Here’s One Option For The Afternoon Session
The long-anticipated war success
rally is upon us as both major markets
have produced their equivalents of the “MOG” (“Mother of all Gaps”) and are
holding onto the majority of their overnight gains. The middle-of-the-night
Globex triggers were back at it again last evening with Europe once again
leading the US markets higher and triggering several trend continuation triggers
on the hourly and daily timeframes. The 13-minute actually triggered at Friday’s
close, yet traders would have had to carefully weigh the risk/reward of such an
entry given Globex and other overnight considerations.
At risk of sounding like a broken record, US intraday traders are once again in
scalp mode given the overnight move, with the one-minute trend playing a lead
profit and protective guide to the early opportunities. Continuation triggers
off the current 13-minute pullback may be an option heading into the afternoon
session, as we’re approaching a key support test as we go to press.
ES (S&P)Â Â Â Â Â
Monday April 7, 2003 11:30 AM ET       NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
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