Hit The Bid: 1-27-2011

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 27, 2011

1-27-2011

Composite: We extended past 1295's but couldn't keep traction and the bears took it back down. We did, however, close above the 1292 area and are currently trading trading 92's now after that bad jobs number.

15min: Key zones marked. Yesterday we had a gap up and never really looked back with the exception of the retracements to the 1291-1290 area. During the O/S we closed the naked close at 1288.75's. Expecting OAIR or OAOR below.

Globex: Overnight session has a pretty balanced profile. We ramped up into the jobs number. Then after the number came out worse then expected, we unloaded down into 1290-1291 area again. Down trend may resume after short bounce, but we will see on the open where we go.

Hypothesis/Plan: If we open below yesterday's range, I will look to sell rallies. Target will be Tuesday's close ( 1287.25 ). If we open within the range, I will expect a range day and fade the edges. Opening above yesterday's range is unlikely.

Quote of the day: "Trading is not about how much you make when you make it; how much you lose, when you lose is all that matters." ~Tres Nippa (CME floor trader)