Tuesday, February 17, 2009

Opening Range Breakout - NQ Futures

M is bearish and W is bullish. The Nasdaq futures gapped down on the open and carved out a bearish M pattern on the 1 minute timeframe. Place the fibs from the ORL to resistance - top of M pattern and short the breakout. Alphabet patterns h, inverted h, and W/M usually result in fast moves. I took a partial after 3 WRBs or 150% fib. extension. The first line of support/resistance is the 5 period EMA. I was hoping it would hold as resistance, but it felt like it would give way at 1185, so I exited balance on stop. The second line of resitance is the 20 EMA and it is miles away, so best to lock in gains and watch for a second entry. Turned into a chop fest for the rest of the day as neither the bulls nor the bears, took ownership.

2 comments:

bl said...

Nice work. My 12Gold WL: ego iam gold sa mfn RGLD with nice 15" charts. Coals down with oil.

Jamie said...

Thanks BL,

Gold was great today, but I was focused on the wrong gold stocks. Still made money, that's what counts.