Dow Directions & Day Trading 9/30/08
Well I guess I will be a parrot again…. Another wild day on Wall Street. We had a bearish engulfing candle put in today on the Dow. This does bodes well for tomorrow and prices would tend to extend in the same direction based upon this bearish candle formation. We closed just below the 0% retracement level and can not seem to get any traction to the upside. Visit my swing trading subscription page for daytrading the E-Mini.
Yesterday I had a Swing Trade called for 1166 and we were able to take 9 points out!
The momentum oscillators are still heading to the upside but have turned neutral today. The moving averages are still poining down and that would suggest that there is more downside action to be had.
Please take advantage of the FREE Morning Call where Uncle Mike discusses Dow and & subscribe to my Swing Trading Subscription The Mechanical Monkey where we discuss our mechanical trades in ETF’s, E-Minis, NASDAQ & Solar and Alternative Energy issues.
I have a new software product for Tradestation users, My Trade Assistant, it is an Indicator Add on… check out the !
Uncle Mike
PS Check out our “Trade As A Business” course (www.teachtalktrade.com/business_plan1.html) as we will be starting a new course in the comming weeks. Email um@teachtalktrade.com for information.
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October 3rd, 2008 at 7:24 am
[…] Trading Blog: Day Trading, Swing Trading, Trading Psychology Blog at TheStockBandit.net wrote an interesting post today onHere’s a quick excerptDow Directions & Day Trading 9/30/08 September 30th, 2008 by Uncle Mike Well I guess I will be a parrot again…. Another wild day on Wall Street. We had a bearish engulfing candle put in today on the Dow. This does bodes well for tomorrow and prices would tend to extend in the same direction based upon this bearish candle formation. We closed just below the 0% retracement level and can not seem to get any traction to the upside. Visit my swing trading subscription page for daytrading the E- […]