Wednesday, May 09, 2007

A Flat Opening

09:34pm We have breached last PRIME Support at 1511.00 on the Trading Chart. It sure looks like Leg 3 of Bull Break is now in progress - PRICE is trying to give us a PRIME PPF of Resistance (1513.75 - Trading Chart). Do remember however, that on a Swing Basis, we are still very much in a Bull Trend.
09:40pm Something interesting is happening; The TREND Chart is trying to turn up!
09:46pm LONG 1510.25 / STOP 1509.25
09:56pm Moving STOP to 1509.75
10:01pm Moving STOP to 1510.00
10:07pm Out at 1512.75 / +2.5pts.
10:10pm Leg 2 of Bull Break is not done after all. And it may just happen like the last time, about 1 1/2 weeks ago where Leg 1 of Bull Break was invalidated by Leg 2 pushing higher.
10:29pm Hmmm...not a very convincing up move. PRICE can still swing lower. We are at a crossroad. LONGs have to be cautious.
10:38pm Here's the reason why I was not comfortable with the up move slowing down - PRICE is back to my earlier trade's entry.
10:41pm If PRICE doesn't break through the floor, then we are heading into Consolidation. Not sure if it'll last this way until the FOMC minutes.
11:43pm Looks like the market has more strength than I thought...
12:24am Another interesting development; SWING Chart has just turned up. Another upthrust in our hands?
12:46am Well, well...what do you know? On my charts, it's a break out from a trend-line. We are just 1 1/2 pts away from 1517.00
02:20am "FOMC inspired" PRICE movement. Super wild swings.
02:22am Leg 1 of Bull Break invalidated.
03:35am SHORT 1518.00 / STOP 1518.75
03:58am With the earlier profit in my pocket, I am trying to milk this trade but 1517.00 refuses to break.
04:00am Ahhhh....finally!
04:01am Moving STOP to B.E.
04:14am Moving STOP to 1516.25
04:34am Out at 1515.25 / +2.75pts.
04:37am Had a good session tonight. 2 Trades. 2 Winners.

No comments: