November 14, 2012
- in Uncategorized by schooloftrade
Mini-Russell Morning Prep:
The Mini-Russell
is trading at the lows of the bear price-channel and inside the range from yesterday. We can see the trend line drawn from the
previous swing-low which also creates a bearish price-wedge.
Our day
trading strategy for the Mini-Russell is to consider all three directions that
may occur.
trading strategy for the Mini-Russell is to consider all three directions that
may occur.
If pricerises higher, off the lows of this price-channel we want to buy these lows
using 2-step long or wave-pattern-long. We
can also sell short if price bounces off the lows using a wave-pattern-short and
bearish market personality.
If price
falls lower we will take profit-target at the lows and the PLOD and then look
to buy the lows. The challenge will be
trying to sell new lower-lows without the fear of a fake-out-breakout. We don’t sell into major support and we have
a LOT of support as we run into the lows of the price-wedge, the price-channel and
the swing-low at 784.2. as price falls
beware trying to force a short into support and then look to buy the 779.5 AB=CD
Pattern support which is right below us.
falls lower we will take profit-target at the lows and the PLOD and then look
to buy the lows. The challenge will be
trying to sell new lower-lows without the fear of a fake-out-breakout. We don’t sell into major support and we have
a LOT of support as we run into the lows of the price-wedge, the price-channel and
the swing-low at 784.2. as price falls
beware trying to force a short into support and then look to buy the 779.5 AB=CD
Pattern support which is right below us.
