In the week ahead look for these news announcements to act as potential market movers…
· Weds: EIA Petroleum Status Report 10:30 AM ET
· Thurs: Jobless Claims 8:30 AM ET
· Thurs: EIA Natural Gas Report 10:30 AM ET
· Fri: International Trade 8:30 AM ET
After a long rally, a pullback is finally upon us. The $1000 level is a strong psychological support level and we have identified the current daily trend as down due to the lower high on 9/29. We remain in an uptrend on the weekly however, so expect more volume to enter the market.
Opinions, hold them loosely.
The ability to change direction when trading is crucial to a trader’s success. First, and most importantly you must identify the trend. Next, executing your trade according to your plan, and third, exit immediately when the market environment that you entered the trade on changes. Staying objective is much harder to do when you are in a trade, therefore having your plan written down in front of you will be greatly beneficial.