MARKET COMMENTARY – there is no live trading room TODAY due to travel and nothing Monday due to US holiday
Wild whipsaws confirm risk on approach to the market with little room to develop swing trades that last more than a day for now. We are bouncing right into the known resistance areas near 2836 and fading once more.
As you may recall, this is a key level of resistance that was weekly support. Broad market news is muted today as I see writers at a loss for what to write about on the bounces and fades.
RECAP – Buyers stronger above 2859.75. Sellers want to press us below 2822.
Divergent action still sits below the movement of price on both sides of the trades – long and short – but traders are still looking at deep support edges to bounce. Lower highs very likely from a momentum perspective as the overall pressure still looks negative
****OUR METASTOCK MAP IS NOW SECURELY ENGAGED SHORT IN THE SWING MOTION BUT THE FORMS SUGGEST TAKING PROFIT AS IT TESTS LOWER AND ADDING BACK AT KEY AREAS OF RESISTANCE.
DEEP DIPS AND WIDE SPIKES IN PRICES ARE ALWAYS A STRONGER PROBABILITY WHEN THE SWING SIGNAL IS AT A CROSS CURRENT TO THE TREND
ALERT – Missed the last fade by keeping my stop too tight and did not re-engage at the failed retest of 2870. Staying with intraday trades for now
Adding to shorts if we stretch into 2887; stop at 2896 –
Divergence and defense of recent lows tell us buyers are still in the fight as sellers engage actively Here’s a link to the METASTOCK software
IF YOU DON’T JOURNAL YOUR PROGRESS, YOU SHOULD – How about finally starting that trading journal?
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Internet connectivity woes here folks so I have a hotspot to do the levels which will be up in an hour.
Please remember there will be no webinar this morning