Friday, December 22, 2006

ES PRICE To Challenge Last TREND PRIME Support at 1426.50

Review of last night's trades. ES PRICE continued it's downward move to challenge last TREND PRIME Support at 1426.50. Last PRICE low achieved was at 1426.75!
At the close, PRICE managed a pullback but shows no signs of a PRIME Failure. PRICE will continue to go lower until it fails.

10:37pm Officially, Leg 1 of a Back-Door Bull Break - 1426.50 was taken out.
10:42pm What a way to start the Christmas holiday weekend. A sell-down right from the get go! A 7pt drop within 15 minutes. Wow!
10:47pm Still no trade.
10:49pm SHORT 1424.25 / STOP 1425.25
10:51pm Some wild swings in PRICE. Nearly took my STOP out.
10:53pm If 1423.75 is not taken out, I'll cut the trade.
10:53pm Out at 1424.50 / -0.25pts
10:57pm SHORTs still valid...
10:59pm SHORT 1424.50 / STOP 1425.50
11:00pm STOPPED at 1425.50 / -1.00pt - The low volume is causing the unusual spikes in PRICE movement. It makes it very hard to trade. PFs become redundant. I guess that's my cue to stop for today. Will sit out tonight's session. After all, it's Eve, of Eve, of Eve of Christmas. 2 Trades - 0 Winners / 2 Losers

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