This shows the bigger picture what i expect
Brent's Journey to success Journal
- Thread starter bigbrent701
- Start date
Right now the bulls are in control on the YM with 12700 being the area most likely to get a response from the bears. If the bulls break 12700 look for that area to act as support, if the bulls then fail to hold 12700 the market will likely retrace to the 12640 level. If the bears attemp to counter but the bulls do not give up 12700 this is a very very bullish sign. The big key price point right now is 12700. Everything hinges on the price action around this point.
Support - 12560, 12500, 12400
Resistance - 12700, beyond this point things are a little vague at this time.
Happy trading.
Support - 12560, 12500, 12400
Resistance - 12700, beyond this point things are a little vague at this time.
Happy trading.
Today the market approached 12700 as I expected and also as expected the bears countered at 12670. The trend is still up and 12700 remains the target.
Key zones for tuesday
Support - 12600, 12560
Resistance -12670, 12700
If the bears respond again at 12670 the odds are that this uptrend will be coming to a halt atleast in the short term. Look for the bulls to regroup if the bears counter at the above zones. If the bulls break 12670 look for a continuation but watch your positions closely as major resistance is overhead. As always, Happy Trading.
Key zones for tuesday
Support - 12600, 12560
Resistance -12670, 12700
If the bears respond again at 12670 the odds are that this uptrend will be coming to a halt atleast in the short term. Look for the bulls to regroup if the bears counter at the above zones. If the bulls break 12670 look for a continuation but watch your positions closely as major resistance is overhead. As always, Happy Trading.
Well it appears the bulls have ran out of gas, or are very close to it. The market has stalled the past two days. This coupled with the fact that market has ran from 12340 to 12670 without a pullback could be an indicator that the market is heading lower. For now I have a neutral bias. I really could go either way.
Look for the following key zones Wednesday.
Support - 12620, this price is the last hope for the bulls in the immediate picture, if the bulls give up this price the market is going to go lower. 12600 to a lesser extent and 12560 to a larger extent mark key zones.
Resistance - 12670, with allowing for an expansion of this zone. The bulls are really struggling to make higher highs past this key zone. If the bulls grace this zone but again pull back its time to exit longs and get short because its taking too long to break this high. The longer it stalls the more likely it is to pull back. I suppose one could argue that the longer it stalls the larger a base it could form to send it higher. Not quite sure but i tend to have a bearish bias if a market is stalling at highs attempting to go higher. 12700 will also act as resistance, so even if the bulls do break 12670 they have odds against them.
The more i analyze this the more bearish i become in the immediate future. Too many technical factors against the bulls right now. Maybe those funny mentals can send the price higher but im not much on predicting I am more on the reacting.
As always, Happy Trading.
Look for the following key zones Wednesday.
Support - 12620, this price is the last hope for the bulls in the immediate picture, if the bulls give up this price the market is going to go lower. 12600 to a lesser extent and 12560 to a larger extent mark key zones.
Resistance - 12670, with allowing for an expansion of this zone. The bulls are really struggling to make higher highs past this key zone. If the bulls grace this zone but again pull back its time to exit longs and get short because its taking too long to break this high. The longer it stalls the more likely it is to pull back. I suppose one could argue that the longer it stalls the larger a base it could form to send it higher. Not quite sure but i tend to have a bearish bias if a market is stalling at highs attempting to go higher. 12700 will also act as resistance, so even if the bulls do break 12670 they have odds against them.
The more i analyze this the more bearish i become in the immediate future. Too many technical factors against the bulls right now. Maybe those funny mentals can send the price higher but im not much on predicting I am more on the reacting.
As always, Happy Trading.
Been busy the past couple days. Thursday went into DC for an interview with Morgan Stanley. That went pretty well, I have a work day with them this thursday. I guess it is pretty much a fitness test I hope that goes well.
Yesterday I went to New York City to see Citigroup and Goldman Sachs. It was my first time ever going to nyc and i really loved it. When we got into citigroup and were going to the conference room we walked through these double doors and i didnt expect what i was about to see next. What i saw next were rows apon rows of computer screens and many people. It was the trading floor and my god it was bigger than i would have ever imagined. There must have been 500 people on the floor including traders, sales traders, research, and some support staff. I would later learn that this was just one wing that there were other floors just as big with just as many traders! My group has a meeting with several people from citi and it was very insightful.
