Today is Monday, January 25th and the major index’s seemed to have stabilized.
The S&P, Dow and Nasdaq markets took a breather today, after the last few sessions of getting beat up pretty badly. The S&P and company, traded sideways, bouncing up and off of temporary support zones. It is being strung out, across the bottom. When that happens, you can look at either two things, a continued break down or the early session continues to string things out. The upside looks like it is capped, slightly over todays session highs for the time being.
Pretty tough to call this one ahead of time. We just need some time to see how the market handles these critical area’s. This is for the short term direction. Somewhere in here we should get a bounce and once that happens, we will have more clues on the next move.
Currently, the momentum on the 120 minute chart is pointing lower, the daily is lower, the weekly is getting close to rolling over, but not yet. A lower close this week may push it over the edge, but it is currently still up and the monthly is up.
Today’s trading was quick and pretty painless. I took just one trade and scaled out of it in three places. The first part was for 2 points and closed out in the first two minutes after I entered, the next was for 3.25 points and took 16 minutes and the last part was for 2.25 points and that took 20 minutes to close out.
I didn’t need any more than that, so closed it up. There were many more trades that I could have taken, but as I often say, I like to keep the struggle to a minimum and today fit the bill.
I have a video of most of the trade below, nothing to earth shattering, but it is what it is. I don’t have my screen built up, but just the raw price data. When I build my screen with the tools I use, It makes it easier to see for those who are trying to learn, but I can only show so much. towards the end of the video, I do have a screen shot of the chart I have used to show some of the recent turning points and as I flip to it, you will be able to see some of the turns in the middle of the session. I do have them marked and all of those would have been good trades. There are about 8 or 9 excellent trades in a row there and I feel I could have had most of them if I was going for it. The thing is, I don’t often push it, but some times I do. I need to be ready for that kind of day. I will have some of them again, where I do a mini marathon and may pick up 10-20 points in one session. It takes a lot out of me to do that, but I am sure I will have my moment in the sun. No great need to do that at this time. Last week would have been a good, but I was not ready. I don’t like thinking about the big score. It can be nice once in a while, but steady as she goes is just fine.
I have to make it short today, going somewhere tonight. In-fact, I will be traveling for the next couple of days, I may only have a short time to trade, but I will be checking email, so if anyone has questions you know how to find me. vinnie@sniperdaytrading.com
Related posts:
- Quick Trading Day Today
- Quick Profits Today
- Scalp Trading – A Different Way to Trade !
- Trade Positioning – Key to Profit
- Learn to Trade Emini
Tags: Scalp Trading
Please log into the site.