Wednesday’sopen was more than a little interesting:Even though there was a decent gap up, for the most part wegapped right up to resistance level from Tuesday.It was an immediate fade. Themarket did find footing after closing the gap and continued into the afternoonto keep the bull’s a
This daily chart marks a Fibonacci retracement from the “last major move” (point “A” to “B”) and you can see the congestion at the 50% level and the bounce from 61.8%. These are now support levels from which I can not only swing or position trade, but also use fo
Whatdo you do when breakfast is a serving bad news with a side of fear and panic?You wait GÇÿtil the market digests it before asking forseconds. The following are a few examples of how to position for a tradewith as big a gap down as we had Tuesday.-á Remember,we will still wait for a congesti
Hereare afew questions I received recently (from fellow TM members) about my past articles:Q:“Raghee, you mark the opening bar’s high, low, open or close on yourcharts sometimes. Why?–Thanks.”A: Understanding the two paradigms of price change:Mostof us have CNBC on during the day
In the end, I remind myself that being flat is a position!
Here’sa look at Wednesday’s ESU2 actionon a five minute, multi-day chart:Thischart could not be following the 5’s and decade numbers any better! Never ignore the psychology of these levels! 865 was a huge level to break up above. Take a second also to note how key 855,
ESU2 five-minute: Friday’s trade setups “AM” bottom pivot — conservative “AM” bottom pivot — initially support and first sign of buyers “AM” top pivot — first sign of sellers 9:30 opening ca
Some traders like to go into the day with an opinion, and
some traders donGÇÖt. I donGÇÖt think either is wrong. We
all just gravitate towards one or the other. I am of the GÇ£no
opinionGÇ¥ group. To better make the best of each trading
session I lay out my charts with GÇ£decision levelsGÇ¥ or trading
The bread and butter of my trading is intraday breakout/breakdown and momentum trading relying on price levels.