This Is My Long-Standing Belief
The Nasdaq has been leading the
broader markets lower as we approach mid-day
as a potential opening 13-minute bull cup inverted
shortly after open due in part to trader reaction to weak Michigan Sentiment
figures. Weakening price vs. momentum divergences on the late Thursday hourly
bounce, as well as on the daily, provide a caution flag on any early long plays,
with the final hourly trend break confirmation of a trend reversal.
The morning move may run out of steam as we enter the afternoon, and traders
should heed retracements to daily and 120-minute uptrend supports in terms of
managing open short positions.
This morning’s action again reinforces the need for traders to keep their eyes
on multiple timeframes, along with my long-standing belief that trading is
merely about monitoring a few simple indicators on a handful of
timeframes. Please note I said “simple,” and not “easy” — lest I get up on
my soapbox again — and it’s the interplay and interpretation that is key
and takes time to master in this industry where the majority fail. For as it
often takes years for experienced athletes and craftsmen/women to master what
may seem like “intuition” for those who excel, trading is no different.
ES (S&P)Â Â Â
   Â
Friday June 13, 2003 11:45 AM ETÂ Â Â Â Â Â Â NQ
(Nasdaq)
Moving Avg Legend:
15MA 60-Min 15MA
See
School and
Video for Setups and Methodologies
Charts ©
2002 Quote LLC
Good Trading!