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Today's Setup for DTW

Wednesday, 07 September 2011 12:29

In reviewing charts and pivot points for today I noticed a great setup and one I hope to take advantage of after the open. When I see the Pivot Point (H+L+C/3) line up with S3 or R3 I find that this combination works as an additional level of support or resitance.

Last night most every stock I looked at had the PP lining up with S3. Most importantly the broader markets defined by the S&P Futures ES U1 has the two levels right on top of each other giving me more credence to my theory. As I write this blog the S&P futures are at 1176.25 and on an R3 sell signal with S3 at 1156.00. The setup that I will wait for is a pullback into S3 givng me an excellent opportunity to cover some shorts from the R3 sell signal and then get long on confirmation of the buy signal.

The harder you work, the better you will trade because you will be more prepared and ready when the time is right to strike. People that are new to my blogs or my teachings are often amazed at how well I can pick short term intraday tops and bottoms, but the reason is that I am better prepared than most andwhen I see a common theme it allows me to build a thesis for my trading day.

To learn how to prepare and to make more money than you ever dreamed, Contact Me to sign up for the Day Trade Well Trader Trainee Program.