Hit The Bid: 1-28-2011 Friday

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!

Friday, January 28, 2011

1-28-2011 Friday

Composite: We again extended the range yesterday and overnight by a tick (1298.50) so far. And that was after a bad GDP #, so it seems the market is pretty strong here and wants 1300. Then maybe the bears will get the pullback they have been forecasting ;)

15 and 5 min: Key zones on 15 min and key HVN/LVN'S on 5 min charts.

Globex: "P" shaped O/N profile, indicative of short covering....as I said maybe after we get 1300 the bears will get what they want, round numbers are often psychological support/resistance. Expecting OAIR or OAOR above yesterdays neutral day.

Plan/Hypothesis: If we open above yesterdays range I will look to see what the market tells me as we hit the low volume area near 1300 , crush through or get pushed down. Same goes for opening in range, I expect that we may start to see some rotation back down, but as my quote of the day says.......

Quote of the day: "The market is ALWAYS right!" ~?

Lots of the quotes I don't know who said them I just remember them, if I ever forget to put a name or question mark after it I am not taking credit for it....I just don't know/remember who said/wrote it.

I am experimenting with the way I do this, if you have any feedback or questions about the format or anything please send me an e-mail or Tweet at me, thanks and I hope this is helping someone out there ;)