Saturday, May 12, 2007

Will this Leg 2 of Bull Break Bring the ES back into the Bull TREND again?

Leg 1 of Bull Break ended at 1496.00, with a MATCH Oscillation at 1496.00 during the Globex Session. And with the PRIME PPF at 1500.50 at 10:08pm (S'pore Time), it was a "cautious" Confirmed LONG as the TREND Chart was pointing down at that time.
My 1st attempted SHORT (at 01:38am, S'pore Time) was because a PRIME PPF presented itself (Trading Chart), coupled with the TREND Chart pointing down. I took the trade out too early, probably due to my tiredness after spending the day up north. It was only +0.50pts, out of a possible exit target of 2.00pts. My second SHORT was still in line with the "potential" end of Leg 2 of Bull Break scenario but the MATCH PRIME Support at 1505.25 (S'pore Time 02:24am) caused some concern on my end and I decided to risk just my earlier profit of 0.50pts should PRICE start to go against me. I was willing to adopt this strategy as many times, I have seen pullbacks that went on only to push PRICE lower subsequently. After all, I was just risking my earlier profit. And the cost to me would only be the US5/- round trip commission that I pay. Well, you know how the plot went. I was stopped out and PRICE pushed higher. Much, much higher.
Will this Leg 2 of Bull Break bring us back onto the Bull TREND again? Will it invalidate Leg 1 of Bull Break again? The SWING Chart does seem to suggest this but again, in life, nothing is certain (except Death & Taxes, of course). And especially more so, in Trading.
Have a safe & wonderful weekend !

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