Dear traders,
I found that many charts went strong to 1st resistance area. It is daily 10sma or 15 min 200sma and after two days up on strong pace and with very possible gap up open I’m really caution to take any new short trade right now. I like INTU 15 min chart but I’m afraid that open action will eat most of upside room. Now what to do? After that strong bounce it is not easy to take swing short because bounce was to strong. But I will look for intraday setups over %gainers/losers list in hope that I will found bull trap or something like that on individual name what could lead us in trend day for that individual chart. I want to say that today activity will depends on intraday scanning. I think that is really too risky to bring any trading plan without seeing open action. Over email all updates will come. If anyone have any question why I think that is this best way for today open please let me know.
Wish you all great trading day.
Trade of the day for 10/05/2011
Entry chart
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