trying to follow your entry logic... earlier you mentioned 656 or below.. you would go short.. since it touched 656.5.. you went long on the support instead ? how do you determine breakdown vs bounce ? what stops and profit pts do you usually use ? thanks esu2
I believe the low was 655.6 yesterday. It should be the key support or strong support, with 656 as the weak support. If it breaks that level with strong downside volume, definitely this key support will break. For now, with very weak volume, just play this trading range. For now, it is trading between 656 and the 38% fib retracement 657.4. http://tinypic.com/view/?pic=fjkr51 I use several software. I use TradeMaven to fill my orders and charting. I also have Esignal for charting.
For stops, I put below the key support when I am long, I put above the pivot when I am short. On exit, most time, I exit at the key fib retracement levels.
Now meet the second resistence at 663.90 after breaking the pivot and with all the buys (blue volume): http://tinypic.com/view/?pic=fjlymd It is going to re-break the resistence, this could be a short if fails to break 663.90.
Forming a little ghost on Woodie's CCI? http://tinypic.com/view/?pic=fjm6ao Went short anyway near 666.