Stock, Option and Futures Trading
TF 800 Support
July 27, 2011
From our last post on Timing Resistance we had the ES level 1348 on 7/22. The 1348 was the high of that day and since then the ES has came down off the timing resistance.
If were we are now does not hold the ES could come down to 1275
We had 800 as our support for today on the TF and the TF just hit that level. For today we could have just put in the low of the day.
We also noted that our next timing window is 7/29 so it will be interesting to see if we make the low on that day and the timing will hold as support.
With where the market is at we have not been aggressive with options. We are day trading AAPL and BIDU in the room. We are up $1200 in the last three days trading 200 shares. We only trade the 1st 2.5 to 3 hours of the day.
Some conditions are better for options and some are better for taking day trades and booking the quicker profits.
Watch 800 on the TF today as a potential low.