Pure Trading

at the open today, we had a push higher before rejection. we ahd bee flirting with this area for 1.5 hours. we finally made a weak attempt...no buying pressure....at that high. the result was a nice 8 pt drop
 

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the 1 min shows the higher hi into the bigger picture area, on lower vol as noted on the prev chart. the green line on this chart represents the the high of the 1st push this AM.

there were several chances to take the short for both aggr and conservative traders

hope this makes sense
 

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Quote from BigPaper:

pre mkt trading so far
Fri was a down day on better vol
looking for 1071-74 area to hold/fail. then the 78 area & see what PA looks like. If the 65 area doesn't hold then looking @ the 60.25 area & then 57.5-53.5 area. if we can take out 51, then the 5/25 low area of 38.5 would be eon the radar
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lets see if we can make our way thru to the lower end of this 57.5-53.5 area.

Nothing is in stone as far as I'm concerned. Levels are levels and areas that I am interested in possibly trading but nothing is a hard fast rule. I try to keep everything in context, which to me, is the hardest part
 
Quote from MPK:

this 64.25 area
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MPK

not for the reason that you show on your chart but if it works on a consistent basis for you, that is all that counts. the only fib i use any more is 50%...if that's even a legit fib.

watching the 61 area again here
 
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