Friday, April 27, 2007

ES Opens Lower

09:37pm As warned this morning, 1499.50 was the key level to look out for and it gave way.
09:38pm For now, SHORTs are still valid - but with some caution, as the TREND Chart has turned up & a Minor PPF of Support has taken placed on the Trading Chart.
09:47pm SHORT 1497.00 / STOP 1498.00
09:48pm Moving STOP to 1497.50
09:56pm Out at 1497.25 / -0.25pts.
09:57pm Decided to get out first, instead of being stopped out.
10:01pm Will be looking for LONGs now. PRICE has just cleared last PRIME Resistance at 1498.50 and TREND Chart is firmly pointing up.
10:07pm Missed that LONG. Am feeling pretty tired from the day's activities...
10:09pm If I do not get another LONG set up (perhaps a PRIME PPF of Support) soon, I'll call it a night. Need to be up early tomorrow for a day trip up North.
10:15pm Putting a BUY STOP at 1499.50
10:16pm Removing BUY STOP for now. PRICE printed a Lower Low.
10:17pm With the slowing down of the PRICE movements, we are slowing inching our way down to PRIME Support. And with the TREND Chart firmly up, a good LONG trade is up for the taking.
10:18pm Nope. It refuses to hit PRIME. Looking for a PF to go LONG - or maybe the downmove to PRIME is just taking a wee bit longer. Let's see...
10:41pm Hmmm...tricky situation now - TREND Chart has just turned down. Looks like the LONGs have to be cautious now.
10:46pm We have broken the day's lows...With the TREND Chart turning down, SHORTs rule! (until a Minor PPF occurs...LOL)
11:00pm SHORT 1496.50 / STOP 1497.50
11:03pm That, my friend, was a "fake-out" PRICE failure. Stopped at 1497.50 / -1.00pt. Sorry but I'm done. Time to hit the sack for tomorrow's day trip. G'nite all. 2 Trades. 2 Losers.

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