Added to my potential trade watchlist.

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Well I'm looking to take another long trade on the Russell Ishares ETF . What I'm looking for is for price to make a pullback to the 120.00 / 122.00 area in order to go long. Which is roughly around the 200 Day Moving Average (Support). The reason I like trading ETF's is because it is one of the simplest forms of trading in a bull market, with support & resistance areas clearly being outlined, and the extreme liquidity in them (Which equals tight spreads).

Anyhow, what we see here is that price broke above 120.00 resistance, and has now established a new range (Roughly $6-$10 wide). And price may make a pullback to support (Both horizontal & 200 Moving Average). If it does come back around the 120.00-122.00 area I will be looking to enter long, with a price target around the 125.00 / 126.00 area.

Just remember that this is simply being added to my watchlist. Reason being that I keep an eye on currencies / bonds / equities, so on average there is 200-300 instruments I check daily at the New York close. And from there I add about 10-20 instruments to my potential trade watchlist. That way it becomes much easier to manage potential setups. I will keep you guys informed if I take a potential trade off of my watchlist due to unfavorable price action, fundamentals, etc.

Cheers =)
Awesome, I love trading RUSSELL, best friend of mine =), only the futures just to be clear, LOL. Entering in the direction of the major bullish trend, sounds good to me :)

Thank you mate for sharing, ALL THE BEST :)

You scan through 200 - 300 instruments everyday, whao now that is some true skill you got Daniel. Amazing :)
+1 Reply
Daniel.B moneymaking
Hehe yea on occasion if need to get the blood rushing I'll trade the opening bell on S&P futures off of Level2's lol. Haven't done that in like 2 months tho lol. Yup just trade in the direction of the major bullish trend and everything turns out well for the most part =D

Yea takes me about 1-2 hours to do so, and then from the "10-20 potential trades" I only end up taking like 1 or 2 of them. lol

Thanks for the comment tho bro, cheers to another week of trading! =D
+2 Reply
moneymaking Daniel.B
It's really good that you only take 2 to 3 trades from the 10 potential setups. This really forces you to focus ONLY on high probability setups with lowest risk possible. I am also trying to get into this habit, but sometime I just get a little bit too excited, which should NOT happen. I definitely have to work harder on this. I know for sure that if I tried to look at 200-300 instruments, then its very likely for me to take half of the setups. Picking out 10 setups out of 200 -300 instruments, that is really impressive, Keep it up mate :)
+1 Reply
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