Tuesday, July 8, 2008

Tuesday 7/8

7Ts move markets!

Trading
Entering before 10:00 with 2 pieces of news scalps only; if taking first short then probably scratch, long after 9:40 (and past 4H- at 9:37) good for couple points. 7T right at 9:46 stopped rally cold so bias to look for shorts. Triggered at 10:15, probably slammed by 1 up bar, -2; in again 10:20 made it back. From there 10:29-12:21 move inverting up as oil dropped so possible longs yet will not tally. If taking lunch short 11:55 scratch or stop. If judiciously applying forecast and price action, next trade long at 2:30 with expectation of up after 1:31 finally proving itself. Result gain 15-20 points.

Call - "Very key change (7T) right at 9:46, should be down."
Result - Key high 9:42 / 9:48, then down.

Call - "Very key change (7T) at 1:31, markets have chance of turning up."
Result - This took a little bit to get moving, probably just lunch; but did come through with a major change in trend.