While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to six-month time frame, Mad Day Trader, provided by Jim Parker, will exploit money-making opportunities over a brief ten minute to three day window. It is ideally suited for day traders, but can also be used by long-term investors to improve market timing for entry and exit points.
GS…161.16 is the daily ORL #
It is possible for 160.11 to hold the first time down and reverse
back up, however a close below 161.16 signals an end to this rally
in the entire market.
157.90 could be the first blow off low.This is an area to not be short.
The ORL patterns are important today. The ones that have the highest probability of follow through come from very overbought market conditions.
The rest of the day will be a Time Frame Trade. There is a lot of
money riding on not letting such a pattern occur.
It would behoove any investor to pay attention to the last 45 minutes of trading today to see who wins. Bulls or Bears?
In any case, now would be a good time to review your holdings and your protective stops.
For Glossary of terms and abbreviations click here.