Friday, April 13, 2007

PRICE Is Still Heading Up

09:32pm PRICE is still heading up, as it cleared last PRIME Resistance of 1459.00. But with last night's low of 1442.25 being closed to 18 pts away from today's Globex high of 1459.75, I would treat LONGs with caution. TREND has not changed, but one can never be too careful to watch PRICE movements with an eagle eye.
09:40pm SHORT 1456.50 / STOP 1457.50 - Minor PPF, with TREND Chart turning down. This SHORT has to take out 1456.00
09:43pm Stopped at 1457.50 / -1.00pt. 2 Oscillation PPFs = Consolidation.
09:49pm PRICE chopping around...waiting for the next move. Will it be up, or down?
09;59pm Staying clear until PRICE "shows" its hand.
10:01pm PRICE is in PRIME, on the Trading Chart. Would be a LONG set-up, but with the TREND Chart turning down, would watch for a Oscillation challenge of Resistance to go SHORT, again.
10:03pm Whoa...missed it. It was just tooooo fast, to get that SHORT in...
10:06pm SHORT 1455.00 / STOP 1456.00
10:07pm Oh my...I got stopped out, before I could key in the trade on my blog! Stopped at 1456.00 / -1.00pt
10:08pm Guess the STOP was too close, as now PRICE is back to my SHORT entry...
10:08pm Feeling a little pi**ed with that trade...the stupid "fake out"...
10:10pm Will look out for one last SHORT.
10:12pm One of my rules is actually to stop trading, after losing 2 pts...but I will make today an exception as both my take/reads were correct but I just got caught in consolidation (1st trade) & a "fake out" spike (2nd trade).
10:17pm PRICE is heading back down to challenge last PRIME Support (1442.25), on the TREND Chart - Again, a reminder that PRICE does not need to head ALL THE WAY DOWN THERE. It just needs to "fail", at some point from the Resistance to the Support level...
10:28pm We could see a decent pullback, as PRICE attempts to head back to PRIME, on the Trading Chart.
10:29pm Will wait for a clearer set-up.
10:39pm Here's the "decent" pullback I talked about at my 10:28pm post...
10:49pm Possible continuation of the pullback (TREND Chart has turned up)...Looking for a LONG.
11:05pm LONG 1457.25 / STOP 1456.25
11:07pm Moving STOP to 1456.75
11:10pm Out at B.E.
11:11pm Phew...barely made it. That sudden drop from hitting 1458.25 spooked me & that's why I took the trade out, before it took me out !
11:52pm The PRICE movements for the last half hour or so has worn me out. I'm done. 3 Trades. 2 Losers / 1 B.E.

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