Friday, April 26, 2013

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Dear traders,
I like to say few words about market. On the SPY , DIA and
QQQ monthly charts we can easily see resistance area and I believe that we all will agree that indices have reached that area. On the daily time frame we can also see SPY and QQQ have reached previous daily high while DIA is weaker. SPY and QQQ could form daily double top pattern, while DIA could form daily head and shoulder pattern. In that case we can expect to see correction from high and that will turn us into short bias that started yesterday before close. On the other side we have information about market resistance area and that not mean automatically that we will see reversal. We could also see consolidation at high. Reason why I’m writing this is that I want you all to understand the situation that we have now. I think that you all understand the indecision that we have when we look for daily trend possibility. It is impossible that we will be sure where market will go, but with the information we have we can recognize risk and from there we can decide about our activity. One possibility is to use less risk and another is to be patient and wait. That decision is up to every trader. Generally in this case I will look for weaker and stronger charts in hope that I will take “own way” chart that is always best solution.  I found a few interesting ideas (at least to me) that can turn in to swing trades. Lately I’m trying to use intraday setups with swing possibility, but since we have market indecision we could see more stops than usual, but again if we use proper risk then that won’t be a problem because one trade like GM will cover the few negative trades. Risk management is the most important part of trading. 
 My advice is to not take trade right after the open. Best solution will be at least after 5-15 min but that will depends on market open. 

Long Ideas
Short Ideas



Good luck trading today!
Ivica Juracich

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