October 18, 2012
- in Uncategorized by schooloftrade
Morning Mini-Russell Checklist:
Overnight
Highs & Lows:
We saw a
triple top failure at overnight highs (PHOD) on the Mini-Russell, and then we
saw a strong bearish candle at the overnight lows which confirms sellers in
control and a profit-target at PLOD.
triple top failure at overnight highs (PHOD) on the Mini-Russell, and then we
saw a strong bearish candle at the overnight lows which confirms sellers in
control and a profit-target at PLOD.
Inside or
Outside Day?
Outside Day?
We are inside-day
below the PHOD after the buyers failed
below the PHOD after the buyers failed
Find the price-structures:
· Trigger-zone is support at 82.90
· AB=CD Pattern is not easy to spot on
this chart.
this chart.
· Price-wedge is sideways
· Price-channel is bullish in the very
short term and we are about to break the lows and try to sell-off.
short term and we are about to break the lows and try to sell-off.
· Zigzag Pattern is not on this chart
· Trading Range from 841.6 HOD down to
834.0 the recent swing-low.
834.0 the recent swing-low.
· Double-top Provides support below us
at 33.5, 30.7, and 27.5
at 33.5, 30.7, and 27.5
Where
will a price-reversal be likely today?
will a price-reversal be likely today?
A price-reversal
is likely around the PHOD at the highs of the price-wedge and trading range.
is likely around the PHOD at the highs of the price-wedge and trading range.
If price falls
lower a price-reversal is likely around the double-top support levels below us,
the PLOD.
lower a price-reversal is likely around the double-top support levels below us,
the PLOD.
Our day trading strategy for Mini-Russell today is to sell
the highs of the range using a 2step pattern short and take profit-target at
the support levels from the double-top overhead.
the highs of the range using a 2step pattern short and take profit-target at
the support levels from the double-top overhead.
As soon as price comes down to the lows of the range and
bounces off the double-top support we will then look to take profit-target and
then get long buying after the price-reversal at support.
bounces off the double-top support we will then look to take profit-target and
then get long buying after the price-reversal at support.