Thursday, 1 July 2010

Just when........

I thought it was going to be a quiet day. Yesterday had a late sell off in the Chinese contraction, I think. Today was more of the same.

Trade#1 was a  nice fade of a too fast short covering. Trade #2 was an attempt to buy the gap, only had a few points in it. I bought 1024.75 but again the short covering was too fast and I scaled out as it tried to go up the zipper.

When the zipper trade failed, it was clear that the only way was down. The range bars revealed the nice pullbacks which allowed me to either put on new positions or re-sell shorts I had scaled out of.

I'm out now, working on the training prep. Could be more in it as its taken out the morning low of 1016.00, unless, of course, the plunge protection society flies in to the market's rescue. 1000 is a very round number.

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