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Thursday, 22 September 2011 08:32 |
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This is a market to be making a lot of money because we are seeing long trending action that is using technical analysis perfectly. The market bottomed and went up 140 handles on the ES Z1 (S&P December Contract). The market hit 50 day SMA resistance and has since come back down 80 handles, this all within a 6 week period. Insane yes, awesome, yes, yes! My pre-market work helps me to formulate my plans and what I am seeing for each day and today I see a lot of important daily chart levels lining up with intraday support levels. DE at $70.84, IBM at 170.24, SNDK at $41.81, NVDA at $13.73, POT at $48.77, AGU at $76.53 and CF at $145.19. The negative for me is that right now the S&P futures are on an S4 sell signal, so this may negate these trades today, by the way I am watching 1105 on that index for support. Today is a great day to wash out the bottom and then Friday reversal day. I am not overly bullish, but I trade what I see and today I think we test key levels, the market and stocks hold, then there is a retracement, if everything breaks, then it will get real ugly. Be patient but then really jump when you see an opportunity. Â
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Wednesday, 21 September 2011 19:01 |
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Interested in signing up for the Day Trade Well trader training program? Get a taste of it tomorrow as we present the MACD/RSI setup at 12:30 pm via webinar. Conact US for an invitation.
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Wednesday, 21 September 2011 08:20 |
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My morning planning session is great to discover common threads in the names I follow. Today I see a lot of names with the R3/PP setup we have written about in previous blogs. As I review each daily chart I also get a look at which names have been strong and weak recently adding to my conviction for each trade. Yesteday we highlighted MOS and BRCM with levels of resistance to take advantage of and in both cases the levels were dead on. This ability comes from years of looking at charts and a full trust in the indicators that we use and teach. Both of these trades afforded great opportunity to make money but also had a small stop out point and therefore the reward to risk ratio was off the charts. Day Trade Well is offering a complimentary week to our newsletter, CONTACT US to get added to the distribution list. Just 4 days left to sign up for the Day Trade Well October Trader Training Class at the current price of $675.00. On 9/25/11 the price is going up to $1,575. CONTACT US to find out more details and to sign up before the deadline.Â
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