Wednesday, January 10, 2007

ES Closes Near Unchanged

Review of last night's trades. Right after my mouse closed my charts last night, PRICE bypassed the 2nd Target of 1414.25, and subsequently failed to Breach 1413.00. This failure came with a Minor PPF at 01:48am (S'pore Time) with Matched PRICEs of 1415.75. PRICE continued its upward thrust, but had an " illogical oscillation " at 1418.00 ( Lower PRIME Low) at 03:34am. This was "rectified" with a B-PPF of Resistance at 1423.75 at 04:36am. On the TREND Chart, we basically CONSOLIDATED, creating 2 PRIME PPFs at 1414.00 (support) & 1423.75 (resistance). As of current Globex PRICEs, we have violated last PRIME Support at 1418.00 on the Trading Chart. Look for a PRIME Challenge of Resistance (1423.75) to go SHORT this evening - TREND Chart has turned down.
We trade from Strength, so a PPF of Resistance would be the "strength" needed to go SHORT. And do remember that after taking the SHORT, the expectation would be for PRICE to challenge & breach the last Oscillation/PRIME Support.

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