Thursday, 26 November 2009

While the Turkey's Away....

...the cats in Europe were rocking. The Dow Euro 50 opened with just selling when they saw the overnight weakness in Asia.  It was not difficult to read that order flow. There was a major support at 2872 and its' break coincided with range extension and a lot of low volume air underneath.

There were three areas of support below: 2850 at the top of value, 2836 which was a virgin POC and 2829 which was VAL. We didn't take the usual (for the ET) 10 point profit because of the air. We had our first scale at 2850 and watched the VPOC which didn't hold so waited til 2830 to exit the balance. Kiki and I were trading in tandem as it was a holiday trade and we were only planning on doing something if it was interesting. The day finished for us at lunchtime, London time, just before what would be RTH.

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