September 24, 2012
- in Uncategorized by schooloftrade
Morning Mini-Russell Checklist:
Heat Map
Review:
Heat map
says we this market personality is moving and moving lower today.
says we this market personality is moving and moving lower today.
Overnight
Highs & Lows:
Highs & Lows:
We created
overnight highs and never tested them again so far today. We created, and broke, new lower-lows, and
then recently at the US market open we saw the sellers try twice and both times
we see big candlestick wicks to show the sellers couldn’t find any new lower-lows. When we saw the sellers fail, this is
bullish, and we are just waiting now for the market personality to confirm this
so we can get long.
overnight highs and never tested them again so far today. We created, and broke, new lower-lows, and
then recently at the US market open we saw the sellers try twice and both times
we see big candlestick wicks to show the sellers couldn’t find any new lower-lows. When we saw the sellers fail, this is
bullish, and we are just waiting now for the market personality to confirm this
so we can get long.
Inside or
Outside Day?
Outside Day?
We are
outside day, below the PLOD, which means we have sellers seeing more value in
lower prices. We know if we get new lower-lows
we will sell short below the PLOD, and we also know that (just like Crude Oil)
if the buyers can grab hold with the sellers failure at the lows the PLOD is a
likely profit-target at 850.8.
outside day, below the PLOD, which means we have sellers seeing more value in
lower prices. We know if we get new lower-lows
we will sell short below the PLOD, and we also know that (just like Crude Oil)
if the buyers can grab hold with the sellers failure at the lows the PLOD is a
likely profit-target at 850.8.
Find the price-structures: · Trigger-zone are all (3) support below
us at 831.0, 810.5, and 792.5 major support.
us at 831.0, 810.5, and 792.5 major support.
· AB=CD Pattern is bearish and resistance
is at 910-920 area. We will look for
this as a profit-target and then look to sell short around this area in the
near future.
is at 910-920 area. We will look for
this as a profit-target and then look to sell short around this area in the
near future.
· Price-wedge (no)
· Price-channel is bullish and we are
just off the highs.
just off the highs.
· Zigzag pattern needs a bull price-channel
with a bull AB=CD Pattern, we don’t have this today.
with a bull AB=CD Pattern, we don’t have this today.
· Trading Range from 857.1 down to
842.2 we are in the middle.
842.2 we are in the middle.
Where
will a reversal be likely today?
will a reversal be likely today?
We are atthe highs of the bull price-channel, so a price-reversal selling short off
these highs is very likely if the buyers try and fail at new higher-highs. The PLOD is a price magnet, so we will also
look for the price-reversal around the PLOD.
What is
our trading plan for today?
our trading plan for today?
Our plan is to use the BIG clues we got from the 30-minute
chart to buy-the-lows at support in the trading range we found. We want to buy the lows, take profit at the
highs, and try and trail our stop-loss to let it run considering the Mini-Russell
market personality will usually move well even on lower volume. Also, if we get stuck in the mud around the PLOD
we know then market personality is already very sluggish and this will be an
area we need to avoid over-trading.
chart to buy-the-lows at support in the trading range we found. We want to buy the lows, take profit at the
highs, and try and trail our stop-loss to let it run considering the Mini-Russell
market personality will usually move well even on lower volume. Also, if we get stuck in the mud around the PLOD
we know then market personality is already very sluggish and this will be an
area we need to avoid over-trading.
