A lot of short covering here in the 1297 1298 area--or is it the "buy the dippers" Only time will tell. I'll try to let it ride just a bit and try not to give it all back. I think it is interesting action today to say the least--there were a lot of sell stops just below 1300 and then a lot of short covering buy orders. I just think one or two ticks below an obvious number like 1300 is not necessarily the best place for a stop--at least short term it's not.
Took 9 pt profit at 1296.25. I do think there is more downside, but will try to catch a bounce on the 3 minute and enter again. I do still of course have the 7 positional shorts working in my favor if the downside continues.
ya, not going to participate again today. I've done 2 trades, first entry was 1 tick away from yours and the second just below S2 level. Looking at my PnL...I've done good today, above my daily average performance, therefore I'll sit on the profit today...I do not yet have a system in place that would provide high probability for the rest of the day like today.
A quick look at weekly charts suggests 1250 as the secondary target here. We'll see if the weekly chart Bearish Histogram divergence has legs. RSI not totally OB, but the Histogram certainly suggests lower from here on positional basis.
B1S2, I am a fan of NihabaAshi (aka Mark ) My entry today was based on his Hammer Pattern research. I am attaching a chart, Mark is yet to make a comment whether it was an Inverted Dark Hammer Pattern there, to me it looked perfect and obviously worked. The attached chart is a 20 min one, I could not see it on other time frames, that is why I do advise others to have access to multiple time frames, of course whether they would actually benefit from this or not, does depend on methodology used. http://www.elitetrader.com/vb/attachment.php?s=&postid=1035822
I had followed some of the candlestick advice he gave. Very good advice--most of the items were also visible on Bar chart although not necessarily on a line chart. Do you agree?
I only follow candlestick charts, to me they provide easier/faster referencing compared to bar charts, especially so when constantly monitoring 10 open charts...not keen on line charts at all to be honest with you. EDIT: A bit of a Déjà Vu today...is it Friday or Tuesday today? I can almost visualise Spike sitting on his trade at the moment