Wednesday, February 28, 2007

PANDEMONIUM

The 9% sell-off in the Chinese markets triggered pandemonium over in the US markets. The ES dropped more than 55 pts at one point. On the TREND Chart, Leg 3 of the Bull Break ended at yesterday's session low of 1388.75. The Bear Trend is in place. We then created a Lower PRIME High at 1413.00. Going into the close, PRICE is still heading down. We may get a slight reprieve from the downmove, if we are able to get a Minor PPF of Support (1390.50). However, if this level breaks, then look out below!


10:48pm We are heading down again folks...
11:00pm SHORT 1405.50 / STOP 1406.50
11:01pm Man, the PRICE movement is really fast...pretty scary.
11:02pm Within one minute from my SHORT, PRICE went down +3 pts and back up, closed to where I shorted!
11:05pm Moving STOP to 1405.75
11:06pm This is one wild ride.
11:09pm I was just 0.25pts away from being stopped out !
11:12pm Out at 1404.00 / +1.50pts. This is stressful ! I've never seen such "light" queues for the ES.
11:21pm My charts are dead ! Not sure why but it frooze, right after a I took profit on my trade. Not sure if it has anything to do with my data source, IB., or my charting software.
11:30pm My charts are back up. Looks like we stopped going down...for now.
11:35pm Back Door Bear Break
12:23am SHORT 1414.25 / STOP 1415.25
12:27am Out at 1414.50 / -0.25pts
12:29am Trying a SHORT again at 1414.75 / STOP 1415.75
12:39am The sharp moves up & down are pretty unnerving to me...missed my STOP by 0.50pts.
12:52am The civility of the current downmove is a bit more calming, at the moment...(of course, the 4 1/2 pt buffer of profit does help. LOL)
01:07am Out at 1406.75 / +8.00pts. And to think of it, I was nearly stopped out earlier. Phew!
01:08am Now, I can go to bed with a smile, on my face. LOL. 3 Trades. 2 Winners / 1 Loser.
01:24am We have created Leg 1 of Back Door Bear Break, and we are currently in Leg 2 - which is to create a Higher Prime Support High, on the TREND Chart (Last Prime Support is at 1398.25) .

We have a Minor PPF (minor confirmation of a bottom) created at 01:17am (s'pore time) at 1408.50 & as long as 1406.00 holds, we are going back up to create a Higher PRIME High (must be higher than last PRIME Resistance, which is the current session's high of 1418.75). But if 1406.00 gives way, then Leg 2 is still not done...

No comments: