Thursday, May 31, 2007

Just 0.75pts Away From the Recent High

What a come back! Never in my wildest dream would I have expected such a strong reversal in last night's trading. I believe the trigger point was the release of the FOMC Minutes at 2:00am, S'pore Time. Before that, it was really touch and go as on the TREND Chart, Leg 1 of Bear Break had just been created at around 12:34am, S'pore Time and the release of the Minutes threatened to pull back PRICEs to challenge Support to possibly give us Leg 2 of Bear Break. But after much gyration, PRICE movements managed to stablised 20 minutes or so after the release. The key level (after reviewing the charts & what went wrong with my trades) to go long then was at around 2:22am, S'pore Time, where the Minor PPF of Support (After the PRIME PPF of Support) came with a perfect PRICE failure (coupled with the TREND & SWING Chart pointing up). It was indeed a potent brew for going LONG. There was simply no turning back. PRICE just continued its relentless push to go higher, with no PRIME PPFs of Support at all! If we break the recent PRIME High of 1535.75, we would be back in the Bull TREND. Stay tuned guys...

No comments: