Was able to take 1 trade last night. Was just too exhausted coming back from my day job appointment. Juggling between selling life insurance during the day and fulfilling my passion for futures trading in the night is tough!
Okay...back to last night's actions. In the early part of the trading session, PRICE made a Higher PRIME Low at 1452.50 on the Trading Chart, and then made a Higher PRIME High at 1457.75. But with that BREACH PRIME High, PRICE went down and created a Lower PRIME Low at 1450.50. This BREACH could very well be just a blip...With the TREND Chart still pointing up firmly, LONGs on Oscillation Challenge of Supports are still valid. Of course, this LONGS must result in last PRIME Resistance High of 1457.75 to be breached. An alternative view could well be that we may consolidate in PRIMEs first, before the next move takes place. Again, we trade from STRENGTH, not weakness. Bottomline? PRICE has yet to fail...so, we are still heading up.(However, a cautionary note here: Last PRIME Support on the TREND Chart is now closer at just 1450.50, so a Leg 1 Bull Break can POSSIBLY happen easily. Not a sure thing, but I'd rather be prepared for this, that's all)
Thursday, February 08, 2007
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