Sunday, July 13, 2008

Friday 7/11

Always a good idea to trade in direction of 7Ts!

Trading
Gap down means usual fill but with extreme news if jumping in first short then scratch. Short again 10:20 taking 10 on spike. Pass on 11:59 long, if short then more points. Forecast saves short and stop out at 11:55 if watching the direction of the 4TA. Short 12:09 no loss. Watching direction of 7T change at 1:30 meant long 1:39, chance for points. If short again 2:21 no loss, long 2:45 more points for fast fingers.

Call - "In general, expecting down or at least limited upside from open to first 5A at 10:33."
Result - Market did do 50%+ gap fill, but then sharp drop into 10:33 right on time.

Call - " Very key change (7T) after 1:30, can go either way. Direction here dominates afternoon."
Result - Nothing lower after 1:30; better trading on long side.