Friday, August 26, 2011

40 POINT RANGE DAY

40 point range day.  Professionals moving the market down, then up.  What's a trader to do?



Some comments from the chat today:


 [09:22] <Chartmaster> per prior ema continues to be resist  note the maxt pb at 910-915  +5 be/10 in play

[09:24] <Chartmaster> y-day was another trend day  with a bo expected  the sb failed into the after hours  and today may well be a cont(inued) bo

[09:26] <Chartmaster> the actual watch for today is not the bo:  will look to see if price holds at the +5 or +10  and runs to a +5 lbbo   there will be 15/20 points today by the pros  one way or the other
[09:28] <Chartmaster> mkt open in 3 min
[10:21] <Chartmaster> pros have sbbo +20  now a +10 reversal  inverted h&s would be complete just above the sbbo5


[10:23] <Chartmaster> not disclosed anywhere, but the bots track (confidential  text deleted)  and they are going for 20/20

[10:27] <Chartmaster> the 50cb is now +12  sbrev  +3  approx

[10:27] <Chartmaster> point: pick the entry you feel more comfortable with

[10:29] <Chartmaster> it is no coincidence that the 50cb is at/near the sbbo10

[15:42] <Chartmaster> another nice range day  approx 40 pt range 



Have a plan.  One that tracks the pros.

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