I'd like to become a better trader
- Thread starter PO
- Start date
11/16/11
The day closed at the low, very weak close - 20 points sharp drop.
2d day close below PP
Close below weekly PP
Broke the wedge, triangle, trend line on the hourly charts
Target for this sell off is weekly S2, 50% expansion below last weekâs low, monthly PP, 50 day MA, all ~ 1200
1180 = 50% of prev month and weekly S3
1220 = this yearâs 50%
38-42 is the upside level that has to hold tomorrow and would be a good place to sell pull back for a continuation of this sell off
The day closed at the low, very weak close - 20 points sharp drop.
2d day close below PP
Close below weekly PP
Broke the wedge, triangle, trend line on the hourly charts
Target for this sell off is weekly S2, 50% expansion below last weekâs low, monthly PP, 50 day MA, all ~ 1200
1180 = 50% of prev month and weekly S3
1220 = this yearâs 50%
38-42 is the upside level that has to hold tomorrow and would be a good place to sell pull back for a continuation of this sell off
The expected pullback to 40 happened overnight and then we sold off to 1220.
The down gap is turning into an up gap now and testing the trend line since yesterday. If it breaks it, it may go to test yesterday's 50% at 1245. So 1242-1245 is the level to watch today for a reversal to take place.
If the trend line holds, then we go down to test 1220 and potentially 1200.
Also, we have a report coming out at 10 am, so the price action could be choppy till then.
The down gap is turning into an up gap now and testing the trend line since yesterday. If it breaks it, it may go to test yesterday's 50% at 1245. So 1242-1245 is the level to watch today for a reversal to take place.
If the trend line holds, then we go down to test 1220 and potentially 1200.
Also, we have a report coming out at 10 am, so the price action could be choppy till then.
P&L 0 points
My target from the last night for the sell off today to 1220 and below was reached today, but I've failed to capitalize on it. I was too eager to sell and didn't have enough patience to wait for a proper set up. I got stopped out on a few trades, so when I finally got my trade it only covered the stop losses, so I ended up break even for the day.
My target from the last night for the sell off today to 1220 and below was reached today, but I've failed to capitalize on it. I was too eager to sell and didn't have enough patience to wait for a proper set up. I got stopped out on a few trades, so when I finally got my trade it only covered the stop losses, so I ended up break even for the day.
Tomorrow is OpEx, it has a bearish bias for the first 45 min and then usually a trend less day with big up and down swings.
After such a big drop some consolidation or pull back is due. We probably will retest the "thin" 25-30 zone above and potentially 1195- 1200 below.
1206-1216 was the congestion zone today
The goals for tomorrow are:
-take only 2d entry trades at new extremes for the day and
-avoid trading in the middle of the day's range.
After such a big drop some consolidation or pull back is due. We probably will retest the "thin" 25-30 zone above and potentially 1195- 1200 below.
1206-1216 was the congestion zone today
The goals for tomorrow are:
-take only 2d entry trades at new extremes for the day and
-avoid trading in the middle of the day's range.