Light And Easy
The S&P and Nasdaq futures have
continued Friday’s hourly uptrend with both markets bouncing off early
pullbacks, yet we’ve been in a major
oscillation mode thus far on this Columbus Day holiday. Early volume is light
as many traders are taking advantage of a long weekend in other markets and
industries, and while the hourly chart is providing a nice tailwind on long
trades, the larger issue today may very well be the extent of moves in either
direction.
Both markets are rangebound between nicely angled hourly supports and Friday’s
highs as we approach midday, and price remains north of key daily support while
the daily 5MA remains in a prove-it-to-me mode. Bottom line today in my view is
to take it light and easy, and triggering trades only when obvious opportunities
fall in your lap which may be the exception rather than the rule today. As I
mention in the upcoming
E-Mini video, keeping in mind days like last Thursday essentially buy you
time to deal with flat markets like this morning, should help keep you from
forcing trades.
Â
ES (S&P)Â Â Â Â Â Â
Monday October 14, 2002Â 11:30 A.M. ETÂ Â Â Â Â Â Â NQ
(Nasdaq)
Moving Avg Legend:
5MA
15MA 60-Min 15MA
See
School and
Video for Setups and Methodologies
Charts ©
2002 Quote LLC
Power of the 15MA
Friday’s 3-Minute S&P E-Mini Chart was nothing short of spectacular as it guided
the afternoon trade nicely. I’ll let the chart do the talking and again
reinforce why 15MAs have become the foundation of my own trading, regardless of
timeframe.
From the
E-Mini Mailbag
(always unsolicited)
Don – I almost never write thank-you letters. Point blank this is the first
time I’ve ever written a second one. Your course has proven to be one of those
defining moments when everything comes together. I’ve been using multiple time
frames for years, apparently without true understanding of what I was looking
at. Your system has allowed me to trade less and make more and with greater
understanding of what is actually going on. I’m not going to miss that 1 minute
chart.Â
Very simply, thank you again. I’m sure if your students put the time, effort and
perseverance into understanding what is going on they will meet with success.Â
–J.E.
Good Trading!
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