Saturday, March 10, 2007

Set-ups for Monday March 12

I could have picked any index ETF(DIA, QQQQ, ect.) or gold, silver, and any foreign index ETF, and the charts would be pretty much look the same. I choose EZA, South Africa index, to highlight. Price has bounced from it's daily 200 EMA(green) right into it's 21 EMA(red) resistance. I would be looking for short entries for a possible 2nd leg down.

On the 60 min. chart, price is at the 200 EMA(green) and .50 fib. resistance. I'm waiting for the uptrend line line to break and the trend to turn bearish(blue under red line) to trigger a short.

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