Busy Busy Busy

Posted by downtowntrader | 10/22/2008 08:43:00 PM | 0 comments »

I've been swamped with some new responsibilities at work recently, which in combination with the recent market conditions has left little for me to blog about. While the intraday action has been quite good, swing trading is still quite dangerous. I've been basically picking my spots and daytrading QLD, while letting my trading robot take some trades. The markets are trading in triangles on the 60 minute charts and while it's not a forgone conclusion, they are looking like they will have downside breakouts. The markets are pretty oversold, and while they may plunge lower, I still think we are closer to making a low then beginning a new trend lower. However, now is not the time to be making silly bets or gambling, the best thing to do is wait for the intraday charts to line up with a bounce on the daily charts. We'll see how it plays out over the next few days.

Good Trading,