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

Thursday, December 30, 2010

Observe & Trade




Traded long on YM and twice on NQ and all went to naught.

All the stop-loss got hit and didn't force any more after that.
Looking at the concluding 5-min. chart, the only viable trade is to short it (them) in the open.

Lack on conviction on the part of the bulls.