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

Wednesday, September 19, 2012

Wednesday's Trade Setup

Not able to post some trade setups the past week for quite busy analyzing trades and other market indexes.

Though there are some breakouts the past weeks but if you are not in tune with the market timing, you will get chopped.

That's why in trading, it is important that timing plays a big part in capturing the main ingredient.

Otherwise, you will end up eating the dust and just trade for the sake of trading.

You will lose your mental capital that leads to impulsive trades.

For today's setup, the market open up high only to lose its strength after an hour or so.

It made a dramatic reversal from the support (S1) opening a long entry from the pivot line.

Exit the trade before the close for a nice trade.

Today's trade needs a lot of patience in monitoring the entry for it became choppier in-between R1 and R2 (the resistance levels).