Something For Everyone
Following up on our year-old
theme, if it’s not the 13, it’s the 60.
And we’re once again provided a non-so-subtle reminder why my
course recommends you ALWAYS trade knowing at
least two timeframes. Early morning three- and 13-minute shorts would have seen
the trade resistance on the 60 and exited accordingly, while hourly traders
would likely have been looking for long potential off the uptrend pullback. Call
it an equal opportunity market with something for everyone.
We’ll keep today’s column short and sweet and let the chart again do the talking
on this extremely light-volume option-expiration Friday. Beware of moves on
light volume either way, and this trader is getting a start on an early
weekend. Next week, I suspect we’ll be looking for longer-term reversal triggers
as we approach weekly resistance, yet a break of hourly support will be needed
to trigger at a minimum.
QQQ
Friday
August 16, 2002 12:10 P.M. ET SPY
Moving Avg Legend:
5MA
15MA 60-Min 15MA
See
School and
Video for Setups and Methodologies
We had a strong
turnout last night for TraderTalk comparing Exchange Traded Funds to E-Mini
Futures trading, and I hope the insights were helpful The session has been
archived
and
a transcription posted, if you missed it.
Good Trading and Have a Great Weekend!
Don Miller