Wednesday, February 14, 2007

Creating a Lower PRIME High?

The ES continued it's upward move last night with some vigour. Had attempted 2 SHORTs but both were decimated ! The Minor PPFs of Resistance proved to be nothing more than a pull back for PRICE to head back up to challenge Resistance. Even when the TREND Chart was firmly pointing down, PRICE "chose" to head back up, and thus "conveniently forcing" the TREND Chart to turn up. The question here is this: when will this pullback end ? As we are currently in a BEAR TREND ( Do note that for the LONGER TERM Chart, we are still in a BULL TREND ), the expectation would be for this upswing to continue until it fails last PRIME Resistance at 1456.75 (Key PRIME Resistance to watch out for - Breaching this would give us Leg 1 of Bear Break). In order words, we must "print" a Lower Prime High, on the TREND Chart. Going into the close of last night's session, PRICE has yet to fail - We are still going up to challenge PRIME Resistance of 1456.75

10:35pm LONG 1451.00 / STOP 1450.00
10:38pm Quite a bit of "wild action" going on. Moving STOP to 1450.25
10:41pm Out at 1450.75 / -0.25pts. Just don't like the action going on.
10:51pm Putting a SELL -STOP at 1450.00
10:59pm Sell-Stop activated at 1450.00 / STOP at 1451.50
11:00pm Stopped at 1451.50 / -1.50pts. That was the fastest fake-out that got me out of a trade!
11:10pm We have just created Leg 1 of Bear Break. 1 Trade. 1 Loser

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