'Trading is a process of observing the market's action until such a time you can find and form trading ideas and get involved.'**

Monday, December 20, 2010

Observe & Trade


The market went up during the Globex time (the "almost" 24 hour futures trading).

And from that time, all the four instruments (ES, YM, NQ, TF) went up smoothly.

Then in the open, the participants took time to make profit.

It's a sell off!

Maybe due to the impending holidays.

I can see from the chart in the TF, I mentioned earlier it is consolidating.

From there, it went up smoothly till the regular open.

If it was bought at 775.00 then sold at 780.00, that's a 5 points gain ($500.00)

That is if you traded in the Globex time.
Right now, not much to analyze because it's a sell off.
Unless you shorted in the open, but that's a little bit risky to my opinion.