The ER2 Trading Journal

[trade_4_living]

Okay, out some at 655.20.

 

[mikehep]

How many contracts are you trading?

 

[trade_4_living]

Looks like 50 day SMA at 655.3 becomes the resistence so far.

 

[trade_4_living]

5 to 10 contracts. 40 contracts traded so far for the day.

 

[trade_4_living]

Looks like Support 3 is holding it. I might buy back around here .

 

[trade_4_living]

Now we have a new trading range for the hour or two - 653.40 to 655.30.

 

[trade_4_living]

652.6 is the 50% retracement. Now around it.

 

[trade_4_living]

On Woodie's CCI (I'm using 5 minutes chart), this could be a ghost formation with HLB.

If 655.3 holds, this could be the support.

 

[El OchoCinco]

Wasn't the 50 SMA ssupport the last fewq days? If it is currently below it at 654.70, are you concerned that it holds here and then it will run to the 200 near 640?

Phil

Quote from trade_4_living:

Stop limit is set below today's low at 653.3. First target is the 50 day SMA at 655.3, next target is at 657 if it can break that 50 day SMA.

 

[trade_4_living]

I agree. This long-awaited technical correction has just started. The right play playing strategy is to short the pop up. Just opposite of what has been doing in the past couple days. When the support breaks on heavy volume, it should become the resistence.