Thursday, June 21, 2007

PRICE is Still Heading Down

10:21pm It has been nearly one hour into the trading session & it seems that PRICE could well be bottoming soon - First Breach of last PRIME Resistance (1528.50 / 09:36pm, S'pore Time) - PRIME Higher High.
10:23pm If we get a PRIME PPF of Support here, it would be a LONG Trade, as TREND Chart is pointing up.
10:30pm Waiting for PRICE to be in PRIME Support, on the TRADING Chart. Once it reaches there, any LONGs must result in a Breach of the last PRIME High - PRICE is already in PRIME Resistance, on the TREND Chart, so be cautious, with LONGs.
10:31pm Leg 1 of Bull Break is done - Low of this Leg 1 is at 1518.00. Currently, this pull back in PRICE is giving us Leg 2.
10:35pm It's really a toss up, right now...PRICE is in PRIME Support, on the TRADING Chart, and PRICE has started to turn down, on the TREND Chart. Conflicting signals. Whatever trade one takes, be sure that your stops are tight...
10:41pm Wow! That certainly clear any doubts as to where PRICE was heading next...We just made a PRIME Higher High, with that surge in PRICE just a couple of minutes ago.
11:02pm SHORT 1531.75 / STOP 1532.75
11:03pm Stopped at 1532.75 / -1.00pt. It just had to take my STOP out and then go lower....Aaargh !! This are the types of fake-outs that really frustrate me...
11:06pm I'll probably be sidelined for the rest of the night...My day job has been taking my attention for the last 2 weeks. At this hour I'm already feeling very tired...and sleepy. 1 Trade. 1 Loser.

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