Sunday, May 22, 2011

Day trading course bearish channel

Day trading course, who is in control?  It seems that the buyers can't get any traction this past week and are being held in this small bearish channel. [caption id="attachment_3811" align="alignleft" width="300" caption="Day trading course testing the bearish channel"]day trading|learn how to day trade|daytrader[/caption] Point of control is 1325.  The sellers have moved in pre open Sunday evening and are testing to support at 1320 area, our support is coming in 1317.75 then 1312.75 and 1303. The POC (the purple) colored line is where buyers have to get above to control direction.  Under here and the sellers can test support.  The previous bearish trend line could act as support on this test down and looks like it could come in around 1312 area. We do have a slightly lower high on the consolidation at 1340-45.  Longer term we would have to get under 1267 for a move out of the uptrend. Euro could have a bit of pressure this week as Portugual and Spain's collapse is coming on.  News is in complete denial and Greece wants to get a discount so it doesn't have to keep up with the austerity measures. Join our day trading course and take control of your trading account.  If you are doing what everyone else is doing, then don't be surprised to see your account going down.

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