TradeMultiMarkets

TradeMultiMarkets

This is to document my initial entry long in this pair. This is 1/3 of my position. If it tests the 1.2950 area and holds I am prepared to buy more. If it falls through in a hurry, I will exit this for a small loss. This type of trade is not for an inexperienced trader. Profit potential is just about 2:1, slightly less, but I think its worthwhile at these levels.

TradeMultiMarkets

There is a clearly over bought condition in the SPY which is visible on larger time frames. I have already initiating a short at 162.20. I am waiting for additional bearish confirmation before adding to this position. The arguments against this is the all time highs which are made possible by the global economic stimulus situation (see JPY). At the same time,...

TradeMultiMarkets

From a purely technical perspective, this stock is just above a psychological resistance zone (4 hour chart). It is still lacking enough bearish price structure to justify a swing trade short at these prices. If over the next week, if it presents sound selling structure on the 30min to 1 Hr time frame, an attractive selling opportunity can emerge. Risk can be...

TradeMultiMarkets

Bigger picture this pair is still technically strong. I do not factor fundamentals into day trading analysis because they are irrelevant in terms of this time horizon. A strong technical bias means that I will expect for performance from my longs and less from my shorts. IF this pair reaches these levels over the next day or two, a trading opportunity may...

TradeMultiMarkets

If this pair can retrace into the 1.5495 - 1.5475 area, I will be looking for bullish setups on my 15 - 30 minute time frames. If I get proper validation, then I will be looking at a max risk of 30 pips and a minimum potential profit of 60 pips. If price breaks 1.5450 area with conviction, then this idea is out the window. Validation is key to this type of trade.

TradeMultiMarkets

The break of the weekly high is a sign of technical strength. This opens the door for a buying opportunity if price can push back into the mid 25's. This process can take a number of weeks. A more conservative buy zone would present itself just below the 24.00 swing low, but buying here requires a great deal of validation. A weekly close below this level will...