Friday, May 04, 2007

PRICE Heads Higher

10:00pm Globex PRICE movement went higher as it cleared the 1508.50 level I talked about this morning. But now, with the TREND Chart pointing down, I would be cautious with LONGs. Will be keeping a look out for a SHORT set up.
10:05pm TREND Chart is trying to turn up...Will see if PRICE concurs. It is does, then LONGs will be the trade to look for.
10:35pm Sometimes it is good to just stay out if the signs are not clear...We now have a PRIME PPF of Resistance. Will look for a Minor PPF of 1516.00 to go SHORT.
10:42pm No Minor PPF of 1516.00 yet...
10:56pm Trading Chart: 3 PRIME PPFs in a row - Consolidation but a possible SHORT set up is coming up.
11:00pm SHORT 1514.50 / STOP 1515.50 - This SHORT must take out 1512.75
11:06pm Phew...That was a close one - still not out of the woods though.
11:08pm That's better. Moving STOP to 1515.00
11:12pm Moving STOP to B.E.
11:15pm Out at 1513.50 / 1.00pt. - PRICE is in PRIME. Didn't want to risk the 1.00pt profit.
11:19pm We have a PRIME Match - Shows weakness in the down move. PRICE just refuses to head lower.
11:20pm If the next Oscillation challenge of Resistance results in a PPF, I will go SHORT again.
11:21pm Oops. PRICE broke through as I was typing the last post one minute ago. PRIME Match invalidated.
11:52pm SHORT 1513.00 / STOP 1513.50 - Tight STOP.
12:02am Moving STOP to 1513.25
12:12am Pretty slow heading down. Moving STOP to 1512.00
12:14am Stopped at 1511.75 / +1.25pts.
12:23am How frustrating can that be? Movement was so slow when I was in the trade. But it sped up +3pts after I was stopped. Aagrh!
12:27am Now, they are making me pi**ed...all in all, +4 1/2 pts from the stop-out price.
01:35am SHORT 1510.50 / STOP 1511.25
01:40am It doesn't want to go down. Moving STOP to 1511.00
01:43am I knew it. Once PRICE starts to stutter, it's best to keep your STOPs tight. Stopped at 1511.00 / -0.50pts. I'm done. 3 Trades. 2 Winners / 1 Loser.

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