'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, November 28, 2011

YM did not make a breakout from the pullback at around 11:00 am. ET.

Instead, it starts to bow down after the lunch break as can be seen from this 5-min. chart.

No follow through!

Though there is a tendency for a breakout before the close, but the risk is high the way I read the price action.

Not much conviction on the part of the participants at this time.