After citi we went to Goldman Sachs on 85 broad street and met with several maryland alums in the conference room. They were great, it was a great expereience because they explained what they did at goldman and were also very informative. Then we went on a tour of one of the goldman floors. I believe it was FX, CMO's and MBS' with a couple other desks on the floor. Goldman was much more cramped than citi but overall it was organized much like citi.
After goldman we went to a bar in midtown called Harmony view. It was a chance to network with former maryland Alums and also other members in the club. I got a chance to speak with a CMO trader from goldman at the bar.
The biggest thing that i learned from the trip is what these large IB's look for in people. They look for people with certain personality traits, and most importantly they look for people that can be trained to suceed at their organization. I think this is why they put such an emphasis on gpa. They believe that gpa will translate into someone that is easy to train. After all they are spending thousands of dollars on each person they take on board. They want this time and money to be put to good use. What else i learned from a trader was that they teach you everything you need to know in terms of how a product works.
Now its back to reality but honestly I realize at this point I dont have a chance to intern or get a job at either of these IB's but maybe later in life.
Yesterday I went to New York City to see Citigroup and Goldman Sachs. It was my first time ever going to nyc and i really loved it. When we got into citigroup and were going to the conference room we walked through these double doors and i didnt expect what i was about to see next. What i saw next were rows apon rows of computer screens and many people. It was the trading floor and my god it was bigger than i would have ever imagined. There must have been 500 people on the floor including traders, sales traders, research, and some support staff. I would later learn that this was just one wing that there were other floors just as big with just as many traders! My group has a meeting with several people from citi and it was very insightful.
After citi we went to Goldman Sachs on 85 broad street and met with several maryland alums in the conference room. They were great, it was a great expereience because they explained what they did at goldman and were also very informative. Then we went on a tour of one of the goldman floors. I believe it was FX, CMO's and MBS' with a couple other desks on the floor. Goldman was much more cramped than citi but overall it was organized much like citi.
After goldman we went to a bar in midtown called Harmony view. It was a chance to network with former maryland Alums and also other members in the club. I got a chance to speak with a CMO trader from goldman at the bar.
The biggest thing that i learned from the trip is what these large IB's look for in people. They look for people with certain personality traits, and most importantly they look for people that can be trained to suceed at their organization. I think this is why they put such an emphasis on gpa. They believe that gpa will translate into someone that is easy to train. After all they are spending thousands of dollars on each person they take on board. They want this time and money to be put to good use. What else i learned from a trader was that they teach you everything you need to know in terms of how a product works.
Now its back to reality but honestly I realize at this point I dont have a chance to intern or get a job at either of these IB's but maybe later in life.
Show up 30 minutes early and dressed up in business suit and jump through all hoops. A friend who worked at Merrill Lynch was hired cause he looked the part and appeared to work harder than anyone. The position might not teach you much about trading the market since it is a broker/salesman position but it will let you earn money and get some insights and make some contacts.
Hey guys for Monday I look for the bullish momentum to continue that we saw on friday. Prices seemed to have broke through that key resistance at 12670 that I had been talking about last week.
What to look for-
Support - 12640 and 12590 will act as support. Prices really V bottomed on Friday so that should act as a strong support.
Resistance- Resistance tends to be a little more tricky in a trending market but i expect resistance at 12740 and then again at 12900.
I have started using Open Ecry simulator so I will probably make a couple trades tomorrow if I have time between classes.
As always, Happy Trading.
Attached is the long term big picture.
What to look for-
Support - 12640 and 12590 will act as support. Prices really V bottomed on Friday so that should act as a strong support.
Resistance- Resistance tends to be a little more tricky in a trending market but i expect resistance at 12740 and then again at 12900.
I have started using Open Ecry simulator so I will probably make a couple trades tomorrow if I have time between classes.
As always, Happy Trading.
Attached is the long term big picture.
This is the short term chart.