Wednesday, January 17, 2007

Choppy Session Last Night

Review of last night's trades. One of the hazards in my current trading environment is the issue of firing up my charts when they are accidentally shut down. It has happened more than once. However, as the monthly cost of having this charting software is practically zero to me, I guess I will just live with it, at the moment. Doesn't really warrant a serious re-look at it, yet. Now back to the market...
Last night, we saw a PRIME PPF of Resistance, which did give us a interim top in PRICES. My SHORT trade was right, but was "faked-out" by a pullback, which hit my STOP. Again, it is the consistency of where I place my STOPS that will very much determine my success in any particular trade set-up. PRICE made lower PRIME highs & lows, and all this within a tight range of 6 points. With the Longer Term Chart in PRIME & pointing down, we will continue to see lower PRIME Highs & Lows, until we see a failure. And as always, in order for us to go higher, we need to head back down to challenge last PRIME Support at 1428.25, to give us a Higher Low, on the TREND Chart. So, this will be the KEY Level to look out for, to continue to validate the Bull TREND.

11:05pm PRICE movement is pretty range bound since the opening bell. Only a 3 & 3/4 point range.
11:27pm We are consolidating. Looking out for this 2 levels. Support at 1436.25 & Resistance at 1439.25. Break of either levels will give us an inkling of where PRICE is heading.
11:33pm 1st Support has given way. TREND Chart is down. Longer Term Chart is also down. Looking for a Oscillation Challenge of Resistance to go SHORT.
11:46pm Still no signs ofg a failure to go SHORT.
11:53pm SHORT 1437.75 / STOP 1439.00
11:54pm This SHORT has to break 1435.75. If not, I'm out.
11:57pm Moving STOP to 1438.50
12.00am STOPPED at 1438.50 / -0.75pts
12:01am We are still consolidating. TREND Chart has just turned up. The earlier break in Support was not enough to threaten PRIME Support. Will retire to bed if no clear direction is seen soon.
12:03am We need a breakout in either direction to get us going.
12:05am Here we go!
12:41am I don't know...I find tonight rather tough to trade. Calling it a night. 1 Trade / 1 Loser

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