<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/V8aGjhhk4NI&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/V8aGjhhk4NI&hl=en&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object> Levels for Monday
Hey all, I am trying to figure this out. I guess day-traders have their way in the first hour or two of trade, since markets move/are controlled by these trades off pivots and levels. To what degree of accuracy, I am in process of getting a <i>feel</i>. Again I am considered a "swing" trader, since I typically hold e-mini futures contracts for <b>days</b> (of course a better understanding of how these intraday moves work, the better I can place stops/enter trades). That being said, I typically do not stare at the computer screen for the duration of the whole session (like we had to do last Friday - unless you were smart enuf to hit the beach, gym, etc. lol). Also, I attend a men's meeting in the morning and only get a glancing look at the market on my cell phone. <b>So looking at the action thus far</b>, it appears to me that we are now trading under the "Line In The Sand" (LITS) of 1255 and in fact have entered the Break Down (BD) Zone having moved below 1250. We have moved even lower than this and have bounced pretty good. <b>That is what I am trying to understand.</b> I do not see from Joe Bakers "pivots" where this level comes in. That being said, I would guess that this level will in fact determine this days <b>"pivot"</b>? We are currently trading, at 1248 and the bounce or pivot point was 1246.75 or the current low of the day. You see we "should have" bounced off Joe's pivot of 1245.50 (not to bash Joe who is doing a standup job). Just trying to understand this better.gA Lastly, I'd say that at this juncture <i>most day-traders will be staying short</i> until the Ultimate Target (UT) of 1238.75 is reached - since we indeed have <b>broken down</b>??? The trading room may help me further with other indicators to consider - when and if I can get in there .
there was a large amount of bids,fri and today at 54,we held there for a while on fri and a short time today,now there seems too be a large offer at 50,until thats taken out we sit here,unless that offer moves lower or is much larger than we know(we have no way of knowing) except fo r the fact that at this time its holding tween 45 and 50
That Darn 1240 AREA again..............lol If you traders want to make life easer get the know the # of one market it can make trading more understandable
Closed Below 1240............. Closed at the breakdown extention 1235 will have another look at the markets, however I mentioned in Sunday Nights video we could see 1212 with a few days Take Care, Joe Baker
on the 30 minute there is a head and shoulders with top of 1290 and a neckline at 1250,suggests your 1212 area
You have a H&S, I have a wedge pattern & a Fib Projection All saying 1212..................lol Well at least we will know if it failed to get there it will be one hell of a long Knowing that any failed sell pattern is a buy and any failed buy pattern is a sell, I just wanted to make it little more complex to figure this pattern out Back to being serious, this is a nasty DOWN pattern, the kind that makes you say to yourself HOLY S*^(*I i*T Be careful with this market on both sides we donât have to run right straight down we could snap back before settling In at 1212 or below, use hard stops not mental and use your best money management. There was an absence of volume today not sure what was going on to make it so light, even more cause for concern. Take Care, Joe Baker
<object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/6eiSX_S9vtA&hl=en&fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/6eiSX_S9vtA&hl=en&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object> Levels for Tuesday