It was a day of consolidation during the regular trading hours. The rally overnight came to within a point of the major resistance level, giving further indication of seller control. The support at 1077 held nicely until very late in the session. This is likely a sign of things to come next week with a possible test in the 1061 and 1050 areas.
On August 13, 2010, In Market Recaps, By eMiniDayTrader
On August 13, 2010, In Market Recaps, By eMiniDayTrader
An up day but in a down market can make day trading difficult. And that’s what we experienced today. But, that’s also a fact of trading. There will be bad days.
Here is a look at the key levels of support and resistance as well as the “watch out below” point.
On August 11, 2010, In Market Recaps, By eMiniDayTrader
The expected break of a fairly large proportion took place today. The limping bull morphed into a charging bear in the overnight session. It took out a couple of potential supports and continued lower for the entire day. More selling is likely with next targets at 1061 and 1051. Resistance in the 1091 area…
On August 10, 2010, In Market Recaps, By eMiniDayTrader
The long awaited news was delivered today. A bullish reaction…but certainly not a huge success. The up inter-day auction remains intact…but it’s limping. Here is an ES market overview and a look at the key levels to watch for clues to the next directional move.
On August 10, 2010, In Trading Education, By eMiniDayTrader
Not understanding how the auction process works is one of the main reasons traders and trading systems tend to fail.
In this brief video we discuss:
– What is the auction process?
– How is a failure to understand this process is one of the main reasons trading systems fail
– How eMiniDayTrader uses the day trading auction process as the basis for a robust day trading system
On August 9, 2010, In Market Recaps, By eMiniDayTrader
All quiet while we await the FOMC meeting Tuesday. The upward bias continued and we are looking for a good test of the 1129 area. The support still holds the same in the 1117-1118 area. Look for some more quiet trading until the news is released at 2:15 Eastern tomorrow.
On August 6, 2010, In Market Recaps, By eMiniDayTrader
In yesterday’s video we said the moment of truth for this market will be known on Friday. Well, it looks like the bears showed their true colors and it came out chicken. No follow through off of the key support area and then a powerful 13 point rally to finish the day. Barring unforeseen news, look for a possible gap up Sunday evening in to Monday’s trading session
On August 6, 2010, In Market Recaps, By eMiniDayTrader
Thursday was another day of consolidation overnight as well as during the regular trading hours (RTH).
The upward interday bias remains with the support holding. That support
is now in the 1117 area. We’ll most likely see some extreme volatility with the
news Friday morning, with a probable test of the 1129/1130 area.
If the news if favorable a move well past 1130 is possible.
On August 5, 2010, In Trading Education, By eMiniDayTrader
A major focus of the eMiniDayTrader method is combining systematic
trade setups with discretionary market understanding and decision
making.
This leads to a few logical questions:
- How does this process work?
- Does it actually improve your profitability?
In this article we will:
- Explain how this process works
- Show you the numbers to prove that it works
On August 4, 2010, In Market Recaps, By eMiniDayTrader
The up auction continues as it grinds higher on its way to 1130.
Maybe tomorrow we reach it although we’ll know for sure on Friday
when the all important employment situation news is released.
Support remains in the 1117.00 area.