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Trading notes 03/11/2011
It was futures rollover week and the Dow is still caught up inside its daily
pullback. We opened lower pushing the lows of that pullback but rallied to
close back within the consolidation. Until we clear that area we will most
likely continue to alternate wide swinging range days and choppy test days
against the levels. The nice thing is that the area is really wide so there are
still a good number of opportunities in it. For me today there were none
because I only watched for a little bit around the open and shut down
around that first round of news at 09:55. The only trade I saw was that first
signal off the early test of the 11,926 crunchy but it lined up right into the
news so I passed.
Keep your expectations restricted to within those confines and work off the
tests of the crunchies until we clear the area. Be sure to ask for help when
you need it. I don't want anyone to be left behind and most of the time
when someone is struggling if we just slow things down and look at the
steps one at a time the simplicity will start to click and then its just a matter
of repetition so always ask for help when you are struggling. Refer to the
video in the Bulletin of the trading room for how to draw and use the
crunchies and you can also find examples there of the main setups used in
the room.
Next week I will be spending most of my time on the EURUSD spot FOREX
pair. I will still be able to help with the Dow or whatever else but I will start
watching the FX more to work around an adjusting schedule. Here are the
local crunchies for the EURUSD that I will be working with along with the
daily chart look, which is currently in its second MC pullback after a recent
KC pop that began testing its October high area.
God bless you ~
Here is the prior post.
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Dow consolidation in pullback
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Watts Trading Group
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