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Daily Trading Log
I don’t make day trading predictions primarily
because they are too
inflexible to help day traders.
However, I “called the top” in late 1999,
that RBI report).
predicting intraday tops and bottoms is not exactly how I make a living.
I think of the intraday market in “if - then” terms, based on probabilities
that give a good edge. Here’s the method that’s worked for me for years, and
it’s what I teach my subscribers who want to
learn day trading.
Each night I find the next day’s support and
resistance levels. Then, from my bigger-picture indicators, I get an overall
feel for the direction the market is likely to go the next day, and how far
it’s apt to go.
This often gives me a bias that keeps me on the right side
of the market. With over 30
years of experience
day trading support and resistance,
I’m able to judge
where the market is likely to go IF it breaks through a zone, or turns away
from one. I put these findings in the last 2 paragraphs of my RBI Trader’s
Updates. My updates have been published on the internet for more than 16 years, they
lay out how I’m planning to trade the market the following day.
I’m not giving “day
trading predictions,” because I’m not willing
to say the market will do one thing and one thing only.
Here’s a chart example of the RBI Trader’s Update I wrote on 8/31/05 for the
following trading day.
“The initial resistance is up at the 1225.25-1226.25 area on the SP
futures…. If those areas are easily cleared, then the 1229.75-1230.50… zones
would be next.”
On the 5 minute SP futures chart above, the horizontal lines are the RBI
resistance for that day.
At “A” the market reaches initial resistance (within one tick) and turns
down. That’s tradable. Then it turns back up from a one of my key dynamic
support/ resistance areas (the purple moving average). That’s also tradable.
At point “B” it pulls back again from initial resistance, but then it slices
up easily through it, heading toward the next RBI resistance level, and
continuing up most of the way to the next RBI resistance zone, stopping at
point C. Those moves were good for a short scalp as well as a quick profit
on the upside.
But my update wasn’t day trading predictions… I had anticipated it with
accurate support and resistance zones and a very practical “if - then” plan
for the next day’s probable events. This example makes it clear how the RBI
Trader’s Updates give my subscribers a strong trading edge on their entries.
If I were making day trading predictions like, “The market will reach a high
of 1228.50 tomorrow,” then I’d be locked in to a narrow view, and I would
want to “be right” more than I would want to read the market.
support and resistance trading
demands flexibility to read what
the market is most likely to do tomorrow… while staying open to what the
market is telling you “right now,” during trading hours.
My RBI Trader’s Updates include all of this, plus my intraday updates where
I point out new developments when I see something important developing
during the day. The RBI Trader’s Updates also contain my
day trading support and resistance
levels which are extremely accurate, as well as my “if-then”
scenarios for the next trading day.
Get my trading
plan delivered to your email box every evening.There couldn’t be a better investment for a day trader.
If you’re tired of losing money on those who claim to make
predictions, if you’re not yet consistently making a profit, or if you just
want to take your trading to a higher level, try my Nightly Support and
Resistance Trader’s Updates.
See how my support and resistance levels and
market analysis will help your trading - no matter what method you’re
There’s never been a better opportunity to turn the corner and become a
The financial markets are risky. Investing is risky. Past performance
does not guarantee future performance. The foregoing has been prepared
solely for informational purposes and is not a solicitation, or an offer
to buy or sell any security. Opinions are based on historical research
and data believed reliable, but there is no guarantee that future
results will be profitable.
We are not advocating trading futures. The prices and contracts in the
TradeStalker's RBI Updates specify a manner in which you could trade. We
occasionally mention the SP500 and Nasdaq futures markets because it is
extremely liquid and tends to lead the other markets. This is not an
endorsement or recommendation of the SP500 and Nasdaq futures markets.
The risk of loss in futures is substantial. You can lose more than your
original investment. We are not Registered Investment Advisors or
Commodity Trading Advisors.