S&P500 Emini future Trading Plan – As January goes so goes the year. Corona, Ca Jan. 28, 2016
Traders have many superstitions which are backed by some correlations and timing. One of these is: as the first day of market goes so goes the week, so goes the month and so goes the year. If this is the case then this could be a down year for the market. We have a few more days to go so we shall see.
Inverted Head and shoulders could extend the buyers move up to resistance 1911, 1940, then 1956.
If sellers execute off this possible flag pattern, then we could retest the support at 1865, 1849. then 1804. If the market sells off then watch for 1769.25 as next major support.
Lots of volatility headed into this market with no clear direction in this consolidated area with smaller range candlesticks during this past week.
Will we confirm this past move down to 1804? Will we execute off of support and buyers control the next move up from the Inverted Head and Shoulders?
Conflicting patterns. Short term day trading of support and resistance based on commitment of traders are giving the most solid signals.
Next we look at a trading plan for Gold and how buyers are getting squeezed on all the reversals from lows. News is pushing this market around with a lot of volatility. If you are new to trading it is best to stand on the side and practice your entries and stop management in a simulated trading account. There is no real direction in the market with a lot of media claiming we are oversold. This could be a consolidation zone where the market is resting to gain strength either for a reversal or continuation of the move down. We will see who commits to the direction of the market soon as our daily price range is decreasing.
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