'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, November 30, 2011

A double pump move by the market in a span of an hour due to some positive news from overseas banks easing of interest rates.

Suddenly, the market breaks out and rises vertically...

The market is showing a negative weakness as shown from this chart in the Globex market.

It might just go sideways today in the regular open.

Unless there is a positive news that might erupt from somewhere, it might stay idle the whole trading day.

The market is just operating from rumors nowadays, that's why traders are to be reminded to "trade the rumors sell the news".

Tuesday, November 29, 2011

A choppy market trading today.

Not much action today for the participants are watching each others back.

I can say the market is confused and looking for a direction.

I can't find a nice location for a swing setup today except to just wait for the next trading day.

That's how in trading, it's like fishing...waiting for the bait takes time and needs patience.


YM is zigzagging as shown from this 5-min. chart.

That's it for today...trading session is adjourned...trading will resume tomorrow...
Stop got hit for a break even...I guess stop was put too close early on...it was a good trade anyway...no loss...