Thursday, May 17, 2007

Minor PPF of Resistance at 1518.50

09:45pm Just stepped into the house...
09:54pm Minor PPF (1518.00) of Resistance (1518.50) on the Trading Chart. PRICE is heading down to challenge last PRIME Support (1506.00), on the TREND Chart.
10:05pm Minor PPF of Support. Possible interim end to the current down move. PRICE is not ready to head down to PRIME to challenge last PRIME Support of 1506.00 on the TREND Chart. Let's see if we get a decent pull back to go LONG - TREND Chart has turned up. But at the same time, I will be looking out for a failure of Resistance here too.
10:17pm LONG 1517.00 / Tight STOP at 1516.25
10:18pm Stopped at 1516.25 / -0.75pts.
10:20pm Will attempt another LONG again - unless this pullback turns out to be deeper. Reason is simply because we are at a cross roads, of sorts. PRICE can actually fail here at Resistance too. So, I am SHORT / LONG - the moment the set up presents itself.
10:28pm Minor PPF of Resistance set up is presenting itself. Looking for a SHORT trade.
10:30pm SHORT 1516.50 / STOP 1517.50
10:33pm This SHORT has to take out 1515.50. If not, I'm getting out.
10:37pm Moving STOP to 1516.75
10:39pm Target for this SHORT is 1514.00
10:45pm Out at 1514.25 / +2.25pts.
10:56pm Consolidation again. Next move (Breach of either Support or Resistance) will be key.
11:03pm PRIME MATCH Resistance at 1517.25 - Not comfirmed. Will PRICE head higher than this level? I susprect we could very well be heading for a breakout of Resistance.
11:30pm Am back...was watching "Prison Break" the last one hour.
11:45pm PRICE movements have slowed down for the last one hour - Wait a minute...the break out of Resistance (Trading Chart) has just taken place.
11:54pm Whoa. this pull back in PRICE is rather "deep"...False Break?
12:03am Not going for any SHORTs (though a Minor PPF of Resistance just took place). Will see if we get a decent PRIME PPF of Support, on the Trading Chart, to go LONG - TREND Chart still pointing up.
12:20am SHORT 1516.50 / STOP 1517.25 - TREND Chart has turned down.
12:21am Moving STOP to 1517.00
12:36am Moving STOP to B.E.
12:37am Moving STOP to 1516.00
12:43am Out at 1515.50 / +1.00pt.
01:25am Looking for a possible LONG, but at the same time, a little cautious, because we could instead end up with a PRIME PPF of last PRIME Resistance (at 1519.25), for a SHORT again - Because TREND Chart is still pointing down.
02:09am LONG 1516.75 / STOP 1515.75
02:12am That sudden drop caught me by surprise. Moving STOP to 1516.00
02:14am Stopped at 1516.00 / -0.75pts.
02:15pm What a fake out that was...Hit my STOP and went higher than my entry...
02:20am Enough for the night. 4 Trades. 2 Winners / 2 Losers.

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