March 4, 2013
- in Uncategorized by schooloftrade
Mini-Russell Anchor Chart Prep
Mini-Russell Anchor Chart Prep |
We can see
the anchor chart on the Mini-Russell has just changed its long-term trend from
bearish to bullish. We have been rising
on the Mini-Russell for the major of the last 3 weeks, and we are seeing a sideways-trading-range
at this time. When we make new higher-highs
we will get a nice big cloud on our anchor chart and will then use the entry
chart to look for the signal to get long.
the anchor chart on the Mini-Russell has just changed its long-term trend from
bearish to bullish. We have been rising
on the Mini-Russell for the major of the last 3 weeks, and we are seeing a sideways-trading-range
at this time. When we make new higher-highs
we will get a nice big cloud on our anchor chart and will then use the entry
chart to look for the signal to get long.
We dig into
our trading plan a little further and can see the major bull price-channel and price-action
trading at the lows of this price-channel.
This bull price-channel support tells us the high-percentage-trades will
be long this morning and we know that a new higher-high will make it easy to
get into buying opportunities later in today’s trading session.
our trading plan a little further and can see the major bull price-channel and price-action
trading at the lows of this price-channel.
This bull price-channel support tells us the high-percentage-trades will
be long this morning and we know that a new higher-high will make it easy to
get into buying opportunities later in today’s trading session.
The entry
chart timeframe shows us a LOT of good clues that will be used to plan our
trades today. We are trading at the
highs of the range from Friday, which means we can see new higher-highs (remember
the anchor chart is bullish) and we will buy pullbacks above the PHOD 915.5 and
take profit-targets at the 919.9 prior-week highs, and the 925.5 symmetry resistance.
chart timeframe shows us a LOT of good clues that will be used to plan our
trades today. We are trading at the
highs of the range from Friday, which means we can see new higher-highs (remember
the anchor chart is bullish) and we will buy pullbacks above the PHOD 915.5 and
take profit-targets at the 919.9 prior-week highs, and the 925.5 symmetry resistance.
The InsideOut
Set-up short is a counter-trend trading opportunity that we look forward to
taking if the buyers fail to hold price-action above the PHOD. If we can get short below the PHOD (after the
fake-out-breakout) we will use the price-wedge lows and the PLOD as our profit-target. Look at the big-round-number of 900.00 just
below the price-wedge lows and use that as a price-magnet and a place to a profit-target.
Set-up short is a counter-trend trading opportunity that we look forward to
taking if the buyers fail to hold price-action above the PHOD. If we can get short below the PHOD (after the
fake-out-breakout) we will use the price-wedge lows and the PLOD as our profit-target. Look at the big-round-number of 900.00 just
below the price-wedge lows and use that as a price-magnet and a place to a profit-target.
We can also
see a double-top on our entry timeframe which tells us that we have 3 easy
levels of support below us to use for a price-reversal and a possible entry
long with a profit-target back at the double-top resistance. Remember, we are trading at the highs of this
range so new higher-highs above the double-top resistance will result in a
disqualified double-top set-up.
see a double-top on our entry timeframe which tells us that we have 3 easy
levels of support below us to use for a price-reversal and a possible entry
long with a profit-target back at the double-top resistance. Remember, we are trading at the highs of this
range so new higher-highs above the double-top resistance will result in a
disqualified double-top set-up.
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Mini-Russell ENTRY Chart Prep |
Our day
trading plan of the Mini-Russell is to use the long-term trend on the anchor
chart to buy with new higher-highs. We
will use the price-channel and symmetry resistance overhead for profit-targets
if we get long above the PHOD.
trading plan of the Mini-Russell is to use the long-term trend on the anchor
chart to buy with new higher-highs. We
will use the price-channel and symmetry resistance overhead for profit-targets
if we get long above the PHOD.
We also have
a possible counter-trend trade going short back below the PHOD using the InsideOut
Set-up if the buyers can push it above the PHOD and then fail back below the PHOD.
a possible counter-trend trade going short back below the PHOD using the InsideOut
Set-up if the buyers can push it above the PHOD and then fail back below the PHOD.
