Hit The Bid: 1-20-2011

This blog.....

.....is for my daily homework and some journaling. Hope it helps any and everyone learn and make money. That's what we are here for....to manage risk and make $$$. Wishing you all the best, except when you are on the other side of my trades ;) Also there is a lot of code on this blog that many people have paid ridiculous amounts of money for, in some cases. So if you feel like the code on this blog is worth it throw a few bucks this way, we would appreciate it! I will also be posting some chart definition's for Investor RT. Thank You!

Thursday, January 20, 2011

1-20-2011

Composite: Yesterday was a big sell off. Still stayed within micro composite levels. This hasn't gone to the bears, yet.

15 Minute: Key zones marked. Yesterday was a trend day and also a somewhat 'd' shaped profile indicative of further long liquidation. This further weakens the underlying structure of the market, but as stated before the bears aren't in control, yet.

5 Minute: Zones and levels marked.

Globex: Overnight condition is range to downtrend. VPOC creeping lower. Expect news to drive a lot of the market today, especially the jobs number at 7:30 AM CST, existing home sales and Philly Fed at 9 AM CST.

Hypotheses/Plan: Overnight inventories tending to creep down but we are getting some good earnings reports ( 6:45 AM CST ). If the market opens inside yesterday's range probabilities could favor a range day and I will look to fade the edges. If the market opens below yesterday's range to me this will signal that there is more work to be done on the downside and I will look to short rallies.

Quote of the day: "It is not my job to know if the trade will be a winner or not. It IS my job to recognize the signals and take the trade." - Dave Dube