'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, November 1, 2011

A choppy trading today as shown from this 5-min. chart of the YM futures.

It resist from the 11600 level, looks like it is in the form of consolidation prior to Fed meeting tomorrow.

Let's see if it will bounce back from the bottom.

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Exited the trade at 11720 for a gain of 45 points...
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Move stop to break even at 11675...
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Bought YM at 11675 with stop at 11640 for a long trade...
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Trend reverses and the stop buy got hit for a loss of 35 points...
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Sell short YM at 11665 with stop buy at 11690...
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Stop got hit for a loss of 70 points...the market (YM) suddenly drops hardly in the open...
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