Hit The Bid: 1-26-2011

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!

Wednesday, January 26, 2011

1-26-2011

Composite: Still inside balance area. Bulls need to take out 1292's to get going which were broken in the Globex session with a high of 1294.50's.

15min: Key zones marked. Yesterday we had an OAIR and came, yet again, close to filling the naked close and NVPOC. Expecting OAIR or OAOR. We also have a naked close at 1288.

5min: Key HVN's and LVN's marked.

Globex: Overnight session was a slow melt up with a 'p' shaped profile which indicates short covering, we stalled at highs per usual. Down trend could resume and we may go down to our NVPOC/NClose area (1275-1275.75)

Plan/Hypothesis: If we open in yesterdays range I will be looking to fade a rally down to the 1275 are mentioned before. If we open above yesterdays range I will look to buy pullbacks if we start to gain momentum to the upside off a key level. Opening below yesterdays range is highly unlikely but should we do so I will look to buy the NVPOC/NClose area.

Quote of the day: "It's good to be good, but it's better to be lucky" ~Cramer (Yes I quoted Cramer, "Confessions of a Street Addict" is a great book IMHO)