risk management
Day Trading Course, S&P500 consolidation turns to top side break out?
Day Trading Course, S&P 500 Top side consolidation turns to top side break out?
Yesterday’s trading took us to test the bottom of our pennant formation on the 1hr chart as price dipped to test the 1236.00 area. Then with an afternoon reversal and push back up, price managed to close back at 1257.25. Overnight trading saw price test to the 1250 area of support, then continue trading upwards to test into the 1267.50 area early this morning.
Break of the pennant with test to support
Day trading course teaches how to see direction in the market.
Today’s price could see the test to our latest area of support, with another move to continue this move. Up side targets intra-day will include 1267.50, 1273.00, with 1280.50 and 1288.75 as extreme high side targets. Low side trading could see price move back to test the 1257.50 or 1250.00 area’s, with 1247.00 as an extreme daily low.
From a daily perspective a break to the upside here could see trading move towards the resistive trend line of the previous few months move. 1300 anyone?
area's of resistance ahead
There are two key area’s of resistance that we are moving towards. The first being 1285.00, this area is the first area of major resistance on the move up, only about 20 points from where we sit now. The next is the 1312.00 area. Here we will see if we are able to break through and change this bear to a bull. This is still a little ways away, and only if the 1285.00 area doesn’t slow things down. However, in the meantime it does appear that the buyers are taking control in the short term once again. Trade what you see, I’ll see you at the starting line!
The S&P500 emini futures is one of the largest professionally day traded markets in the world. Our Day trading course focuses on training you on how to see price and direction in the marketplace and how to leverage your strengths to take a profit out of the market.
Disclaimer: day trading is high risk, do your own work : The efficacy of both technical analysis and fundamental analysis is disputed by efficient market hypothesis which states that stock market prices are essentially unpredictable. Be responsible for your trades, do your own work and never rely on others. When searching for a Day trading course, be sure you understand the risks involved in trading.
Day Trading Course, Greece ditches plans for referendum while ECB cuts rates
| Headlines from Greece are likely to dominate price action after the weekend. The political chaos in Greece continues despite an announcement Thursday evening by Prime Minister George Papandreou that he will call off the referendum if the opposition agrees to the bail-out package. The opposition party appears to have little interest in a government of national unity, preferring to position itself against Papanderou. The week began with a call from the PM that he would take the issue of remaining in the EU to the people and call a referendum, which created extreme volatility for capital markets throughout the week.Greek Headlines managed to Overshadow the ECB Rate CUTOn Friday night in Euro, Greece undertook a confidence vote. Papandreou won on a narrow margin. He is however expected to resign , opening the path for a change in government and early elections. Greece is expected to receive the 8 billion EUR of aid before it runs out of cash around December 15. However future political instability in Greece may hamper effective implementation of the austerity plan. In the US, the week experienced a plethora of Gold Gold prices broke to the upside moving above resistance near 1750, and
Challenging The Euro plunged early in the week, moving from above 1.40 to test the 1.36
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Day Trading Course, S&P 500 Reversal?
S&P traded as high as 1229.75 this morning, closing our 1224.50 target and pushed quite close to the 1234 area. Price found strong resistance at the 50 moving average this morning, and has since reversed direction. Looking into the longer term charts such as the daily, this area looks like it could provide enough resistance to change the direction for the next test down. Looking at the shorter term I am watching for a push down into the 1216-1218 area, with a test up following that. S&P has traded almost straight up for 2 weeks now, a retracement will be in order soon to allow the buyers a rest. Watch volume as price moves back up, if we get decreasing volume on the move with a lower top it could be worth shorting with a tight stop. If a move down comes in and price breaks through the 1216.00 area of support my targets for the test down include 1204.00, 1193.50, 1186.00 and an extreme low of 1172.00 on the move.
If price moves up with increasing volume and breaks through the 1230 area I will be watching for a continuation of the current move up to touch our 1235.00 and possibly even 1252.00 targets. The key as always will be the low risk entry with large profit potential. Be consistent and allow the trade to come, the market will decide for us, we just go with it!
