Monday, July 12, 2010

July 12 2010 Overlay and Trades



I was looking for a retest of 1063.25 just after the open but the price just grinded up and gave me no opportunity to get long.

I ended up executing a shallow retest pull back that was lower probability but within my plan. It was stopped out the price contracted for the rest of the day.

I took a shot at a perceived upper trendline of a symmetrical triangle forming late in the day and scalped it due to my 2-3 point open equity booking requirements.

There was a re entry attempt but I scratched it after the contract developed a nested contraction which invalidated my premise.

We did get the test of 1079.50 I premised for after the close. Let's see if it continues up or follows today's prep visualization and retests 1063.25 again.

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