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.
Both the Dax & Euro Stoxx are into our qtrly pivots (support zones)
after major profit taking and ORL daily patterns.
SSO...has the potential for an ORL week with a close tomorrow under 99.80.
We'll be using 99.80 as our trailing stop tomorrow for the SSO.
We're in need of another 1-2 days of price action to determine if this is just profit taking from a very overbought condition, or it's something more substantive.
I need another day or two for pattern confirmation to see if this is just an equity check or the start of something bigger.
For Glossary of terms and abbreviations click here.