Analyze this chart for Monday.

Discussion in 'Technical Analysis' started by ChkitOut, Apr 17, 2010.

  1. Daily Chart.

    I'm thinking long bias Monday with price trending up fairly methodically.

    What do you think?

    6E Contract.

    <IMG SRC=http://www.elitetrader.com/vb/attachment.php?s=&postid=2807666>
     
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  2. I would be looking for a buy around the mid point of the last long up candle. To pull the trigger, I'd want to see support come in. I'd size the position by placing a stop below the first low of the double bottom.
     
  3. imo having a bias for a day trader is......lethal...

    just saying..
     
  4. Short.

    GS + volcano + no relevant short inventory -> way down is free.

    (btw this kind of chart gives hardly any relevant informations - they are simply not appearing in it)
     
  5. I agree. Day trading is like crossing the street. Watch the traffic (price and volume) that you can see and make a decision. What traffic was like yesterday or what I think it will be tomorrow is irrelevant.

    I started day trading after about 8 years as a position and swing trader. That type of trading required a clear bias in order to make a trading decision. I was not successful at day trading until I "unlearned" that way of thinking.

     
  6. For me personally, not enough info here to go on. I need more time frames at least before I could give an informed answer.
     
  7. risky63

    risky63

    short
     
  8. I wonder if the 10:25 low will hold..??
     
  9. Kubinec

    Kubinec

    Based on this chart alone, I'd go short. Price had failed to make a higher high, next target the DB support zone.

    I could never make volume work for my trading, so I don't consider it.

    BTW, it also looks like one of those bearish Gartley patterns.
     
  10. long of course.
    obvious chart
    ugly chart what pays money.
     
    #10     Apr 19, 2010