Happy New Year

2010 has been an interesting year for me.
Spent minimal time on trading, but I did read widely, learning from great traders like DBPhoenix, Wyckoff, Anek and Trader-X.

I like their style of trading. Pure price, over time I'm able to appreciate price and start trading from right side of the chart, anticipating how price will move and act accordingly. I'm now building my confidence by doing regular if not daily journal. One day, I'll go full time with trading.

I'd also like to thanks a fellow trader who shared with me WCCI style. It's interesting, I'm learning it and looking for synergy of WCCI with what I know. BTW, he is bringing in real profit with WCCI :) that's what's count.

Prefer LONG over SHORT

Long will provide more meat then Short. Range is very narrow in the down move unless in dropped below and test 2225.


Price bounces off bottom of upper zone instead.

NQ Moving higher

NQ is moving horizontally over the past week during xmas holiday season.
It has now reached bottom of upward channel formed over the past month.

I'm looking at the following zones. would long when price test 2229 region. With 2 cars, 1st target is 2237 and let 2nd car ride the wave.

With 3 points Stop and 7 points target. RR of 2.3.

Price gapped up on open and bounced off 2230 as anticipated. Didn't move as high as we like but good enough.

Vacation

On vacation. time for a good rest
will be back :-)

20101211

Trades for last 2 days.
Price is respecting the whole number 2200 and zone formed.

20101208

Need first to look at big picture of various price range. Price cluttered around zone shown. Which is zone of interest for us.



1. Price open above zone.
2. Moves quickly to 2200 psychological level, price undecided, move between market open an 2200
3. Bulls try push price up and got rejected swiftly. We know that bear is in play.
4. Price now drop down below market open and into zone, test and cant break out.
5. Eventually move to low of zone.

20101207

Would like price to come down further. It turns at whole number 2200 instead.
Whole number do provide psychological influence to how traders trade, so do respect it if it is near our area of interest.

20101203

Price moved into zone created back in early Nov.

Price went down to 2170 range pre market. Allowing a nice play all the way up till 2190 range.

20101202

Yesterday didn't work out quiet as planned.
Taking the cue from after hour trades, will look for trade bouncing off resistance around 2175

20101201