Tuesday, 3 May 2011

Asian Morning Thoughts

Morning All,

I have a bit on before the open so this will be a quick post. At the close of yesterday's session, I put out a bullish piece on the ASX200/SPI:http://swingtradersedge.blogspot.com/2011/05/asx200spi-bullish-pattern-developing.html. For position traders, there is no trade unless we see a strong bounce out of 4790/4800 in opening trade, and get long on breaks ABOVE 4840. Key support levels are 4790/4800.

For my Day Trading, I am looking for 4790/4800 to hold in the first 10 to 15mins. I will buy a 5min candle close above this morning range should we hold targeting 4835/40. Should there be no bounce off the open range, I will short breaks of 4785 targeting 4765 then 4745/4750