Intraday Commentary – 6/1/10
Time posted: 8:35am UTC
A new month is upon us again. Let’s see if we can take some of the points that the market gives us for another profitable one. The market is in a downtrend and a break of 1070 takes us to a major support point of at least 1067 which if broken, could see us move to 1052 then 1042.5 if not 1017. We need to watch support points along the way and will trade the triggers as they present themselves. The market can always reverse so we’ll watch for trend changes and update accordingly but lets see if we see this major support point of 1067 this morning.
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A retrace above 1077 could take us up to 1082 at which point I’ll analyze for continuation or reversal trades
A break of the resistance band of 1079.75 – 1082.5 has us looking at a 1090.75 target.
Trail if you are in as we are at the top of that band. Better to book profits and re-enter than give them back if this is really the top. Who knows what the market the market will do but we know we have a profit so exit or trail.
When I say a break of 1082.5 res band should see 1090.75 , I mean we see 1084.5 or higher not 1083…
We may be moving to that 1090.75 target. If you never got out then move your stop to protect what you are willing to give back. If you just entered, move your stop to break-even at 1084.5 or trail by what you willing to give back
Trail tight but our next targets are 1094.5 then 1097.25 if this up swing continues. If you want a hard stop, the next support point below is 1086.75
I missed a support point of 1091.5 so that could be used instead
1093 is amajor point of res. If significantly broken we should eventually see a break of 1100 to 1110. Let’s see but if in be careful as this could also be a turning point.
My medium term trend has flipped to long so let’s see if we get a pullback or a correction that’s strong enough to flip the trend again
If we are seeing a pullback here, we will reassess for triggers in the 1077-1081 range. If we continue up past 1095, expect res at 1096.5 and 1098.75 on the way up to target.
Let’s see what things look like after lunch. I’ll review the indicators, charts and tools at that time.
However, a break above 1090 should see 1097.75-1098.75 if the lunch volume allows
1092 may offer some resistance along the way though. If we head south, look for 1084 to offer support. A break of that should see a close target of 1081.5 as we work our way down but unless the trend changes back to short, we would think hard before entering short trades
Support is around the 1085 area
If in move stop up to 1088
Resistance at 1092 held and if my stop was followed, we would have been out. Analyzing for new entry opps.
We had stated above that a break of 1084 would see a move down to 1081.5. We actually moved to 1082. Let’s see if my trend indicator signals a trend change back to short before we take short triggers.
All Lakes are falling and the trend indicators have flipped to the downside.
1076.5-1077 is a major support point. If broken, I’m looking for1066-1067 and the possible domino effect re: triggers and downside targets. It could very well turn and head back up into consolidation or higher targets to the long side. Let’s see but I’m favoring Short signals until my trend signals state otherwise
In waiting for trend signals to align we miss a few trades but we increase our signal reliability and as we have seen, there are enough of these signals to be profitable so why take riskier trades?
If this pullback continues, I’ll begin to look for short triggers around 1084.5 – 1087. If we pass that then 1091 but a breach long of those areas would most likely signify another trend change to the long side
This final hour could prove to be interesting as we are setting up the potential for an explosive finish
Flirting with that major support point now, what will it do, respect or aggressively violate?
1073.5 is a major support point so if in, trail or move stop to break-even
My major target area is still 1066-1067 but based on the time, I’m trailing tight to 1069 then tightening
Only trail by what you are willing to give back!!!
1071.5 is a minor support point so watch out
Tightening up!!
Went to 1068.50 then bounced so trail took me out. Explosive it was huh? Wow, I love my system!!! It made me foresee it with enough time to tell you to trade it. We lost 1 of the 3 trades placed today but the wins far outweigh the losses, thanks to the system. Way to start the month!!!