Day Trading Course: Head and Shoulders?
Day Trading Course, S&P 500
If you trade what you see, what is it we saw today? One of the price movement patterns we saw is shown on this 15 minute chart of the S&P 500 e-minis.
Yesterday’s trading closed at 1226 (remember that). Early today, before the market opened, price moved to two highs: 1243.75 and 1245. Then today’s market opened at 1243.25, slightly off
the highs just reached. Would price gap down? Would it go to the previous day’s close of 1226? Was this the beginning of a head and shoulders unfolding in price movement? Or was it indecision before a continuation of the bull move that began around 2:30 in the morning?
Day trading course focusing on the S&P500 emini futures support and resistance.
If you were prepared for the possibility of a head and shoulders, you might have followed the sellers’ control all the way down to the 1226 target from yesterday’s close (we gapped down). Price moved down to 1224.50 but was unsupported and buyers took control in a reversal until lunch time. Then price reversed 8.25 points, forming what some might see as a reverse head and shoulders!
Price then moved to 1244 before reversing for a head and shoulders. Trading range was 19.50, and the market closed at 1237.50.
Day trading course looks at price and direction, the support and resistance and the direction of the market.
Where will price move tomorrow, or is the work week essentially over? Similar questions as yesterday remain: Will price move to the next area of support around 1209? Will traders break 1200 psychologically? Could price move along to last year’s low of 1186? Or could this be a bounce up towards the next resistance around 1244 to 1245, then on to around 1265? However price moves, trade what you see, and enjoy it!
Happy Trading, Marie May
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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.
