Weekly to Daily Summer Trading Plan June 2015
“Traders use a trading plan to set their trades, risk management and execution with the nimbleness of trading the direction of the market.” Joel Wissing Money Maker Edge™ Trading Course.
Weekly to Daily to shape your perspective of the market. Sequencing is one of the most important steps for a trader to learn. How one sets up their trade plan is how you create your opportunities in the market.
The weekly chart is very consolidated at the top of the market where it has been hovering trying to make it’s way to new highs. 2074 the previous swing high on a move up is the new support on this move, as noted by the red line.
The sellers had a slight uptick in volume coming close to the average monthly volume of 5259k. An increase over the previous month. Still watching as the volume spikes are decreasing.
The Range is very small at 29.75 points for May. This type of small range occurs normally before we have some volatility and a break out in a market. Last years summer also started with this type of small range and then broke out in August. We might see the same unless an outlier pops on to the scene. Greece exit, could be a big mover of the markets, or a second tier bank failure for non payments of debt. Remember in a widely held market supported by quantitative easing we will see these periods of consolidation, low range days, weeks and months and then a small correction which acts like a spring to bring in the volatility to break through new highs. Here is the article about some of the pressure on the 2015 markets.
The post Weekly to Daily Summer Trading Plan June 2015 appeared first on Day trading course S&P 500 learn how to trade day traders..