Short @ 1229.00, Stop @ 1241.75 Finally I spotted an entry opportunity again after idling many days! I figured that the former resistance area at 1227 was of importance and price actually reacted to it perfectly at the beginning of today's trading session. Once we turned around in the afternoon, I took the chance to exploit the downside. I am fully aware that we are expecting some announcements from Bruxelles tomorrow, but that shall not bother me much because I trade what I see. The trade's risk is limited to the intermediary top.
I was thinking about that, too. It was a compelling trade even at that time, especially because 1255 is a very obvious resistance in the daily. The thing is, I don't want to consider any low a support so I held off. I was looking for a downtrend pattern to emerge plus a more decisive support to break. Someone who entered higher is now sitting on a more advantageous position and could drag the stop lower to near 1241.
Yea I tried to short into this too, but per the usual we zoom right up into all the buy stops, and the market winds up + 30 points... PRE-F***ING MARKET! I think I might start taking trades based on the opposite of my intuition.
Adam, I have been flat since the last trade as I could not detect any clear support or resistance area forming recently. I will chart a summary of my past trades and continue posting as I enter a new position.