Even If You’re Trading Longer-Term Time Frames, Try This
Both major markets are off their
early highs as we approach midday, with equal intraday opportunities behind us
for both longs and shorts. While longs
benefited from an early post-gap pullback toward supports, with the one-minute
triggering a nice confirming entry, short traders taking the subsequent micro
reversal trigger off the resulting price/momentum divergence had an opportunity
into 13-minute supports.
As I discussed in
yesterday’s column, using the one-minute chart for confirming triggers, even
if trading longer timeframes, continues to be a strong guide on longs in light
of the extension of recent climbs. Whereas the one-minute never triggered long
yesterday morning, the trigger did occur today resulting in a nice low-risk,
high-probability play while effectively guiding one to the sidelines at
Wednesday’s open.
My afternoon bias is somewhat neutral as we go to press, although I remain in
the “trust until broken” mode on the 13 and 60 supports.
ES
(S&P)
Thursday
May 15, 2003 11:30 AM ET
NQ (Nasdaq)
Moving Avg Legend:
15MA 60-Min 15MA
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