Monday, June 18, 2012
Learn how to trade - Futures trading
Learn how to trade - futures trading. Market is retraced to major resistance.
Day trading course looking at the price action on the S&P500 emini futures contract. The Point of control for tomorrow's session will be 1339.75 as we watch to see if sellers enter the overnight session in futures to push a gap down in equities on the open. Most traders were looking to test the 1351-54 area today but this is the congestion zone that we experienced before the break down in the first few days of May. The buyers held for a few days at this level before the sellers could take it from them. Price in this area from 1341-47 is where we can see this stall. Above 1354 and buyers can carry through on this move up. As always in this economic environment watch for the low volume buying. Shows weak support for the move and can fall 10x faster. Also note the timing mentioned in previous posts for the timing of this move. May was the start of the sell off with a retracement of the move in June with a double top or lower high leading to a lower low on longer time frames. We can see support if this does begin to sell at 1339.25 at 1323-25, then next major support at 1312.25 and then the the previous consolidation zone at 1298-1304. Learn how to trade - Futures Trading with other traders that all speak the same technical language. We will have a three day trading course in Calgary, Alberta June 23-205. This will followed up by work in the live trading room so you don't have to trade alone. Tr [...] day trading course
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