| ESZ9 For 10/12/2009 |
How To Use |
| Symbol | R1 | R2 | Pivot | S1 | S2 | |
| ESZ9 | 1071.50 | 1075.00 | 1065.00 | 1061.50 | 1055.00 | |
Nothing scheduled because of Columbus day, markets are open.
Pretty good day of trading, one boneheaded trade and some regular old trades. I never really got on the trading in the afternoon, even though the general trend was up. The price action was choppy and I was too hesitant to just jump in and ride the upward trend. I can be a real chicken sometimes.
This was a fairly difficult day to trade, even the chart looks like it is nearly straight up. I took a trade right at the opening, which is very unusual for me, and rode it out for a fairly nice gain. Notice my exit was based on the Bollinger Bar close, and the CCI making a near U-turn.
A very common mistake traders make is to try to get back in the money in one fell swoop. Often times a trader will take a trader of lower probability to accomplish this just to quit looking at the red numbers on his DOM.
Looks like a full slate of interesting announcements in the next two days. I am particularly interested in the employment data tomorrow. Industrial Production and PPI on tap today as we see how well we are steering through the later stages of this recession.
There was a good bit of news driving the market today, and, at times, the traders had a hard to trying to make out just what the news meant. But then Ben got on the blower and said not to worry, things are just fine, end of recession. I’m wondering if all of those people out of work were thinking the same thing. I doubt it.