50 5 2
The 6J has broken out (minor) to the downside and we are at the go-no go area. Aggressive traders will sell this area. We are being very cautious due to the recent false breaks. We choose to sit this out until we see a better break. What does that look like? If we break 9725 on the down side we will nibble (very small) to the downside. If we break 9920 on the upside we will buy all pullbacks. It's interesting to note that while the S&P             is rallying the 6J is doing nothing. If the 6J breaks to the downside we will see much higher in the indices. If we see a nice break to the upside then we could sell off for a while in the indices. With this pull back we are in the middle of the junk and it's a fight for control...try not to get caught in the fight. Right or wrong the big boys have deeper pockets.
You're right, we're right in the heat of battle with all this 2 way action, so no clear winner.
Keep your powder dry ElliteTrader101. Trade well
No clear direction longer term, but there's still money to be made intraday. I just grabbed a nice profit on GJ near the bottom at a 00 number, then exited right at the top in a value area today. Just got to be selective, I'm a short term trader for forex.
Agreed. Swings are struggling in here. Best to scalp the range until we get a clear break. Nice trading!
If you want to swing, the easy trade is in stocks, they just keep on going in one direction!
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