Market commentary for 04/09/2009
Good day,
I invite you to visit me at: http://www.ivicatradingcharts.com/. Click on daily articles you can see the daily trading ideas and commentaries. I would also like to invite you to join us in the live trading room. It is absolutely free and you will find the results beneficial and profitable.
Really not much to say about Wednesday's action. Very choppy action, high risk trading with only high risk action. Move-rest-move trading is not working right now, only for scalp trades. The reason for that we will see on bigger time frames.
On the 60 min chart we can see the indices are in the channels. For the SPY and the DIA that is flag action and for the QQQQ that is a base. How long the channels will hold we just don't know, but we doc know that until indices move out trading risk will remain high for day and swing trades.
On the daily charts I draw scenario what we can see the buying pace is still much stronger than the consolidation pace. We can also see the 10sma support area holding which is another good reason is for a possible buying continuation. From the 60 min and daily charts we have good reasons to follow that scenario.
The problem is Thursday is the last trading day for the week and after open the action will probably be on low volume. We can see a rally but it will be on very small volume. I will be focused on intraday setups with more focus on the long side since the 60 min and daily charts support that direction right now. We will follow the open and hope that we don't see the opposite gap again. I will bring all updates in my live trading room and you can join me very easily and be updated in real time
Good day,
I invite you to visit me at: http://www.ivicatradingcharts.com/. Click on daily articles you can see the daily trading ideas and commentaries. I would also like to invite you to join us in the live trading room. It is absolutely free and you will find the results beneficial and profitable.
Really not much to say about Wednesday's action. Very choppy action, high risk trading with only high risk action. Move-rest-move trading is not working right now, only for scalp trades. The reason for that we will see on bigger time frames.
On the 60 min chart we can see the indices are in the channels. For the SPY and the DIA that is flag action and for the QQQQ that is a base. How long the channels will hold we just don't know, but we doc know that until indices move out trading risk will remain high for day and swing trades.
On the daily charts I draw scenario what we can see the buying pace is still much stronger than the consolidation pace. We can also see the 10sma support area holding which is another good reason is for a possible buying continuation. From the 60 min and daily charts we have good reasons to follow that scenario.
The problem is Thursday is the last trading day for the week and after open the action will probably be on low volume. We can see a rally but it will be on very small volume. I will be focused on intraday setups with more focus on the long side since the 60 min and daily charts support that direction right now. We will follow the open and hope that we don't see the opposite gap again. I will bring all updates in my live trading room and you can join me very easily and be updated in real time
My site http://www.ivicatradingcharts.com/ is now up and running. Please register as soon as possible to continue to receive at no charge my daily chart ideas, commentary and daily watch list. This service is still FREE. Once registered you will have full access to the site and you will be on my email list to receive market commentaries and watch ideas in your email box daily. Just go to the site http://www.ivicatradingcharts.com/ under Subscribers and fill out the form. It will take just a few seconds. NO FINANCIAL INFORMATION IS ASKED FOR!!!!
Those of you that are new to trading or just not getting the results you need, I offer a regular mentoring program to teach you my style of low risk/ high reward trading. The first of these programs will be held April 20 - May 01. Additional information about the mentoring program and how to sign up can be found under the Education program tab on the upper toolbar.
Join me in the trading room. The service and all the benefits of live trading with a professional remain free to all.
Kindest regards,
Ivica Juracic
Those of you that are new to trading or just not getting the results you need, I offer a regular mentoring program to teach you my style of low risk/ high reward trading. The first of these programs will be held April 20 - May 01. Additional information about the mentoring program and how to sign up can be found under the Education program tab on the upper toolbar.
Join me in the trading room. The service and all the benefits of live trading with a professional remain free to all.
Kindest regards,
Ivica Juracic
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