Thursday, June 17, 2010
Wednesday, June 16, 2010
I was helping a friend of mine Jon with some chart reading and Asia opened and started to push down. I missed the first buy off the yellow but
1-waited for the test of the resistance at 76, in 77 out 81 +4
2-saw 87 as my entry point to short into the continuation of the down move, a break above 89 would be my sl. exited 81 +6.
Now off to the movies...
13-yellow off got in 02 with a bit larger spread +4
14-similar trade better entry as yellow got trigger at 98, entered 99 +2.5
15-shorted off the verticle push to the days support area at 14, in at 13 exited 09 +4 Help make up for that loss earlier. Lately the mid/later NY session has been calm and extremely predictable but you need more patience and my spread is bigger.
8-got green at 14 took the buy, trickled against me, got yellow I held feeling the indicator are usually spot on but the setup on the 5min chart was screaming down. I really felt it would get to test 14 and i would get out BE, but it broke more and kept giving me yellow so i kept holding. Finally i let go, -14 OUCH!!! And of course it came back GRRRRRRRRRRRRRRR
9-took the buy off the yellow at 95 exited 00 +4
10-again up to my little support area and shorted, took a few minutes to move down +5
On the Right you can see the HP reversal pattern that shows up on the 5min chart. I have posted this many times before. Bull candle, followed by doji or indecive candle followed by the Bear candle. The Key is the doji has formed at the top or bottom of the move. Obviously opposite at the bottom of a trend.
5-I remember from yesterdays session 14 was a solid support area, priced spiked vertically, yellow i jumped in should have waited for a little better entry +2
6-same trade expect if you remember yesterdays posts 21/24area was solid for s&r, got in 21 again +2
7-now that the trend is upward I took the buy off how i read the support at 14. This is my continuation trade, the continuation of the up move. +7
1-got a bad and late entry on this small breakout down, the diamonds mark my sl. +5
2-started moving back up, got above the tma took the buy +2
3-should have taken the buy at the break of the diamonds, instead took the short off the yellow +3
4-had rest. at 07 area plus yellow usually equals pips +3
Tuesday, June 15, 2010
A few more trades from this afternoon
16-a simple short off the yellow stretch +4
17-i had yellow and a support area at 29 (opposite trade i took earlier in the session #12), so i took the trade there yellow +4
18- and again earlier on the move up i had taken a short trade #11 at the 19. So now that it is heading down I felt a bounce from here was HP opportunity, I waited and took this trade with a few other traders on a chat +4.
11- had rest. at 19 on one chart and 21 another, got yellow after price spike up +2
12- my next rest. was at 29, i hit 29 i jumped in went two against me and then came down, exited at the prev. resistance now support. +9
13-and bought into the continuation of the uptrend, this went against me, a break of 14 was my stop loss, came back up for +4 pips but i did not exit thinking it was going higher, it went to 13 i exited -7 then I watched it climb up to 44. Oh well....
5-support was at 85, price spiked through it i got yellow and shorted looking to exit at the 85 got 84 +3
6-earlier price hit a high of 97 so i took the short off the test of it +3
7-and i bought thinking i would test the 06 area but it made a little run up and I exited at 02 +6
8-and shorted off the exit looking for a test of 97 +5
9-then i went to the 06 to test the previous highs so i shorted there again looking for 97 to exit +8
10-and buy, it drifted a bit against me came back and got out +0 BE, should have held this as the trend was clearly up, but i remember yesterday when it hit this area and then the DOW reversed its positive gains and the EU fell. so i just got out of this trade.
1-shorted off the yellow, should have held this but at the time it looked like the 5min trend was up but the market reversed from here. +3
2-again at this point i was not convinced we were going back down, yellow bought, was looking to exit at 85, the resistance, went a few against, almost exited then came back to test the 85 area and I exited +4
3-then started to really push down indicators started rolling yellow for OS, had the 50sma and support on my 5min charts at 65 so i bought there, again went a few against me and then spiked nicely +9
4-and i simultaneously shorted off the exit into the continuation of the down move +6. Now we will wait for the down move to establish itself or for the price to move back up to key S&R areas for a few more bounce trades.
Monday, June 14, 2010
1-got yellow thought it would bounce on the stall, it bounced down then came back up to my entry i immediately exited BE and
2-shorted off the entry +5
3-saw support at 29 and bought there +5
4-price stalled again, i felt that it would try and test 29 went a few against me and then spiked down, just exited once i saw a few profit +3
5-price stretched right up to the 50sma i took the short there quick +3
Sunday, June 13, 2010
1-I missed some early buy entries into the up move during pre asia. But as the price pushed higher i saw the 05 area as a possible bounce entry so I took the short off the yellow and the resistance. Price went back up and tested the high and formed a quick double top, if it broke higher i would exit for a loss but once i saw the resistance form i felt it would hit 00 for a test. +4. Of course i should have held but you never know on these counter moves.
2- was getting green to buy but i waited for the support to give me a better HP trade for the buy at 75. The diamond marked where i was shooting for the price to test as an exit. +10. Good start to the week.
Back to the Celtics and Lakers game.