Bingo – we got the “pop” today with the Emini up 35 points. Cyclical support on the daily chart held and we broke above 1,040. The move turned a little parabolic at the end of the day so we might see some profit taking (cyclical activity) tomorrow.
In today’s video I discuss entering an uptrend. Once we break above cyclical resistance we often come back to test that breakout point. If it holds then resistance becomes support. The clue is to look for Amateurs trying to sell the move and weak selling.
If you’re reading this article via email or RSS reader, then follow this link to view the Emini Trading Setup video on the website.
HIGH DEF VIDEO – MAY TAKE 15 SECONDS TO LOAD
Emini Trading Setup – Resistance Becomes Support (8:48)
Some housekeeping notes …
If you receive Emini-Watch.com by RSS feed you might notice that the videos are now available within the feed reader itself. It’s working for me using the Google Reader.
I also upgraded to TradeStation 8.8 yesterday. It seems to be stable and haven’t experienced any problems so far. Make sure when you upgrade that TradeStation goes through a “Verify All” cycle. If not you’ll need to follow these instructions:
- Right click in any chart and select “Insert Analysis Technique”
- Select any indicator in the “Insert Analysis Techniques” list
- Click the “Edit Easy Language” button
- In the “TradeStation Development Environment” select “File” and “Verify All”
Thank you to Dennis W. for troubleshooting this issue and finding a fix.
Good luck with your Emini trading this week.
