October 12, 2012
- in Uncategorized by schooloftrade
Morning Mini-Russell Checklist:
Heat Map
Review:
Mini-Russell
trading at a small 0.1% so this market personality is NOT considered moving.
trading at a small 0.1% so this market personality is NOT considered moving.
Overnight
Highs & Lows:
Highs & Lows:
We saw
buyers fail overnight at the highs and we just saw new lower-lows breaking the
lows from overnight. The BIG question on
the minds of Mini-Russell traders is will this price close BELOW the previous
lows.
buyers fail overnight at the highs and we just saw new lower-lows breaking the
lows from overnight. The BIG question on
the minds of Mini-Russell traders is will this price close BELOW the previous
lows.
Inside or
Outside Day?
Outside Day?
We are
inside the range from Thursday, which confirms a range-bound market.
inside the range from Thursday, which confirms a range-bound market.
Find the price-structures:
· Trigger-zone is resistance at 836.5
and support at 823.0 and 810.5
and support at 823.0 and 810.5
· AB=CD Pattern is bullish at 815.0 for
support.
support.
· Price-wedge is bearish so the high-percentage-trades
will come selling at the highs.
will come selling at the highs.
· Price-channel is bearish
· Zigzag pattern is NOT on this chart
· Sideways / Trading Ranges from 852.1
down to 821.1
down to 821.1
· Double-top / Double-bottom not on this
89range chart
89range chart
Wherewill a price-reversal be likely today?
We have a price-wedge
and a trading range defined and we want to look for the price-reversal at the
highs and lows of this range.
and a trading range defined and we want to look for the price-reversal at the
highs and lows of this range.
What is
our trading plan for today?
our trading plan for today?
We are going to wait for price on the Mini-Russell to bounce
off the lows of the price-wedge and the PLOD so we can buy-the-lows at support.
off the lows of the price-wedge and the PLOD so we can buy-the-lows at support.
If the price moves higher we need to wait to enter long above
827.1 which was the previous overnight lows.
If the sellers cant push it above this level we do not think they have
regained control.
827.1 which was the previous overnight lows.
If the sellers cant push it above this level we do not think they have
regained control.
We have to sit-on-hands if we see sideways price-action because
we are in the middle of this short term range inside the range from Thursday.
we are in the middle of this short term range inside the range from Thursday.
