Watching the market and at this point it is a selling exodus from the participants.
We'll see if it will stabilize and will consolidate.
It's a short market at this moment.
Will look for a good location to find and form a trade idea, if not, no trade at all.
Thursday, December 23, 2010
Wednesday, December 22, 2010
Observe & Trade
Showing this chart from QQQQ which is identical to NQ from e-mini.
Notice how the pattern look like.
Pretty much similar to Russell 2000 (TF).
Observe & Trade
Showing these two similar charts from DJ-30 and DIA which is identical to e-mini YM.
YM is the only clear tradeable I can see from the e-minis today.
It has a nice consolidation above the ascending 20MA.
And also it's way above the previous close.
If you are looking for a breakout, this is the one.
And this can be exited from the R1.
Observe & Trade
Got stopped out from TF today to break even.
It went down a bit and trail my cover stop and I got hit.
Looking at the chart conclusion, it is not for an ordinary discretionary trader to fight/trade this kind of pattern.
Unless you are a risk taker or scalper.
I'll leave that to the computer or the pros.
That's why I stop trading after that and just stay idle.
My reason for the trade in TF is "I traded my beliefs not the market".
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