Market commentary for 03/25/2009
Good day,
Despite a very tricky day we had an excellent day in the trading room. The trading room is free for a limited time, or you need to do is send me an email ( danded2005@inet.hr ) and you will get instructions how to join us. You will then receive live updates about every open trade and all of the new calls that are made: http://ivicatradingcharts.com/2009/dwl032009.htm
The day started with a gap down with good odds to get back to Monday's highs and fill the gap. The market action today was very choppy on light volume and didn’t give us good odds for low risk long setups. Our open swings did great (CF and BIDU). If we look at the 60 min charts we can see a double top was all what the bulls made on Tuesday. The bears took control and for the rest of the day we saw nice intraday move down with good pace and volume for short setups. I gave several swing short possibilities with very good odds for nice risk/rewards, but right now it is important to note that we need to use small risk on them. We may have seen high of the daily bounce from the lows, but right now that will be a very speculative conclusion. I think we can expect to see a correction, but right now we can’t know how strong or weak it will be. For tomorrow I will expect more selling pressure in the morning, but also we must recognize important support areas like, 20sma on the 60 min chart, previous lows and especially Monday's low which will be strong a support area. If the 20sma on the 60 min doesn't hold then I think we have good odds to see Monday low (gap area). I will watch the intraday action (pace and volume) and then I will decide about any activity.
Those of you that used to come into the trading room and stopped, I want to tell you I am back full time and welcome all of you to come again. There is nothing to lose since there is no charge for the service right now. I look forward to seeing you all there.
Good day,
Despite a very tricky day we had an excellent day in the trading room. The trading room is free for a limited time, or you need to do is send me an email ( danded2005@inet.hr ) and you will get instructions how to join us. You will then receive live updates about every open trade and all of the new calls that are made: http://ivicatradingcharts.com/2009/dwl032009.htm
The day started with a gap down with good odds to get back to Monday's highs and fill the gap. The market action today was very choppy on light volume and didn’t give us good odds for low risk long setups. Our open swings did great (CF and BIDU). If we look at the 60 min charts we can see a double top was all what the bulls made on Tuesday. The bears took control and for the rest of the day we saw nice intraday move down with good pace and volume for short setups. I gave several swing short possibilities with very good odds for nice risk/rewards, but right now it is important to note that we need to use small risk on them. We may have seen high of the daily bounce from the lows, but right now that will be a very speculative conclusion. I think we can expect to see a correction, but right now we can’t know how strong or weak it will be. For tomorrow I will expect more selling pressure in the morning, but also we must recognize important support areas like, 20sma on the 60 min chart, previous lows and especially Monday's low which will be strong a support area. If the 20sma on the 60 min doesn't hold then I think we have good odds to see Monday low (gap area). I will watch the intraday action (pace and volume) and then I will decide about any activity.
Those of you that used to come into the trading room and stopped, I want to tell you I am back full time and welcome all of you to come again. There is nothing to lose since there is no charge for the service right now. I look forward to seeing you all there.
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