Emini S&P Dec13 trading mostly sideways as we unwind an overbought stochastic & wait for NFP on Friday, but above 1761/63 today we could retest last week’s high at 1773. We are looking for a double top here to confirm our short term negative signal. Use this as a low risk selling opportunity therefore, with stops above 1779. Immediate support is 1753/51. A low for the day is possible here but if we continue lower look for a retest of last week’s low at 1747. Any further weakness presents a buying opportunity at 1742/41 at this stage. Weekly outlook: A collapse is not expected but we are looking for a negative pattern to build this week which will act as a sell signal. Most likely is a double top at 1773. Weekly support at 1742/41 then 1722/21 which should hold the downside for a buying opportunity. Jason Sen Daily Technical forecasts US, Europe & Asia Equity Index, Commodities, Forex & Fixed Income daytradeideas.com Disclaimer The comment in this blog is the personal opinion of the contributors and not InterTrader.com. The content does not constitute financial, investment or tax advice. You…
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The first piece of advice usually given to an aspiring trader is the well-worn phrase “The trend is your friend”. Trend following traders identify one-way patterns and attempt to ride them for as long as possible. According to most seasoned veteran traders countertrend trading is irrational and it is usually associated with novice trader’s practices. One of the most fierce advocates of the countertrend strategy is the well-known trader, who coined the “Black Swan” term and introduced probabilistic thinking in the financial markets, Nicholas Nassim Taleb. The objective of the countertrend approach in a nutshell is to experience a large number of trades with relatively small losses in order to catch a change in the existing trend, based mainly on the idea that if a market moves in the opposite direction to what is largely expected, it could move significantly. Most academic theories considered as modern finance assume symmetry in market returns and are based on the idea that investors are rational and markets are efficient. Investors may be perfectly rational when they examine charts and develope strategies on the weekend, but once they enter a trade things are quite…
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