Today is going to be a wait and see day unless some leaks occur which in this day and age happens all too often. The Market was doing very well overnight, however, has now come back to the break-even point.
My guess is a narrow range day which might create an opportunity to scalp once you get the extremes set for the day. I like to use RSI2 for that with floor trader pivots along with market structure volume analysis. All can be simply charted on a 5 min chart.
But let me warn you that even then it’s no easy go. Scalping futures in my experience is one of the toughest trading ideas you can do. First, your home computer and internet connection is no match for the computers that have direct access to the electronic markets. They use advanced algorithms and consistently churn out profits.
Before you happen to undertake this you need to check the speed of your internet connection along with your ping score. They both have to be very good and even then your no match.
That is why I prefer swing trading. Speed is not a very significant factor in swing trading. The timing of entry is the most important and not how quick you can make the trade.
I have a few positions on now which in GLD. I have seen my nice gain evaporate but I have no signal to exit yet. In addition, I have a medium term swing in INTC Calls which have a profit. They expire Friday of next week and I will be looking to take gains perhaps today.
My plan today is perhaps short-term swings. The bias as I see it is to the long side but not one that I want to aggressively take advantage of.
Good Luck Today
If you want to follow some of my trades along with my thoughts typically given after the open you can go to @rickjswings. It’s my private twitter feed for the stock market and its free. Sports Handicapping is the subscription-based part of this site. But considering the cost of joining it’s almost free:)
Good Luck Today
RickJ
RickJ’s Handicapping Picks
