February 8, 2013
- in Uncategorized by schooloftrade
Mini-Russell Anchor Chart Prep
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| Mini-Russell Anchor Chart Prep |
The
Mini-Russell is trading at the PHOD 910.10 and we going to use this level for
two trading opportunities depending on which direction we move from here.
Mini-Russell is trading at the PHOD 910.10 and we going to use this level for
two trading opportunities depending on which direction we move from here.
If the
buyers can break the PHOD and the symmetry resistance at 911.0 and go higher we
will then buy pullbacks using the Wave Set-Up.
Our profit-target going higher this morning is the top of the
price-channel and the 917.0 major symmetry resistance.
buyers can break the PHOD and the symmetry resistance at 911.0 and go higher we
will then buy pullbacks using the Wave Set-Up.
Our profit-target going higher this morning is the top of the
price-channel and the 917.0 major symmetry resistance.
If the
buyers fail at the PHOD and the sellers can take price-action back below the
PHOD then we have an InsideOut Set-up short.
Target for the short-side is the price-channel lows and the PLOD at
900.0. We need to wait patiently on the
Mini-Russell to see where we go from here.
buyers fail at the PHOD and the sellers can take price-action back below the
PHOD then we have an InsideOut Set-up short.
Target for the short-side is the price-channel lows and the PLOD at
900.0. We need to wait patiently on the
Mini-Russell to see where we go from here.
We dig in a
little closer and we can see the double-bottom on this anchor chart provides us
with 3 levels of resistance overhead, starting at 912.0, and going up to 915.7
and 920.4. This tells us that a breakout
above the PHOD is going to be a challenge to trade long until we can get
price-action above the 912.0 and then we have to worry about the highs of this
price-channel.
little closer and we can see the double-bottom on this anchor chart provides us
with 3 levels of resistance overhead, starting at 912.0, and going up to 915.7
and 920.4. This tells us that a breakout
above the PHOD is going to be a challenge to trade long until we can get
price-action above the 912.0 and then we have to worry about the highs of this
price-channel.
We draw a
resistance trend line from the previous swing-highs and we use the lows of the
bullish price-channel to create a bullish price-wedge. We can see price-action trading at the highs
of this price-wedge and we know the bullish sentiment to the price-channel
tells us the high-percentage-set-ups will occur buying the lows around
902.0.
resistance trend line from the previous swing-highs and we use the lows of the
bullish price-channel to create a bullish price-wedge. We can see price-action trading at the highs
of this price-wedge and we know the bullish sentiment to the price-channel
tells us the high-percentage-set-ups will occur buying the lows around
902.0.
Our day
trading plan for the Mini-Russell is to sell short using the InsideOut Set-up
and the major resistance overhead at this area.
We will have trouble getting long with the knowledge of the symmetry,
price-wedge, and double-bottom resistance levels. If we can get the bottom to drop out of this
price-action we will sell short below the 909.5 and then take profit-target at
the price-wedge lows.
trading plan for the Mini-Russell is to sell short using the InsideOut Set-up
and the major resistance overhead at this area.
We will have trouble getting long with the knowledge of the symmetry,
price-wedge, and double-bottom resistance levels. If we can get the bottom to drop out of this
price-action we will sell short below the 909.5 and then take profit-target at
the price-wedge lows.
