Morning Update: 1/19/2012

7:30 am…

As I write this update the ES_F is making new highs of 1308 and is returning to the balance area.  Will be looking for a trend day to set up early or a FBO.  ES_F breakout above 1309 then 1315 and 1334. To the downside 1298, 1292, 1281, 1263.

Yesterday I took two trades NQ_F, DX_F.

NQ_F was a small short taken at resistance that ended being a small loss. Probably was a little to early on that trade.

DX_F was a medium allocation short that we took on a DX_F breakout setup on a 15 minute chart. This trade was successful as I was able to take profit on a move to the downside in globex overnight and set my STOP to lock in profit.

The market seems still choppy and muted. Which tells me that I need to exercise patience and discipline while this market resolves itself in one direction or the other.

Olof Thomas

 

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