Friday, March 13, 2009

Update at 1:30 pm

Here is the five minute bar chart for today's e-mini day session. I am working with a range estimate of 740-765 (blue rectangle).

I bought one unit at the green arrow as the market approached the lower edge of the rectangle. I am expecting a move up above the 760 level. However, the e-minis have rallied to the midpoint of this morning's trading area. If the market should bounce off of this level (purple dotted line) showing volume on the way down I would have to presume that the day's high is already in place and that we will trade below 740 later today. Such market action would cause be to sell my long position.

1 comment:

rc said...

Very helpful here Carl...Thanks.