell Anchor Chart Prep
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| Mini-Russell Anchor Chart Prep |
The first
thing we notice this morning on the Mini-Russell is the big range from yesterday,
and even more-so, the fact that we’ve tumbled all the way down to the lows of LAST
Thursday, giving us confirmation that we lack confidence going into tomorrow’s non-farm
payroll report at 8:30am EST.
thing we notice this morning on the Mini-Russell is the big range from yesterday,
and even more-so, the fact that we’ve tumbled all the way down to the lows of LAST
Thursday, giving us confirmation that we lack confidence going into tomorrow’s non-farm
payroll report at 8:30am EST.
As we look
at this chart we see the failed-attempt to get below the PLOD from Wednesday at
891.7 and with that failure we are now looking for the Inside Out Set-up long. If price action moves, and stays below the
891.0 PLOD from last Thursday we look for the Wave Set-Up short down to the 888.4
which is last week’s close.
at this chart we see the failed-attempt to get below the PLOD from Wednesday at
891.7 and with that failure we are now looking for the Inside Out Set-up long. If price action moves, and stays below the
891.0 PLOD from last Thursday we look for the Wave Set-Up short down to the 888.4
which is last week’s close.
We look
closely at the entry-chart and we can see the double-bottom at 891.0 and this
provides us with resistance levels at 897.5 and 899.5 which we will look for a price-reversal
first and then entry short back down to the PLOD and where the double-bottom started.
closely at the entry-chart and we can see the double-bottom at 891.0 and this
provides us with resistance levels at 897.5 and 899.5 which we will look for a price-reversal
first and then entry short back down to the PLOD and where the double-bottom started.
Our day
trading plan for the Mini-Russell is to get long using the Inside Out Set-up above
the PLOD and then take profit-target at the double-bottom resistance at
899.5. We will then look to enter short
after a successful price-reversal at either the 897.5 or the 899.5 double-bottom
resistance levels. If we can get short,
our profit-target will be the PLOD and the double-bottom support at 891.7 area.
trading plan for the Mini-Russell is to get long using the Inside Out Set-up above
the PLOD and then take profit-target at the double-bottom resistance at
899.5. We will then look to enter short
after a successful price-reversal at either the 897.5 or the 899.5 double-bottom
resistance levels. If we can get short,
our profit-target will be the PLOD and the double-bottom support at 891.7 area.
