Review of last night's trades. Was really really tired last night. Didn't even finish my posts...
And what a night it was for LONGS. All earlier posted targets were met, convincingly.
Looking at last Saturday's post, I had said to watch out for 1377.25 - The last PRIME Resistance on the TREND chart. A break of this level (meaning PRICE heaing higher) would give us Leg 1 of the Bear Break. We have been making lower highs & lower lows (except for one illogical oscillation higher high on Nov 1st) but yesterday's outstanding move would give us a chance to break this trend. It made a PRIME higher high on the TREND chart. In order for us to go higher, we need to challenge (In PRIME, on the TREND chart) last Fri's PRIME Support low at 1365.50, and fail (a higher low needs to be achieved). If that happens, Leg 2 (of the Bear Break) would then take place. Remember, we need 3 Legs, all in all, to reverse the current Bear Trend.
10:02pm At the moment, it seems that PRICE is still not letting up. No signs of failure, but LONGs have to be careful as the TREND chart is still pointing down. Will consider a SHORT if we get a Minor PPF of Resistance, on the Trading chart, but in the meantime, LONGS still reign (but with caution).
10:36pm Hmmm...not a very " inspired " opening. Looks like a potential Minor PPF setting up, for a SHORT. Let's observe first.
10:42pm No trade. Still watching PRICE movement.
10:52pm SHORT 1385.50 / STOP 1386.50
10:53pm This SHORT must take out 1384.75 first. If not, I'll get out.
10:55pm Moving STOP to 1386.00. Don't want to get hit by a sudden spike.
10:57pm This SHORT is taking too long to "materialise".
10:58pm Out at B.E. Didn't like the movement.
10:59pm Phew...too close for comfort. It's trades like this, where it doesn't move in your favour fast enough that you have to be careful, and be quick on your feet to get out.
11:10pm Still no failure. We had a false alarm earlier.
11:20pm Wow...this move is relentless! Am always very careful going LONG in such a move.
11:24pm Will consider a LONG in PRIME on the Trading chart. TREND chart still looks good with a upward bias.
11:27pm We've just hit PRIME on the Trading chart. Aiming for LONGS but with CAUTION !
11:29pm Still waiting to go LONG. Target for this LONG would be 1392.25
11:31pm Getting a little tricky here. TREND chart looks like it's turning down soon. Watching for a Minor PPF on Trading chart to possibly go SHORT instead. Will take either trade. LOL
11:34pm Will step back and watch. Rather save my "ammunitions".
11:37pm SHORT 1390.75 / STOP 1391.75 - This short must take out 1389.75
11:40pm TREND chart just turned down. SHORT looks good, so far. Moving STOP to 1391.00
11:42pm Next Target for this SHORT is 1388.50
11:45pm Moving STOP to 1390.25
11:47pm Out at 1389.50. Too slow in heading down / +1.25pts
11:50pm Looking for another SHORT signal. Will make it my last trade for the night.
11:54pm SHORT 1389.50 /STOP 1390.50
11:57pm Moving STOP to 1390.25
11:58pm Target of 1388.50 mentioned earlier hit
12:00am Out at 1389.25 / +0.25pts
12:01am Enough for tonight. Will quit while I'm still ahead. 3 Trades altogether - 2 Winners / 1 B.E.
Tuesday, November 07, 2006
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