New book by Larry Connors - Click here to read more
The Qs have again been trading in a fairly tight range this morning, yet have already provided two textbook low-risk intraday entries. Specifically, entering long on the gap-down pullback toward hourly uptrend support using a smaller-interval trend-reversal trigger provided a beautiful bounce of up to $0.25 from the low-risk trigger, while entering or reversing into a short on the 13-minute resistance provided a smaller clip.
As we approach midday, the Qs have a potential head-and-shoulders pattern emerging with the right shoulder braced by the current 13-minute downtrend support. As was the case yesterday, which side of the key 13-minute 15-MA we trade on into the afternoon will likely be key in guiding the Q's next sequence.
Tuesday February 12, 2002 12:00 PM EDT
The daily and hourly
trends remain in conflict which -- along with (AMAT | Quote | Chart | News | PowerRating)'s earnings scheduled
for this afternoon and the leadership role the ($SOX.X | Quote | Chart | News | PowerRating)
has been playing in recent days -- may provide for a bit of chop going forward
as we wait for the market to tip its hand.
Good Trading!
Don Miller
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
