Wednesday, May 16, 2007

Risks of a Back Door Bull Break Still Remains on the SWING Chart

Again, I may sound like a broken record but the risks still remain for a possible Back Door Bull Break on the SWING Chart. It didn't help that last night's New PRIME Resistance created (at 1519.50) was followed by a very deep pullback in PRICE, resulting in the ES closing almost unchanged (Last PRIME Support on the SWING chart is only at 1496.00).
Looking back at the 3 trades that I took last night, I found that the reasons (based on the method I've learnt) for taking them were justified. It was just one of those trading sessions where the fake-outs and "illogical" minor oscillations basically killed me.
Will be looking forward to a better trading session tonight.

No comments: