Well the pre-market has made mincemeat of my S/R, which means two things to me. 1. Unlike what I said earlier, the pre-market action definitely does matter, Sandy (also, we had a great double bottom in yesterday's trade, which if I had factored in the pre-market Low, would have set me up for a nice trade to the upside). :eek: 2. Until we get a Lower High, Followed by a Lower Low which breaks the previously established Lows, (or Low, singular, as it where) this market looks like it's going UP, so that's how I have to play it. Coffee Time, Jimmy
IMHO If price can stay above 1268 until the open than it has a chance of going higher. If not, than there maybe a significant pullback.
I agree, Q's are up and IBM is up this morning. These are 2 indicators I tend to use. I really like Big Blue (IBM).
I got out at 1269 for 1 point gain, should have exited earlier when it was up at 1269.5 but probably would not have been filled anyway. May re enter later when market settles down I may re enter long at 1270 since my channel was from 1268 - 1272. This would let the market settle and still provide 2 points. IMO
FWIW, I don't like to enter pre-mkt unless there is a very clear-cut S/R level and price tears through it, usually on news. Price broke thru 91.75 on the NQ just fine, but I didn't have the confidence in the R level to take the trade. After that, it's a matter of watching and "listening" since these initial thrusts often fail. In this case, price held above RnowS, which led me to re-examine potential R for further upside. I thus took the break from that 10m consolidation between 0933 and 0944 EST. But this didn't reach my target either. At least now, though, I have a better idea of exactly where the ropes are in the boxing ring. If a short below 92 doesn't work, to hell with it.
I should have taken this approach myself. I started having a bad feeling when I entered at 1268 that is why I took a 1 point gain. If that is the only trade I do today I will be happy with 1 point.
Note: I do believe we could have a nice short opportunity at 1264. It provides all the criteria in planning my trades. Should have momentum when it pushes through and could go 4 points fairly easily. IMO
Yes, we may not get any good pushes today. I'll watch a lttle longer. BTW, did get any points so far?
i got trigger happy in the morning at 68 but couldn't get the 2 points and I saw the same support at 64 and I entered at 63.50 and that trade didn't work well either