November 9, 2012
- in Uncategorized by schooloftrade
Mini-Russell anchor Chart Prep:
 |
| Mini-Russell Chart Prep |
The Mini-Russell
has been on a bearish tear this week, dropping to new lower-lows and clearly
telling us the market sentiment is bearish.
We are headed to the lows of the bear price-channel and we have multiple
levels of support to consider.
has been on a bearish tear this week, dropping to new lower-lows and clearly
telling us the market sentiment is bearish.
We are headed to the lows of the bear price-channel and we have multiple
levels of support to consider.
We are
trading outside the range from Thursday and we have support below us at the price-channel
lows and the 788.1 and 784.2 swing-lows.
trading outside the range from Thursday and we have support below us at the price-channel
lows and the 788.1 and 784.2 swing-lows.
Our day
trading strategy for the Mini-Russell is to keep selling short if these bears
continue to take control. We need to be
aware that selling into support will be higher risk, so keep an eye on the
788.1 and 784.2 major support which will get in our way if we try and chase
after trades to the short-side.
trading strategy for the Mini-Russell is to keep selling short if these bears
continue to take control. We need to be
aware that selling into support will be higher risk, so keep an eye on the
788.1 and 784.2 major support which will get in our way if we try and chase
after trades to the short-side.
As price
falls we’re selling retracements with new lower-lows and taking profit at the
next major support.
falls we’re selling retracements with new lower-lows and taking profit at the
next major support.
As price
rises im buying at the support levels below us and using the PLOD as the price
magnet. We will also seek to get long if
the sellers fail and we break above the PLOD at 790.0.
rises im buying at the support levels below us and using the PLOD as the price
magnet. We will also seek to get long if
the sellers fail and we break above the PLOD at 790.0.
