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Gav’s Morning Coffee 29-Jan-2007

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Premarket of NQ is rather flat. No major report released today.

Daily chart of Nasdaq Composite, a lower high was formed last week. Mike did a recap at his site.

I’ll be paying attention to that downward sloping trendline, especially if it stays unbroken and crosses the 50-day moving average. Those two lines could become significant resistance.

For short term trading, I am not bullish at the moment. I am interested in watching if we are heading to 2400 level. Well , just a guessing game.

60 minute chart of NQ, we again come back to the support level which formed since last Monday around 1784. We are still in downtrend, this is supported by negative Adjusted TRIN as well.

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[photopress:NQ60minfullday_1.jpg,full,pp_image]

Dummy day trading #47 25-Jan-2007: NQ short trade closed

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I made a execution mistake today.

Short position was established at 1120am. It was a slow start. Market started sold off after 1130am. However, I was being a Chicken. Instead of letting the profit run, I covered the position with only 1 R gain. That’s a shame. Poor plan execution. It should have been a multiple Rs day. And I am feeling frustration now. So I am gonna call it a day. 🙁 [Read more…] about Dummy day trading #47 25-Jan-2007: NQ short trade closed

Gav’s Morning Coffee 25-Jan-2007

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I am looking at NQ. Bulls had a nice day. Nasdaq composite bounced from support. I am not going to write too much of market recap. Trader Mike wrote a recap at his blog. From daily chart of Nasdaq Composite, I am staying positive. From 60-min chart, trend turned up and Adjusted TRIN continued ticking up as well, again, I am positive.

Premarket? of NQ is kinda flat, with positive biased. Let’s see if bulls continue its party.

Summary

  • Previous high:? 1815.75
  • Previous low: 1793.25

Readings: Basic Options

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It was a strong morning. And, NQ was running without me. Staying flat for 3 days in a row. uhm… I saw a trend coming, however, I just couldn’t find my entry setup. Well, forget it. There are opportunities in the market day in and day out, but they are invisible to me now as I have not learned to recognize them. It takes a pretty long time and effort to build recognition plan and skills.

I received emails asking for information about futures trading. I have yet [Read more…] about Readings: Basic Options

Gav’s Morning Coffee 24-Jan-2007

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We have positive buying of NQ futures in premarket. We are likely to have a gap up. From daily chart of Nasdaq composite, I am staying neutral, not bearish though. From 60-minute chart of NQ, we are still in downtrend, however, bears seems to be weaker. I see Adjusted TRIN starts ticking up. We are still at support level 1783.25 area.

  • Previous high: 1803.25
  • Previous Low: 1783.25

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