Trend is with us for this week
This week, market is bearish trending. All 3 markets in our trading basket are in the same direction.
Tool to use for trendy market -- Emolines
Trading pull backs using moving averages(Emolines)
We want to focus our attention on key chart levels of support or resistance using moving averages for pull backs. You can easily identify support and resistance levels and watch for price to pull back and enter on confirmation signal to enter. Emolines are usually better in obvious trends; you can watch for smaller retracements to the moving averages and then look to join the trend from that Emolines.
Nikkei 225 -- Monday price gap down, Emolines down, price resisted by HTF PAPLine-S1.
SiMSCI -- same as Nikkei, gap down on Monday's opening and continue to press down by Emolines and HTF PAPLines.
Taiwan -- No different from the other 2 contracts.
The only different is contract size and how many signals are there from different markets.
How are you doing this week?
Have a nice weekend :)