Morning Update: 1/10/2012

7:30 am…

 

As I write this update the ES_F is making new highs of 1288 and have broken from a balance in a initiative manner.  Will be looking for a trend day to set up early and/or for markets to hit their resistance levels as Tueday is is usually the beginnign of a new market cycle.

Yesterday I took one trade ZB_F which was a top pick setup. This setup occurs when the market forms a balance area price drops below that balance area and cannot get back above the balance. However,  due to the thin markets on Monday and no follow through the trade was scratched for a very small loss. Will focus on looking for balance areas today that would suggest a new cycle is starting and try to find the best trade location within that structure. No news this morning.

 

Trade Well,

Olof Thomas

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