Thursday, February 22, 2007

Higher Prime Low...But Will We Fail At Resistance?

As stated in yesterday's review, I talked about PRICE heading down to challenge last PRIME Support at 1452.25 on the TREND Chart. PRICE did just that and it failed (STRENGTH) at 1454.25, thus giving us a Higher PRIME Low (Support). Going into the close of the session, PRICE is headed back up to challenge last PRIME Resistance at 1463.75. However, there is some minor consolidation and as we know, PRICE can break either way. But whichever way it breaks, we will trade in the direction of PRICE, preferably with a minor confirmation of either PRIME Resistance, or Support.
I would watch out for these 2 initial levels (if breached), to give us at least an inkling of what is to come next:
1) 1461.75 or
2) 1456.75

11:01pm Sorry for the delay...was watching the final episode of Alias. Am heading out right now to buy some supper. Just a note before I head out: 1461.75 was breached. And PRICE is not showing any failure as yet. With TREND Chart still firmly pointing up, I guess the only way for PRICE to go is....? Be back later.
11:24pm Just stepped in...Looks like a failure is in store - right after I stepped out. LOL. TREND Chart has also turned. It does look like we are heading back down to challenge last PRIME Support, on the TREND Chart at 1454.25
11:28pm Let's see if we can get a SHORT here...
11:29pm Hmmm....we may get a PRIME PPF to go SHORT here. Let's watch & see...
11:33pm SHORT 1460.00 / STOP 1461.00
11:40pm STOPPED at 1461.00 / -1.00pts. PRICE has "decided" to go lower first, and now heading back up to give us that PRIME PPF. Very frustrating!
11:50pm We have that PRIME PPF now but I am hesitant in going SHORT. We could have an interim bottom here if we get
1) A Minor PPF of Support &
2) The TREND Chart starts to turn up.
12:25am Hahaha...was totally hoodwinked! The higher PRICE high at 1461.75 was the PRIME PPF of Resistance we were originally looking for.
12:26am With this big drop in PRICE, we are in danger of creating Leg 1 of Bull Break (Last PRIME Support being 1454.25).
12:31am LEG 1 of BULL BREAK.
01:08am Hitting the sack. 1 Trade. 1 Loser.

2 comments:

Anonymous said...

Hi, reading your posts, I find the terminology you use is very similar to what I read in ET. I am wandering are you ProfLogic from ET? Thanks.

gerimegaly said...

LOL...no, I am not Prof Logic. I am his student.