Stock pick for 12/09/2011
Dear traders,
Risk remain higher and I will stay in same mode as last few days and that mean I will look for ideas and I will take them with small risk. I like to see if market back in normal or this news driven market continue and I want to check that only with small risk. For market action I don’t have special bias, but I think that Europe news are not something special and I will favor more bears then bulls, but on the other side my focus will be to find own way chart.
Wish you all great trading day
Kind regards
Ivica
DBD - short
Technical view: After move from high DBD started with bear flag correction on the daily time frame chart and went to 20/200sma resistance area. I will look for selling continuation under yesterday low and stop will be above 15 min consolidation. Break under 29 will confirm swing potential and in that case (depends on market support) we could see some longer swing action
SLV - short
Technical view: SLV daily/weekly potential stay same and this time I will use 30 min time frame consolidation for trading plan. I like it under yesterday low and for now stop is above 30 min consolidation, but I plan to move it fast after setup, because if we won’t see stronger 5/15 min selling pressure then odds for back and break up on the 15 min will increase. Day trade target area will be $30 as number supp0’ortb area, but all that depends on volume and pace after setup.
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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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