October 22, 2012
- in Uncategorized by schooloftrade
Morning Mini-Russell Checklist:
Heat Map
Review:
Mini-Russell
is trading at a measly 0.1% so the market personality says to be patient and sit-on-hands.
is trading at a measly 0.1% so the market personality says to be patient and sit-on-hands.
Overnight
Highs & Lows:
Highs & Lows:
The buyers
held at the highs overnight and the lows overnight were never re-tested even
though it looks like they tried. This means
today is consider a range-bound market until we get new higher-highs or lower-lows.
held at the highs overnight and the lows overnight were never re-tested even
though it looks like they tried. This means
today is consider a range-bound market until we get new higher-highs or lower-lows.
Inside or
Outside Day?
Outside Day?
We are inside
the range from last Friday, but the biggest clue we see is the failure BELOW
the PLOD. Notice how the sellers tried
to push it lower and they failed. We know
this is a bullish clue for the short term.
the range from last Friday, but the biggest clue we see is the failure BELOW
the PLOD. Notice how the sellers tried
to push it lower and they failed. We know
this is a bullish clue for the short term.
Find the price-structures: · Trigger-zone is resistance at 26.5
· AB=CD Pattern is bullish and we are
directly on top of the reversal zone at 815.0
directly on top of the reversal zone at 815.0
· Price-wedge is not on the 89range.
· Price-channel is bearish and this
tells me the high-percentage-trades will come selling at the highs.
tells me the high-percentage-trades will come selling at the highs.
· Zigzag Pattern not on this 89range
· Trading Range is from 841.8 down to
811.0, buy-the-lows at support and sell-the-high at resistance.
811.0, buy-the-lows at support and sell-the-high at resistance.
· Double-top / Double-bottom not on
this 89range.
this 89range.
Where
will a price-reversal be likely today?
will a price-reversal be likely today?
We will
expect the price-reversal to occur at the lows of this bear price-channel and
the PLOD. If price rises higher we look
for the price-reversal at the 26.5 trigger-zone resistance.
expect the price-reversal to occur at the lows of this bear price-channel and
the PLOD. If price rises higher we look
for the price-reversal at the 26.5 trigger-zone resistance.
What isour trading plan for today?
If price moves lower I am buying the price-channel lows and
the 811.0 trigger-zone support.
the 811.0 trigger-zone support.
If price trades sideways I will sit-on-hands because we’re
trading on top of the PLOD and this will be a very sloppy sideways range. I can wait for an easy range to develop and
then sell-the-high at resistance and buy-the-lows at support within the range,
but beware if we’re narrow and sloppy on top of the PLOD.
trading on top of the PLOD and this will be a very sloppy sideways range. I can wait for an easy range to develop and
then sell-the-high at resistance and buy-the-lows at support within the range,
but beware if we’re narrow and sloppy on top of the PLOD.
If price moves higher I’m buying pullbacks using the wave-pattern-long
because the sellers have failed below the PLOD.
The profit-target on the way up will be 26.5 trigger-zone resistance and
then the PHOD at 32.5
because the sellers have failed below the PLOD.
The profit-target on the way up will be 26.5 trigger-zone resistance and
then the PHOD at 32.5
