Combing Longer-Term And Shorter-Term Trading Levels For More Precise Entries
Let
us take a longer-term look (daily) and intermediate look (10-minute)
and an intraday setup look (3-minute) of the ES and NQ.
These views should give us insight into not only the remainder of the
trading week but also perhaps a look into how this market will close out 2002.
This week will bring
back some decent volume unlike the pre-Thanksgiving trading that seems to have
traders already overdosing from a turkey-induced L-Tryptophan stupor.
Interestingly
enough, we have returned to the beginning. The
rally form the first week of October has brought us back to a resistance level
from the last week of August. Looking
at the Daily Chart sure seems to prove this “market trading in a rangeâ€
psychology. It also appears that a
reversal (even if only short term) is imminent. If we are to see higher ES
prices we will need buyers to support the 954 to 967 gap levels.
 
Let’s move on the
10-minute chart where we can see more recent trading levels…
 
Zooming into
Monday’s intraday set up we can see that there were no complete pivots until
AFTER the 10 a.m. reports…so patience and a report reaction gave us our bottom
pivot which subsequently was the only set up which confirmed.
 
Â
Setting
up the “AM†pivots for Monday on the NQ…
Have a great week!Â
Questions? Comments.Â
ragheehorner@yahoo.com
Raghee
Horner is a private futures and stocks trader in Boca Raton, Fla. For 12 years
she has specialized in price action, charting, and trading psychology for
intraday and swing trading plays. Her focus is on trading the E-mini S&P
500, E-Mini Nasdaq 100 and the stocks she feels have particular synergy with
those futures contracts.