'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, May 31, 2012

Thursday's Trade Setup

The market drops in the open due to unfavorable jobs report.

For today's trade on this 1-min. chart, the market consolidates from the S2 (support) line.

Notice the crossover MA's, and they are flat, a sign that something a reversal is on the way.

The best entry is from the support line, lower arrow.

And the exit is before the S1.