ES continued its move higher, albeit a cautious start to last night's trading session. PRICE movement was rather uncertain in the first 2 hours of trade but upon a BREACH of PRIME Resistance, we created a higher high at 1451.75 from last week's recorded high of 1447.25. Upon closing, there is a possible failure as PRICE could only manage a Match Resistance High at 1451.75. And with last PRIME Support at 1449.75, that possibility must just come true. Just be prepared.
As usual, in order for us to move higher, PRICE would need to head back down to challenge last PRIME Support at 1423.25 and fail, to give us a Higher Low. A Bull TREND goes this way: Higher High, Higher Lows. Higher High, Higher Lows...
10:46pm Possible PRIME PPF of Resistance to go SHORT?
10:50pm SHORT 1451.75 / STOP 1452.75 - PRIME PPF with TREND Chart pointing down.
10:56pm Out at 1449.75 / +2.00pts
11:27pm No trades since the last.
11:36pm LONG 1453.75 / STOP 1452.50
11:41pm Out at 1453.50 / -0.25pts. PF here...don't want to take the risk of losing my earlier gains.
11:46pm A close one there...Would have given up part of my gains.
12:27am I'm done for the night...My eyes are starting to close. 2 Trades. 1 Winner, 1 Loser.
Friday, February 02, 2007
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