OPEN idea is reversal pattern and bounce continuation. We can see that OPEN consolidates under 20sma (blue line). First target is weekly 10sma resistance and next one is daily 50sma and also equal move resistance area. Lots of expectations will depends on pace and volume after setup.
Wish you all best trading day
Ivica Juracic
Corporate Office Properties Trust, a real estate investment trust (REIT), engages in the acquisition, development, ownership, management, and leasing of suburban office properties. We can see that OFC bounced from low after CCI divergence. Bounce was very strong on higher volume and after that OFC started with consolidation under 10sma resistance area. Monday brought narrow range day and I will look for long continuation and another buying wave. First resistance will be 20sma (blue line) and after that previous high and 24 area will be next one. If you look at weekly time frame chart we can see another CCI divergence what will support long idea. Trading plan is on the chart and if anyone will have any question please feel free to contact me.
Wish you all best trading day
Ivica Juracic
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
Just few words.
Most charts have room for day two upside action. I don’t expect that selling is over but market need some relief (at least charts say so at this moment). On the other side 60 min charts are extended after big bounce yesterday and it will be best if we will see some 15 min rest before setup, but if that won’t happen my advice is to took those swings with less risk then normal. If we will see setup after doldrums time then normal risk. If anyone will have any questions feel free to contact me.
Wish you best trading g day
Ivica
Trade of the day for 10/04/2011
Entry chart
