Fuck, I got raped on the previous trade but have managed to short near the top. BTW when is this government bailout shit going to end? They're screwing up my charts!
Think in terms of percent. 738 low. 10% gain = 738 + 73.8 = 811.8 <- looks familiar? 15% gain = 848.7 <- looks familiar? There is no reason to stay long once the target is reached.
Thanks, took a couple of self inflected kicks to the jewels but was still a good day. This thing is not dropping like a lofted lead balloon but feel comfortable being short in face of numbers in the morning and Paulson speaking. Got no pa based targets tonight due to goofy afternoon pa, would like at least 36-. Need to see some heat on that move to stick it out much further.
if we can break 835-6,todays nip, theres a gap to about 760,may take 2 days t o get there, usd/jpy needs to get below 96.04, trans hitting res at 3300 starting on 11/04 on hourly
Futures just had an almost 20 pts runup from the overnight low of 839, and suddenly the 2nd gap rule applies. There is no gap around 760, it is between 800 and 810...
i use rth only for mp, there is a high on fri of 804 and a low yesterday of the same, the high was made in the last hour and the low on monday in the first hour, so we traded there but only breifly, if we go below 835, and trade that lightly traded area, the h/l range for that area would be 835 and 756(760-752)
Stopped out at be after trailing last nights up move. Fed news can turn a measured move into a moonshot like no other news. If it fails to develop past 66 well look for shorts again otherwise not until a much longer timeframe develops a good short. I am an expert likc lc on the subject but I suspect liquidation will return somewhere up here muting the upmove at some point. Catching a small long here 57, stop 52, target 65