Day Trader – Trading Plan 24 January 2011
The ES rejected 1288 on Friday and the move up to 1287.75 could be considered a bounce back to the trend line. We are currently sitting on first support 1279-1278.50. If this support is broken, we will re-visit 1274.50-1274.
The most important support for today is the 1274.50-1274 area as a break would certainly create selling and a move down to 1264.50-1264 is in the cards.
In my opinion, a break below 1278 is already a bad sign. There is still the odd chance the market will bounce from there but bulls need to re-break 1283.25 to gain control. A break of 1283.25 will turn the market back to bullish short term.
I am still holding 1283.50 short from Friday and moved stop to 1281.
In case we break 1278, I will try to exit 1265-1264.50 area and go long there.
Naturally, I will move my stops along.
Above 1283.25 , I would be prepared to go long
Good trading to all of you
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