Emini Trading Update – Wednesday 23 Jan 2013 (8:58)
What a painfully slow market today – I suppose everyone was waiting for AAPL’s results after hours. And at the moment AAPL is under the psychologically important $500 level.
Today’s range was only 6.5 points. Despite that, we had a beauty of a reversal signal. Almost everything coming together for a picture perfect trade (as if there were such a thing):
- End of Trend on 500 tick chart
- Syncing up with Cycle Support on 4500 tick chart
- Bullish Divergence after Exhaustion selling on 1500 tick chart
- At a Support level on 1500 tick chart
- Followed by a cluster of Professional bars on a retrace on all 3 timeframes
- All happening before 11am, the window for a Reversal Day
The move ended with Professional bars on the Highs and Exhaustion volume. The trade was good for 4 points. I jumped out early, as usual. But it’s better than a poke in the eye with a sharp stick.
Good luck with your Emini trading.