Friday, December 16, 2011

What a False Break looks like, E-Mini S&P 500 Futures

Look below at Today's Matrix (Trading Notes:) Shorting into R1 and R2 was today's plan targeting 1210.00







Inverted Head and Shoulders Setting Up...Right Shoulder is into Major Support

Daily E-Mini S&P 500 Future
Daily E-Mini S&P500 Futures. It's important to keep an open mind definably with all the negative news/media attention the markets are getting. At times like this is when inexperienced traders are relaxed and not booking profits and and hoping on further prices lower. This is when I start paying attention and begin looking at patterns, market structure, and Key Reference Area's for me to begin scaling into major support areas. Majority of the time if the area you are taking your position at, is not re-tested within the next few sessions, you have trade location at an ideal area. If the Es begins to rally some, and start to take/hit buy stops this will cause a short squeeze type rally that could potentially breakout of the neckline. This is the type of scenario where many traders are looking back days, weeks, and even months from now asking there-selves why didn't "I see this"? It's critical to keep and open mind and trade market generated information is telling us.

+48.25 Swing Short Trade into (3) Star Level of Resistence With Objective Hit