Tuesday, January 16, 2007

Jan 17 trading plan

NQ lead the way up, and might lead the way down. I expect SMH and the tech sector to be bearish tommorow, so I think NQ will be bearish as well. I've got my MP levels setup, and the best trade setup is to the downside. I plan on going short if the previous days UVA is touched on ER2, or as soon as 792 is breached to the downside. My profit target is 783 to 780. There looks to be a gap between 791 to 783, which is 8pts to the downside. Also tommorow is the day before options expire, so things should be volatile one way right off the bat in the morning, and the current momentum as of yesterdays close was bearish. The tech sector and the indices on the daily charts all look awfully bearish.
Note: We have many Economic #'s out premarket, so there is potential for a gap and run if we trade into the breakout short area. If the #'s trade in my direction premarket, then I will try to get an entry. I really don't like taking trades premarket, but I'm going to take the risk if my setup occurs during this time period.


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