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

Tuesday, May 8, 2012

Tuesday Trade Setup

The market recovered in the midday trading when it drops in the open.

It formed a wide "w" pattern, a sign that it might recover from its slumped.

Being patient in the market waiting for the opportunities to pop pays a big part.

Like this one from the QQQ etf's which is the equivalent of the NQ Futures.

The best entry for a long trade is at the lower arrow and can be exited from the pivot point.