the price action base at/near 78.25 just before making the higher hi should`ve held in order to keep the staircase going....sellers came in hard & took it out quickly with 2 strong bars...there was a reason for that PA.
That's what I think might happen, not including last 15-30 minutes of course. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1594868>
uneventful afternoon But get ready for an early start - Non-Farm Payrolls Friday, September 7, 2007 Exp Prev ET/GMT 0830/1230 Aug Employment Non-Farm Payrolls +92K Unemployment Rate 4.6% 0940/1340 Aug ECRI Inflation Gauge 119.3 1000/1400 Jul Wholesale Trade Inventories +0.5% 1500/1900 Treasury STRIPS
Do you still think it was a joke???? price never reached 1485 But it did decline to around 1476. Assuming I would use my system and went short at 1481, 82, 83, and 84 and started unloading at 1480 I would make some nice coin.
Your method would work wonders on trendless days like today; it is TREND days that you have to avoid. If you can avoid the buzzsaw of the parabolic move, you'll be able to smoke a victory cigar instead of the Pall Malls! The good news is that there are ways to determine, an hour or so in, what kind of day it is probably going to end up being. For example, if the 9:30 open is a gap from the previous afternoon's close, look out if the gap is not filled. Gap (or strong move) plus mid-day consolidation equals late afternoon continuation. JMHO.