Tuesday, January 09, 2007

Lower PRIME Support. Lower PRIME Resistance Coming Up Too?

Review of last night's trades. I did a "disappearing act" last night, just after the opening bell...My younger daughter has been down with stomach flu, the last 2 days, and I believe I may have caught the bug from her. Just after my last post, I started to have a queasy feeling in my stomach, and I felt very much like vomiting. There was cold sweat, and my overall being was just lousy! My wife gave me some medication and instructed me to stop looking at the market & go to bed. Well, that ended my session for the night.
I am feeling much better now, as I got up early just now to send my older girl to school. Will wait for the charts to be up before posting my comments.

The ES made a lower PRIME Low after the opening bell, and found a confirmed bottom at Midnight (S'pore Time) with a PRIME PPF at 1414.25. With the end of the downmove, the only way to go was up (or sometimes, CONSOLIDATE). We continued to see Higher PRIME Highs, and Higher PRIME Lows on the Trading Chart.
We are still heading up. PRICE has yet to fail. Again, key level to watch out for would be 1431.50, which is the last PRIME Resistance on the TREND Chart. If this level is respected, and PRICE fails, we will see PRICES heading back down to challenge 1413.00.

10:42pm Looking for possible Minor PPF here for a SHORT. TREND Chart has turned down.
10:45pm SHORT 1422.25 / STOP 1423.25
10:52pm Out at 1420.75 / + 1.50pts
10:54pm Looking for PPFs to go SHORT again. TREND Chart is down. Preferably a PRIME PPF of Resistance to confirm that this upmove is done.
11:02pm The downmove isn't very convincing...Will have to be careful not to be caught on the wrong side of the trade. Will stand aside first to observe.
11:08pm 1 X Divergent Bottom.
11:12pm If PRICE Breaches the current session's low, we could very well be challenging 1415.75.
11:27pm Well, well, what do you know...Would have been a SHORT gone terribly wrong! TREND Chart has also just turned back up.
11:29pm If we get a PRIME PPF of Support instead, then we are going LONG! But if we don't, then I will rather observe. 'Cos we could get caught otherwise. Hmmm...I'd rather be extra safe tonight.
11:41pm This upmove is still not done. Let's see if 1427.00 can withstand this onslaught.
11:45pm 1 X Divegent Top. TREND Chart still pointing up. Oscillation higher highs & higher lows on the Trading Chart, but still a PRIME PPF of Resistance. Very tricky...Will not risk it. Will sit on my hands.
12:01am Potential SHORT coming up. Minor PPF of Resistance here would set us up with a SHORT, especially with the TREND Chart turning...
12:04am Missed the SHORT. Never mind...will wait.
12:21am " 1415.75 " here we come !!! If Breached, next targets will be 1414.25 & 1413.00
12:23am Waiting for next Oscillation Challenge of Resistance to go SHORT.
12:36am SHORT 1418.50 / STOP 1419.50
12:38am Out at 1418.75 / -0.25pts. Maybe too early in this SHORT.
12:42am 2 X Divergent Bottom. Have to be careful here for SHORTS. And we are almost in PRIME on the TREND Chart. 3 X Bottom did not happen.
12:43am We are in PRIME, on the TREND Chart.
12:45am Almost there for the first target of 1415.75.
12:46am That SHORT would have been profitable...I always have this problem. Trying to preserve the earlier profits made, that I become extremely conservative for subsequent trades.
12:47am 1st Target hit.
01:00am Can you believe this??? I have been having problems with my mouse (in recent weeks - too stubborn to buy a new one), and on & off, it works fine...But just now, I clicked, and it closed my charts!!! Let's see if I can just refresh my charts for the last 2 days...if I can't get them up soon, then it'll be my cue to go to bed.
01:18am The charts are taking too long...Time to go to bed. 2 Trades / 1 Winner, 1 Loser.

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