Emini Trading Update – Wednesday 23 Oct 2013 (15:57)
Tuesday we had a blow off move and complex retracement all the way back up to the Highs. But it stunk – felt manipulated back up. And we ended the day with a negative adjusted TRIN reading showing hidden selling.
Then overnight bad news out of China sent us off the cliff. Best trade after an overnight selloff is to expect follow through activity early during the day session and so get Short on any strength. Use Professional up bars that get broken to the Lows as signals to go Short on the 1500 tick chart.
During the day we had nice wide, smooth trading swings. Now we’ve found a temporary bottom in the mid-30s, tested it and may be on our way to the test Tuesday’s Highs again. Let’s see.
Good luck with your Emini trading.