Monday, August 30, 2010
Risk aversion still the play of the day.
ES Bounced off the Pivot but ...
Bounced of the Pivot but it's been failing the 200ema so we I'll wait for further confirmation to take a long position. Because of time of day there is no need to rush the trade. It's lunch time or shortly after so we have time to wait for further development
Friday, August 13, 2010
BP chart. BP had couple nice setups for going both long and short. I have a short position which I am playing around.
It opened gap down then would retrace at least 50%. Today it retraced more than the days gap but also previous day's gap. Went all the way up to R3 where it reversed. Today's chart showed where the 50 period Moving average was support on the way up and once price crossed over it became resistance as the price moved down.
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Sell Health. Health Sells
