Stock pick for 12/06/2011
Dear traders,
It is more and more difficult to find lower risk setup for next day. Reason for that is resistance what indices reached on the daily time frame. Pace was very strong what not suggest for selling continuation (not at this moment). Since stronger resistance “area” is here then risk for long side is understandable. On the other side every try for 60 min correction finish with new high and because of that short side is not low risk too. Daily indices charts suggest that wild range action could continue. I can now enumerate several possibilities what can be or not. Point is that we are at moment when chart can’t suggest swing move (for sure not lower risk setup move) and with news what can come out every day it will be just guessing from my side. For me it is more important to see what solutions I have. First, I will wait at least first 5-15 min before I will take any trade. Risk will be small as usual last days and patience will stay my best friend. It is game with nerves and I don’t know where end but I will know that I like to see action before I will take any trade. That is hard for watch list because we had many gaps last days and all change after open. Because of that I invite you all to contact me for any specific trade if there will be any question.
I wish you all great trading day
Ivica
DY - long
Technical view: DY look like have own way and on the daily/weekly tiem frame we can see that DY trying to break on the new high and it is daily third try. In the past it was really nice charm pattern, but lately in news market don’t work that well. Anyway, we can see that Monday was open with bear trap (opened above Friday high and closed near lows) and I will look for possible continuation and for that I will look 15/60 min time frame. Another stop is under Friday low. My interest is trap and new high buying pressure.
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"I have been trading for over 5 years. I am continually impressed by Ivica's understanding of the market. He provides low risk and extremely profitable trading opportunities. His watch list is always concise and includes an overview of the market as well as very specific set ups..."
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