Monday 26 February 2007

Successful Larry Williams Oops Pattern

The Emini closed down 1.00 point at 1,452.75 on Monday. We had a successful Larry Williams Oops Pattern with the open above yesterday's high (just). A short trade was triggered at 1,458.50 (yesterday's high) and looks like it will generate a nice profit.

Asian markets were hit hard last night - the Chinese market was down almost 9%. As I'm looking at the Emini now, the Oops trade looks like it will net 14 points or US$700 per contract traded.

Just a recap of 3 trend oscillator charts today. Based on these, it looks like the market could continue down for a couple more days, unless the gap down open today is too hard and the professionals start buying.

Emini Trading Index TRIN Oscillator Image

The chart above is the Trading Index (TRIN) oscillator. It is usually first to turn down and has now just passed the zero level and reads -6 on a scale of +100 to -100.

Emini Open Close Oscillator Image

The next chart (above) is the Open Close oscillator, labeled Secret #2. It also turned down a couple of days ago and currently reads -26, again on a scale of +100 to -100.

Emini Smart Money Oscillator Image

The last chart (above) is the Smart Money oscillator, labeled Secret #3. It is usually the last trend oscillator to move but is well below the zero line at -47, again on a scale of +100 to -100. You can also notice a bearish divergence pattern with higher highs in the Emini and lower highs in the oscillator.

Good luck trading the Emini today.

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