Tuesday, May 15, 2007

Steady Core CPI Numbers Fuelling Rally

10:28pm Just got back from my usual Tues inter-club squash match...2 more Matches/Tues to go before the end of the season. Will stay out first, unless a set up presents itself.
10:36pm We have a PRIME PPF of Support on the Trading Chart, which calls for a LONG. But, with the TREND Chart having just turned down, LONGs have to be cautious. I would rather look for a PPF (Minor or PRIME) of Resistance to go SHORT. Even with this in mind, I still have to be careful as I have seen in many instances where strong buyers will just come in & force the PRICE back up to challenge the Resistance.
10:43pm I would rather see a PRIME PPF of Resistance before considering any SHORTs.
10:45pm Oh, I forgot to mention this - With PRICE having cleared last PRIME Resistance of 1516.25, we are officially back on the Bull TREND (TREND Chart Basis). Last PRIME Support (TREND Chart) is now at 1502.75
10:59pm That "illogical" Oscillation (Which created a Higher Oscillation of Resistance, at 10:47pm - 1517.00) threw me off from a SHORT trade.
11:05pm With the TREND Chart still strongly pointing down, will be looking out for a Minor PPF of Resistance, on the TRADING Chart, to go SHORT.
11:19pm Another Oscillation Higher High. Lets hope that this is the real one to set up a LONG Trade.
11:24pm I see a possible end to the current down move.
11:40pm Whoa ! What a spike in PRICE. Looking for a pull back now to go LONG. TREND Chart has also turned up.
11:45pm A "break out" looks to be on the cards.
11:49pm Putting a BUY STOP at 1518.00
11:50pm LONG Triggered at 1518.25. STOP 1517.25
11:52pm Stopped at 1517.25 / -1.00pt. We have a PRICE MATCH at 1518.75 - Not a good sign for LONGs becasue it means a weak upthrust. This "break-out" trade didn't work out as planned.
11:55pm Let's see if another LONG trade presents itself - TREND Chart still pointing up.
11:59pm LONG 1517.25 / STOP 1516.25
12:04am Stopped at 1516.25 / -1.00pt. Was an early entry LONG.
12:11am Will PRICE fail here at Resistance?
12:26am SHORT 1516.50 /STOP 1517.50
12:28am Stopped at 1517.50 / -1.00pt. Not doing very well tonight.
12:30pm Quitting time. 3 Trades. 3 Losers.

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