Hit The Bid: 1-31-2011 Monday

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!

Monday, January 31, 2011

1-31-2011 Monday

Composite: You can see that we have moved down to the previous balance area, it seems like it was a combination of a toppy market combined with the news out of Egypt that brought us down.

5 & 15min: Key zones/levels as well as key HVN/LVN's marked.

Globex: Another "P" shaped profile overnight indicative of short covering. This suggests there are many people short at bad prices from Friday and the beginning of the Sunday session. There there are 2 distributions at the top of the profile. Expecting OAIR.

Hypothesis/Plan: This should be an interesting day to see if the bears can keep control of the market. If we open inside the range, I will look for shorting opportunities, but will also be prepared to take longs if this overnight trend continues. Opening outside range is unlikely. This is a news heavy week as well as a heavy earnings schedule, so hang on to your hats.

Quote of the day: "The great irony of trading is that it is difficult precisely because it is so very simple." ~Curtis Faith A great book on how to use the more intuitive side of your brain