Tuesday, June 19, 2007

PRICE Is Still Not Done Going Down

09:36pm Lower PRIME Support at 1541.50 on the TRADING Chart.
09:39pm Potential 3 x Divergent Bottom, on the TREND Chart.
09:43pm Waiting for a possible Counter-TREND LONG.
09:45pm LONG 1543.25 / STOP 1542.25
09:47pm Stopped at 1542.25 / -1.00pt. All the makings of a bad trade...Or was I just too early for that LONG? We shall see...
09:51pm LONG 1542.00 / STOP 1541.00
09:52pm Aaargh !!! Stopped again at 1541.00 / -1.00pt. This is what happens when I take aggressive trades...
09:54pm Will try one more time.
09:55pm The next trade will be a conservative one.
10:00pm LONG 1542.00 / STOP 1540.50
10:17pm Minor PPF (1540.75) of Support (1540.50 on TRADING Chart) - Unconfirmed Bottom.
10:20pm Targets for this LONG are 1544.00 & possibly 1548.50 (for reach this level, we would probably need a PRIME PPF of Support to confirm the bottom at 1540.50)
10:24pm Out at 1544.00 / +2.00pts. First Target hit achieved.
10:25pm Would prefer a PRIME PPF of Support before considering the next LONG Trade.
10:36pm Looks like PRICE doesn't need to get a confirmation of the bottom to challenge 1548.50 - But do remember that we will still need a PRIME PPF of Support to bring PRICEs back up to challenge last PRIME Resistance at 1554.00 on the TREND Chart.
11:20pm Market has slowed down considerably - I'm calling it a night. 3 Trades. 2 Losers / 1 Winner.

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