Observe & Trade*

Wednesday, January 5, 2011

Showing this 10-min. chart from Russell 2000 (TF).

A huge decline from the previous trading day's surge.

A double top formation if I may conclude.

Notice that it drops further from the previous day's open.

A dramatic profit taking and lots of "shorters" took the opportunity.

Shorting at the open can give you a nice payday for a week?!

Traded YM today as mentioned from Real Time Trade Ideas.

The entry was at 11610 with a stop at 11590.

When it moves by around 10 points I moved the stop at break even.

But when the big red bars appears, I exited the trade at 18 points gain.

Not quite a good trade selection though, considering the other sectors where all at selling climax.

Was not quite paid attention to my conscious brain (or unconscious?), for the market is on the bear side.

I trade against the trend!

Trading is about learning oneself, need more learning paying attention to myself.

Because in trading, the enemy is yourself!

Note that I am showing the DJ-30 chart which is identical to YM e-mini.

Moving stop to break even!

Buying YM at 11610 with close stop at 11590!

Showing the 5-min. chart from the three core etf's which are similar to the e-minis.

The three core went up vertically as the market open.

Buying at the open can net you a nice payday!

Referring to the multiple chart (1, 2, 3 -min.) can give a nice entry.

The four market sectors went up smoothly today.

Buying early in the open can give you a nice payday today.

But this one on TF is the one I find a good one to trade with.

It back up a little bit from R1 and from there it went upwards smoothly.