Trade Setups for Friday 10th, February 2012
Dear traders,
Good day. First I like that you all see those two charts. First are SPY weekly and you can see that SPY reached previous high resistance area. That is reason why will be risky to take new swing long trade. Of course individual chart can go with own way despite of index action but generally this resistance will increase risk for long side.
On the other side we can see daily chart. SPY look ready for another push up on lower CCI what will bring us in dangerous for CCI pull back and it can happen any time. This is another reason why will be long side higher risk for daily time frame. Because of that we can look for intraday patterns like BIDU 15 min consolidation or XEL weekly bull flag with 15 min triangle possibility for long side. On the other side I will follow JBHT and RAX for daily CCI reversal and NWSA for possible 15 min base break down and another selling wave. If anyone doesn’t see those ideas please let me know and I will give you additional explanation. Point is that I think that with that strong indecision I thing that is not smart to come out with trading plan because direction can changed anytime. Because of that I will send all updates over usual ways. Also I like to say that I will follow AMZN action again for short side.
Please note again; RISK is higher because chart reached bigger weekly resistance area and without signal it will stay risky because we can see reversal, but we can see continuation or range action too.
Wish you all good trading day
Ivica
PLEASE NOTE:
The primary focus of my service is to find Swing Trades. I look for intraday setups that have a potential to become swing trades. Since my membership is diverse I do post additional ideas (day trades, position trades and scalp trades). It is up to you to decide which trades are appropriate for your trading style. I do NOT personally take every trade. Your success depends on YOU taking trades you understand and like. I am always available to contact for additional trade explanation.
TRADING THE OPEN
During normal market conditions our regular setups generally do very well regardless what time they are taken. Trading right at the open always adds risk. It is recommended that new trades not be taken for the first 5 minutes the market is open. I will treat each new trade that sets up during this time as a gap trade and wait till the stock comes back and takes out its 15 minute high or low.
Trading is risky. It is our job as traders to reduce this risk and increase our chances of success.
IMPORTANT: Take only the opportunities that you really like and understand. Always enter a trade with a trading plan. If you have any questions, please feel free to ask me. There is a much greater chance of success in your trading if you understand the trade. That is very important. Taking just a few trades is enough to be a successful trader. Overtrading is probably the number one reason new traders fail. I personally mostly take swing trades. Please remember to keep that in mind!!!!!!!!!!!!!!!
If you have any questions, please feel free to contact me.
Good luck trading today!
Ivica Juracich
XpertStockTrader.com
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