April 11, 2006: TD
Oh boy! This is gonna be one nasty correction... the topping patterns are playing out and nothing was in sight in terms of long setups...Nothing out of the ordinary in terms of observations... TDs are the easiest to trade...ER(AB) and YM presented excellent trade setups on the short side....The Dow brokedown from its multi-day consolidation pattern...I see a bounce based on semis pattern.
I decided to look at some other instruments, mainly bonds and notes. I also put up Grains like Soybeans, Corn,
and Wheat!! Yippee.... No idea what I'm doing at this point :P... CBOT offers mini-gold and mini-silver so I slapped them on the chart too..what the heck!Only observation of the day is the 'V pattern' on the notes which is a gapping pattern, i.e. it can gap up or down, and I say down...
posted by Pam at 8:48 PM
1 Comments:
Thanks, pam. Regarding the "other" markets like grains/metals/meats/stocks, my mentor points out that it's too crazy to try and trade more than one market intraday. So for the "other" markets he recommends only looking at them intraday when they are in an area of opportunity on the daily chart. So i.e. for the markets you can't daytrade try and catch the huge long-term trends using low-risk intraday entries. I've been posting a watchlist before the open every morning of the markets that are in a buy or sell window on the daily. -dave
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