Tuesday, January 30, 2007

Jan 31 2007, Yikes,,what will happen?


I'm looking at the charts and all I see is a big mess with no direction. The indices have been chopping around in this channel for the last month. Tommorow is the day, at least I hope, that the market gives us a direction. I think I'm going to watch the market tommorow and record the action on my camtasia recorder. I suck at trading FOMC days, so I need to keep to my stops if I decide to enter on a trade. Also, I need to have my S/R zones in before tommorows trading and I need to pay attention to the tick and volume. I haven't got a chance to do any analysis yet on my tick/time/mp readings from last week, so maybe I can do that tonight or tommorow morning. I'll also need to be watchful of the 1-2-3 pattern tommorow after the FOMC minutes, if it happens I need to take the trade and look for profit targets around S/R zones or until volume and the tick tell me to exit.

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