Bulls were in control today except for the news. Well the 1104 hit as we discussed this morning. Price opened and moved up to PA1, got blasted by the news down to 1094, and then some trigger (Bernanke I guess) moved it up to PH and it pulled back to PA1 as support and back up to 1104.
PH: 1103.50-See intro
PA1: 1100.50-See intro
PA2: 1090.50-Did not come into play
PL: 1087.50-Did not come into play
Last edited by AR01; February 24th, 2010 at 10:22 PM.
Reason: Forgot to add the "did not come into play" comments
After I put up my charts and before the open price moved down to the lower targets. The PL was penetrated (3 points) multiple times but held in the morning all the way to 12:00. Then we moved all the way up to PA1 and probably overnight we will hit the PH. Nice.
Yes , quite so and please continue Andrew . I like your analysis and compare your #s with mine and they give me a heads up . As far as Im concerened if you are aware of the broader picture your trading battle is half won . The biggest chunk of the other half is trusting your analysis and acting upon it consistently . Thanks and looking forward to your insight .
I almost forget , one question . Your previous OHLC is based upon the NYSE session time ?
The market tried to make it up to the 1113 last night as we have been discussing for a while.
I'm doing something different as a trial. Two blue lines for resistance. Then I'm using the constant zones for potential price areas. I don't know if I'll use these as take profit, look for reversal, don't buy / sell zones. I'll use them for a while and we will see what happens.
Our first resistance line was hit and the market pulled back waiting for the news (bringing sellers into the market). The news pushed down to the open and then like a sling shot went the other way. Then the move was up to our upper zone. Once those stops above the resistance were broken then it was smooth sailing up to the zone.