April 5 2010 Overlay and Trades

The open looked good this morning. It was a read that I like to see when I turn on my console in the morning.

I drew exactly what the price did but was not quick enough on the long just after the open. The price pushed back inside 1176.00 briefly instead of remaining congested.

This is one of those situations where the bar to bar pattern is completely irrelevant. The long needed to be executed as soon as the price moved back above 1176.00.

I wanted to see a cleaner setup which was stupid. Then I decided i would wait for a pullback.

The problem was that if the trade was to work, there would be no pullback. It was a slow motion short squeeze. There was absolutely no selling and no resistance above.

The short at the congestion high was just a coin flip attempt at an afternoon move down. I knew it was not working and got out then got back in when the price continued to stall and donated 1 point to the market.

The AM move up was an obvious trade that needed to be executed whether it was to work or not.

There have not been many clean opens lately and it was unacceptable to miss. I have a lot of work to do this week.