Monday, May 14, 2007

Slow Start to the Week

09:33pm TREND Chart has turned down. Will we get a Minor PPF on the Trading Chart to go SHORT?
09:39pm No Minor PPF. PRICE has still not failed going up. Looking for Oscillation Challenge of Support to go LONG. Target is last PRIME Resistance at 1519.00
09:41pm TREND Chart has just turned up....
09:46pm LONG 1514.75 / STOP 1513.75
09:50pm Stopped at 1513.75 / -1.00pt. Early entry. Will try again. TREND Chart decided to turn down again.
10:00pm SHORT 1514.25 / STOP 1515.25 - Minor PPF of Resistance, with TREND Chart turning down. Very much still a counter-trend trade, so will be careful not to lose sight of the profit.
10:09pm Moving STOP to 1413.25
10:10pm Stopped at 1413.25 / +1.00pt.
10:12pm SHORTs still valid. Looking for next entry.
10:14pm SHORT 1512.50 / STOP 1513.50 - 1st Target 1511.50, followed by 1510.00. Has to break 1512.00 convincingly.
10:19pm Moving STOP to 1513.25
10:19pm 1st Target hit. Gunning for 2nd Target.
10:22pm Out at 1511.00 / +1.50pts. Decided to preserve profit first.
10:27pm 2nd Target hit.
10:33pm Do bear in mind that the OVERALL TREND is still up. We take advantage of Minor PPFs of Resistance to go SHORT, as PRICE needs to head down to PRIME Support to give us a Higher Low. But with this, we are possibly in Consolidation Mode, on the TREND Chart. PRIME PPF of Resistance, and now PRICE is heading down to PRIME Support, which is higher than last PRIME Support (1496.00).
10:49pm TREND Chart is trying to turn up before hitting PRIME Support. With the Minor PPF of Support that just happened on the Trading Chart, the down move could very well be over. 1519.00 here we come!
11:02pm Not sure if we'll see 1519.00...PRICE movement, to me right now, is a little hazy. Will wait for a clearer direction before taking the next trade set up. Patience is key.
11:11pm Yikes! PRICE is heading lower, and TREND Chart has turned down...
11:12pm 3 PRIME PPFs in a row, on the Trading Chart. Would prefer to see a Breach of either Resistance or Support before taking the next trade. But at the moment, a SHORT looks more probable, than a LONG. It can still prove me wrong...
11:42pm Still sitting on my hands. Still unclear.
12:45pm LONG 1512.25 / STOP 1511.25
01:03pm Stopped at 1511.25 / -1.00pt. Done for the day. 4 Trades. 2 Winners / 2 Losers.

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